SALT LAKE CITY — The Beehive State boasts one of the best jobs economies in the nation and one of the lowest unemployment rates, a new report shows.
The Utah Department of Workforce Services reported Friday the state's seasonally adjusted unemployment rate for October was estimated at 4.1%, with approximately 67,200 Utahns without work. The rate put the state at No. 5 nationwide, behind only Nebraska at 3.0%, Vermont at 3.2%, and Iowa and South Dakota tied at 3.6%.
The national unemployment rate for October decreased a full percentage point from 7.9% in September to register at 6.9% last month.
In Utah, nonfarm payroll employment for October decreased 0.5% over the past 12 months, with the state losing 8,400 positions since October of last year. Approximately 1,578,700 Utahns are currently considered gainfully employed, the report stated.
DWS reported that Utah's private sector employment for October recorded a year-over-year decline of -0.6%, an improvement above September's revised -0.9% deficit.
Half of the Beehive State's 10 top private-sector industry groups posted year-over-year net job gains, with trade, transportation and utilities adding 10,500 jobs; construction adding 5,100 new positions; financial activities bringing on 3,000 jobs; other services adding 2,700 jobs and manufacturing adding 1,300 positions.
Five sectors posted year-over-year employment losses, with leisure and hospitality cutting 21,700 positions; professional and business services losing 4,100 jobs; information dropping 2,100 positions; education and health services down 2,000 jobs; and mining shedding 1,100 positions.
"Utah continues pushing its job losses toward the point of net neutrality," said Mark Knold, Utah Department of Workforce Services' chief economist. "Eliminating Utah's year-over job losses would be a milestone within the greater national pandemic's economic sphere. Not only would it be the launching point from which Utah's economy will once again grow, but it would mark Utah as one of the first states to regain economic expansion."