SALT LAKE CITY (Jan. 19, 2024) — Utah’s nonfarm payroll employment for December 2023 increased an estimated 1.7% across the past 12 months, with the state’s economy adding a cumulative 28,900 jobs since December 2022. Utah’s current job count stands at 1,734,700.
December’s seasonally adjusted unemployment rate is estimated at 2.8%. Approximately 50,900 Utahns are unemployed. Utah’s November unemployment rate is unrevised at 2.8%. The December national unemployment rate is unchanged at 3.7%.
“Utah’s extremely low unemployment rates may finally be weighing upon the economy,” said Mark Knold, Chief Economist at the Department of Workforce Services. “When labor is in short supply, an economy may not be able to expand at a pace equal to its full potential. We believe Utah’s slowing job growth is based upon a labor restriction, and not upon any business weakening or economic malfunctions.”
Utah’s December private sector employment recorded a year-over-year expansion of 1.5%, or a 21,000-job increase. Eight of the ten major private-sector industry groups posted net year-over-year job gains. The overall job gains are led by education and health services (9,800 jobs), leisure and hospitality services (7,400 jobs), construction (3,400 jobs), and information (2,900 jobs). The two sectors with job losses are trade/transportation/utilities (-5,500 jobs) and professional and business services (-1,200 jobs).
Statistics generated by the U.S. Bureau of Labor Statistics, Washington, D.C., modeled from monthly employer (employment) and household (unemployment) surveys.
Largest private sector gains in the past year:
Education and health services: 9,800 jobs
Leisure and hospitality services: 7,400 jobs
Construction: 3,400 jobs
Largest private sector losses in the past year:
Trade/transportation/utilities: -5,500 jobs
Professional and business services: -1,200 jobs jobs
Listen to Chief Economist Mark Knold’s analysis of the December 2023 employment report here: