Employment Numbers in Utah | July 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 July 2022.
Utah’s unemployment rate has stayed constant for the last three months at 2.0% compared to the national rate which dropped a tenth to 3.5%. Utah’s unemployment rate is the second lowest in the nation. Minnesota ranks first at 1.8%.
The job growth rate in Utah also remained the same at 3.5% over the last 12 months. The national job growth rate dropped again to 4.0%.
Due to more remote and telework jobs, “a structural change has occurred in the labor economy,” says Mark Knold, Senior Economist at the Department of Workforce Services. While there are many benefits to this new form of work, it has also impacted service and labor jobs in the Utah market creating labor shortages in certain geographic areas.
You can listen to Knold’s breakdown on Utah’s July 2022 employment numbers, here:
How Utah’s Employment Data Impact the Staffing & Labor Industry
“Despite what feels like surrounding economic headwinds, Utah’s economy is currently strong and expanding,” notes Knold. “Most of Utah’s industrial sectors continue to grow.”
Labor shortages are a reality in Utah. The silver lining is these types of shortages can act as cushion in a possible economic downturn. Job postings for empty jobs will disappear, while real jobs will remain. The competition for labor and talent remains high, but now is not the time to get complacent.
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Cheers to Utah Jobs!
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Your Employment Solutions
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