SALT LAKE CITY (Nov. 18, 2022) — Utah’s nonfarm payroll employment for October 2022 increased an estimated 3.1% across the past 12 months, with the state’s economy adding a cumulative 50,600 jobs since October 2021. Utah’s current job count stands at 1,690,000.

October’s seasonally-adjusted unemployment rate is unchanged at 2.1%. Approximately 37,300 Utahns are unemployed. The October national unemployment rate increased two-tenths of a percent to 3.7%.

“We are two and one-half years beyond the onset of the COVID pandemic,” said Mark Knold, Chief Economist at the Department of Workforce Services. “The Utah economy continues to be one of the nation’s best performing state economies. Labor markets are tight across the nation, even to the point of restricting growth in many states. But not in Utah. An unemployment rate of 2.1% does signal that the Utah labor market is extremely tight. Yet the economy continues to grow at a vigorous pace. It speaks to both the fortitude and attractiveness of Utah’s economy. Only a strong flow of labor in-migration can support a low unemployment rate economy growing at this pace.” < /p>

Utah’s October private sector employment recorded a year-over-year expansion of 3.4%, or a 46,900 job increase. Seven of ten major private-sector industry groups posted net year-over-year job gains, led by Construction (15,100 jobs); Trade, Transportation, Utilities (11,300 jobs); Education and Health Services (9,700 jobs); and Leisure and Hospitality (9,100 jobs). Three sectors had employment contractions, including Financial Activities (-2,000 jobs); Professional/Business Services (-1,500 jobs); and Other Services (-400 jobs).

Listen to Chief Economist Mark Knold shares his analysis of the October 2022 employment report: https://soundcloud. com/utahdws/utah-employment- report-october-2022

Statistics generated by the U.S. Bureau of Labor Statistics, Washington, D.C., modeled from monthly employer (employment) and household (unemployment) surveys.

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