Employment Numbers in Utah | March 2022
The Utah Department of Workforce Services releases data on current jobs and unemployment for the state on a monthly basis. Here is the latest employment data for the month of March 2022.
Utah reported a seasonally-adjusted unemployment rate of 2.0% ranking significantly below the national rate which dropped to 3.6%. Utah’s unemployment rate is the lowest in the nation.
Utah also reported a job growth rate of 4.0% compared to March of 2021. The national job growth rate remained at 4.6%.
“Job growth across the past year is quite strong,” says Mark Knold, Senior Economist at the Department of Workforce Services. “In response, the unemployment rate took another historical notch downward.” Almost every industry sector in Utah have added new jobs over the past year.
You can listen to Knold’s breakdown on the latest employment numbers, here:
How Utah’s Employment Numbers Impact the Staffing Industry
“In some parts of the country no additional labor force growth is already the new reality,” adds Knold. “This dearth of new labor has been building slowly for many years now”
This decline is due to a variety of factors–but mostly driven by the mass exodus of the baby boomer generation from the workforce. Compared to the nation, Utah has a young labor force that has somewhat shielded it from the nationwide shortage of labor.
It is becoming vital for Utah businesses to increase their efforts to attract young workers entering the labor force to fill the gap. This includes rethinking the way business works as career goals of younger generations evolve. Offering more flexible schedules, benefits, or other perks are possible strategies that can make your business more competitive in attracting new talent.
Does your business have a sound strategy for dealing with the your labor and employment needs? YES continues gather actionable data and analytics to help employers be successful in attracting quality job applicants and employees. Reach out to us today and we can share our experience and insights with you. To work with Your Employment Solutions, please visit our Request an Employee page.
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Cheers to Utah Jobs!
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