The annual year-end adjustment to population estimates also brought an adjustment to Utah’s unemployment rate, bumping it up one-tenth of a percentage point to 2.4 percent. Although slightly above December’s lowest-ever rate of 2.3 percent, the January number is more than a full percentage point below the nation’s unemployment rate of 3.5 percent.
The seasonally adjusted rate for January meant that approximately 40,000 Utahns were unemployed and actively seeking a job.
Meanwhile, the Utah Department of Workforce Services (DWS) reported that the state’s nonfarm payroll employment has grown by an estimated 2.9 percent, adding 44,900 jobs to the economy since January 2019. Utah’s current employment level sits at 1,568,600.
“Utah begins 2020 on a solid economic foundation and Utah’s job market remains vibrant,” said Mark Knold, chief economist at DWS. “Job postings are plentiful. Employers are aggressively seeking labor. This is a Utah labor market hitting its maximum stride.”
Utah’s private-sector employment grew by 3 percent year-over-year with the addition of 38,300 positions. Eight of the 10 private-sector major industry groups measured in the establishment survey posted net job increases in January. The largest private-sector employment increases were in leisure and hospitality services (11,100 jobs), education and health services (7,900 jobs) and construction (7,400 jobs). The fastest employment growth occurred in leisure and hospitality services (7.5 percent), construction (7.3 percent) and information (7.1 percent).