Utah Unemployment Report - Feb 2023

Employment Numbers in Utah | February 2023

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 February 2023.

The unemployment rate held at 2.4% while the national unemployment rate increased to 3.6%. Utah’s unemployment rate remains among the lowest nationwide.

The job growth rate in Utah also held at 2.8% over the last 12 months. The national job growth rate decreased to 2.9%.

“February continues another month of the Utah economy humming along,” says Mark Knold, Senior Economist at the Department of Workforce Services. “Little has changed between the January and February economic measurements.”

You can listen to Knold’s breakdown on Utah’s February 2023 employment numbers, here:

Utah’s Employment Data and the Staffing Industry

The segment of the working age population that wants to work is currently considered fully employed. The state’s labor force participation rate of 68.7% is near the estimated max rate of 69%. The Utah labor force is giving the economy all it is capable of offering.

If everyone who wants to be employed is employed, then where does a business look to find new labor? A business can either:

Take labor from another business (possibly through more attractive wages)

Hire new labor feeding into the economy (generally though young labor aging in or in-migration of labor from other states)

In-migration fed Utah’s labor market during the pandemic, but that dynamic is not expected to continue at the same rate due to inflation and housing costs.

As such, Utah’s employment market remains highly competitive. Finding and retaining the right labor continues to be a challenge.

Does your company employ a smart strategy to meet your labor needs? Your Employment Solutions (YES) is Utah’s staffing and employment expert. YES supplies clients actionable data and analytics to help companies succeed in attracting and retaining quality labor. We are your trusted partner in helping you achieve your business and productivity goals. If you need help with hiring, contact YES today. We are your employment solution.

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