Employment Numbers in Utah | November 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 November 2022.
The unemployment rate increased slightly to 2.2% while the national unemployment rate held at 3.7%. Utah’s unemployment rate remains among the lowest nationwide.
The job growth rate in Utah dropped a full half point to 2.6% over the last 12 months. The national job growth rate dropped again to 3.2%.
“Job growth is not as rapid as it was for most of this year, and the unemployment rate, though still very low, is starting to inch upward,” says Mark Knold, Senior Economist at the Department of Workforce Services. “This is no cause for concern given how low it is. But an eventual upward movement is a normal and expected action.”
You can listen to Knold’s breakdown on Utah’s November 2022 employment numbers, here:
Utah’s Employment Data and the Staffing Industry
The Utah Unemployment rate has risen slightly over the last several months, but this has not affected the the state’s economy. Recession may still be on the horizon, but according to Knold, the signs in Utah have yet to fully show.
The National Bureau of Economic Research provides three-fold criteria to determine recession:
- Depth – a decline in the gross domestic product (GDP)
- Duration – minimum two consecutive quarters of contracting GDP
- Diffusion – evaluation of the nature of the economic slow-down
There has to be broad-based negative economic reaction to a consecutive negative GDP to make for a recession. Slow downs must be broad across the total economy including reduced wage growth and increased lay-offs. These have yet to occur in Utah. Job growth will slow, and the unemployment rate will rise, but there is no anticipation of a recession in Utah.
As such, Utah’s labor market remains competitive. Finding workers and attracting the right talent continues to be a challenge.
What kind of strategy does your business employ to meet your labor needs? Your Employment Solutions (YES) is Utah’s 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. We would love to be your employment solution.
To work with YES, please visit our Request an Employee page.
Cheers to Utah Jobs!
Director of Marketing
Your Employment Solutions
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