The news for Utah’s jobholders just keeps getting better. The unemployment rate in the state dropped one-tenth of a percentage point in May to 3 percent. Nationwide, the jobless rate dropped the same amount to 3.8 percent, according to the U.S. Bureau of Labor Statistics.
Meanwhile, Utah’s nonfarm payroll employment for May grew by an estimated 3.5 percent, adding 51,900 jobs to the economy since May of last year. Utah’s current employment level sits at 1,516,000.
The unemployment rate translates to 48,100 people actively looking for jobs in Utah, according to the Department of Workforce Services (DWS).
“May was an especially positive month for Utah’s labor market,” said Carrie Mayne, chief economist at DWS. “Gains across the gamut show that Utah’s businesses are performing well and absorbing the state’s labor force growth.”
Utah’s private sector employment grew by 3.9 percent year-over-year with the addition of 47,900 positions. Nine of the 10 private sector industry groups measured in the survey posted net job increases in May, while natural resources and mining lost 300 jobs year-over-year. The largest private sector employment increases were in trade, transportation and utilities (12,400 jobs); professional and business services (9,100 jobs); and construction (7,400 jobs). The fastest employment growth occurred in construction (7.6 percent); trade, transportation and utilities (4.5 percent); and professional and business services (4.4 percent).