Employment Numbers in Utah | May 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 May 2022.
Utah reported a seasonally-adjusted unemployment rate of 2.0% compared to the national rate which held at 3.6%. Utah’s unemployment rate remains the lowest in the nation.
The state of Utah also reported a job growth rate of 3.5% over the last 12 months. The national job growth rate dropped slightly at 4.5%.
“Utah’s economic performance continues to push along at a strong pace,” said Mark Knold, Chief Economist at the Department of Workforce Services.” says Mark Knold, Senior Economist at the Department of Workforce Services. “The unemployment rate remains at an historically low level, and job growth is still one of the nation’s best.”
You can listen to Knold’s breakdown on Utah’s May 2022 employment numbers, here:
How Utah’s Labor Numbers Impact the Staffing Industry
“Utah’s unemployment rate, for the first time since the pandemic began, has moved upward in the current month compared to the prior month–moving from 1.9% to 2.0%”, notes Knold. “The rates are rock-bottom and signal no issue.”
However, this may be a full impact view of how higher gas prices, inflation, and interest rates may be affecting Utah’s economy. Utah has seen sizable labor force gains over the last 3 months as idle workers may be returning to the labor force due to these recent economic pressures.
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Cheers to Utah Jobs!
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