Utah’s unemployment rate took a significant dip from September to October. The rate dropped by three-tenths of a point to 3.4 percent and the number of unemployed Utahns dropped by 4,100 to 50,700.
Utah’s unemployment rate took a significant dip from September to October. The rate dropped by three-tenths of a point to 3.4 percent and the number of unemployed Utahns dropped by 4,100 to 50,700.
Meanwhile, the national unemployment rate ticked up one-tenth of a point to 5.0 percent.
Utah’s nonfarm payroll employment for September grew by an estimated 2.9 percent, adding 39,800 jobs to the economy as compared to September 2015. Utah’s current employment level registers 1,434,200.
“Utah’s employment has grown by a robust amount compared to 2015 levels,” said Carrie Mayne, chief economist at the Department of Workforce Services. “The unemployment rate is now exhibiting a downward trend, showing the responsiveness of our state’s labor market to the needs of our expanding businesses.”
Nine of the 10 private sector industry groups measured in the establishment survey posted net job increases in September as compared to last year, while the natural resources and mining industry decreased by 800 positions. The largest private sector employment increases were in education and health services (8,200 jobs); financial activities (6,300 jobs); and trade, transportation and utilities (6,000 jobs). The fastest employment growth occurred in financial activities (7.9 percent), education and health services (4.4 percent) and manufacturing (3.5 percent).