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SALT LAKE CITY — Similar to U.S. economic activity showing little change in recent weeks, the economy of the Beehive State has remained steady, as well.
The state's nonfarm payroll employment for March increased an estimated 2.7% over the past 12 months, with Utah's economy adding a cumulative 44,100 jobs since March 2022. The state's current job count stands at 1,705,400, according to the Utah Department of Workforce Services' March Employment Summary.
Additionally, the report shows that March's seasonally adjusted unemployment rate is estimated at 2.4%, with approximately 41,700 Utahns unemployed. This is a slight improvement from February's employment report, which put the total number of unemployed Utahns at 42,300.
Utah's March unemployment rate is also in a better position than the national unemployment rate, which sits at 3.5%.
While this data represents minimal change from last month, Mark Knold, Utah Department of Workforce Services' chief economist, said it's a good sign and represents a strong state economy.
"The Utah labor market continues to show strength through the first three months of 2023," Knold said, adding that while layoffs are low, finding adequate labor to fill open positions remains challenging for Utah businesses.
"In spite of this challenge, the state's labor force continues to find a supply of workers. During the past year, Utah's economy added 44,100 new jobs," Knold said.
Though job openings aren't available in the abundance they were during the COVID pandemic, they're still out there.
Utah's economy remains strong as spring finally arrives. This morning's job report has nonfarm payroll increasing by 2.7% since March '22. 44,100 jobs were added bringing the total job count in Utah to 1,705,400. The unemployment rate remains at 2.4%.#UTecon#utpol#utbizpic.twitter.com/zE0EA6n6TP
— Workforce Services (@JobsUT) April 21, 2023
"We are seeing the rate of job openings coming down from the COVID-era peak of a year ago," Knold said. "The rate of job openings is still higher than anything seen before the pandemic. Available jobs are still plentiful."
Compared to March 2022, employment in Utah has grown by 2.7%, or 37,400 jobs.
"Nine of 10 major private-sector industry groups posted net year-over-year job gains, led by education and health services (10,300 jobs); leisure and hospitality services (7,500 jobs); construction (5,900 jobs); and professional/business services (5,600 jobs). The only sector with an over-the-year employment contraction is financial activities (-2,400 jobs)," said the report.
March's full employment summary can be found here.
