Employment Numbers in Utah | June 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 June 2022.
There were no major changes in Utah from May to June. The beehive state reported a seasonally-adjusted unemployment rate of 2.0% compared to the national rate which held at 3.6%. Utah’s unemployment rate remains among the lowest in the nation.
The state of Utah also reported a job growth rate that remained steady at 3.5% over the last 12 months. The national job growth rate dropped again slightly at 4.2%.
“Inflation is the most pressing economic issue before the economy,” says Mark Knold, Senior Economist at the Department of Workforce Services. “There is always concern that high inflation will find a way to weaken the economy. So far though there is no evidence that such is happening in Utah. Job growth remains strong and the unemployment rate is very low and little moved across the past six months.”
You can listen to Knold’s breakdown on Utah’s June 2022 employment numbers, here:
How Utah’s Employment Economic Numbers Impact the Staffing Industry
“Over the last year, Utah job growth has increased by 56,300 jobs,” notes Knold. “The working age population’s participation in the labor force is increasing, meaning idle or formerly idle workers are returning to work.”
Inflation has contributed to the recent (yet small) uptick in labor force participation rate. While the federal government is doing what it can to combat the increase in inflation, there are many factors outside of the Fed’s sphere of control–which can potentially lead to recession.
If recession is coming, what can we expect to see in Utah? Since this is new territory–there aren’t many clear answers. The employment market in Utah could slow down, but major job loss is not expected due to the current hyperactive labor market. Though unpredictable outcomes clearly could happen–it’s anticipated that since there is not excess labor in place we won’t see much of disruption to the current labor market.
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Cheers to Utah Jobs!
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Your Employment Solutions
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