Employment Numbers in Utah | August 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 August 2022.
Utah’s unemployment rate has remained at 2.0% for the last four months compared to the national rate which increased to 3.7%. Utah’s unemployment rate remains among the lowest nationwide.
The job growth rate in Utah dropped slightly to 3.4% over the last 12 months. The national job growth rate dropped again to 3.8%.
“Both the national and Utah jobs data are robust and show that hiring remains strong,” says Mark Knold, Senior Economist at the Department of Workforce Services. “The national unemployment rate moved up a little, but when said rates are as low as they currently are, small upward movements are not viewed as a concern.”
You can listen to Knold’s breakdown on Utah’s August 2022 employment numbers, here:
Affect of Utah’s Employment Data on the Staffing Industry
“Vitality is the still the characteristic of Utah’s economic variables,” says Knold. “There is reason to believe that the amount of job growth could be even higher if the unemployment rate wasn’t as low as 2.0%.”
Yet new jobs can only be added if there are available workers to fill those jobs. Job postings are prevalent in Utah and often stay posted because of the labor shortage. In other words, the basic law of supply and demand has somewhat governed job growth.
While inflation has brought slight upticks in terms of people returning to the labor force, the job market remains highly competitive. Attracting the right talent continues to be a challenge for many business. Does your company have a strong strategy to address your labor needs? Your Employment Solutions is the staffing industry expert at gathering actionable data and analytics to help companies succeed in attracting and retaining quality labor. If you need assistance in your hiring efforts, contact YES today. YES is Utah’s best staffing agency, we’d love to show you why.
To work with Your Employment Solutions, please visit our Request an Employee page.
Cheers to Utah Jobs!
Director of Marketing
Your Employment Solutions
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