Utah’s employment in November: job growth slowing, unemployment begins rising
SALT LAKE CITY — Utah’s economy is beginning to slow according to data from Utah’s Department of Workforce Services.
Data from the month of November 2022 shows Utah’s nonfarm payroll employment increased an estimated 2.6% across the past 12 months. The state’s economy added a cumulative 43,100 jobs since November 2021 which brings Utah’s current job count to 1,688,600.
The November national unemployment rate remains the same at 3.7%. Approximately 38,200 Utahns are currently unemployed.
“The Utah economy is settling into some subtle moderation in its economic variables,” Mark Knold, Chief Economist at the Department of Workforce Services said. “Job growth is not as rapid as it was for most of this year, and the unemployment rate, though still very low, is starting to inch upward. Before it was inching downward; now it is inching upward. This is no cause for concern given how low it is. But an eventual upward movement is a normal and expected action. In economics, when an economy performs so powerfully as the Utah economy has over the past two years, an eventual slowing is destined to emerge.”
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