As Utah’s unemployment rate inches upward and the nation’s rate continues its steady fall, they will seemingly soon be the same.
The Utah jobless rate climbed two-tenths of a percentage point from 3.3 percent in August to 3.5 percent in September, according to the latest numbers released by the Utah Department of Workforce Services (DWS). Nationwide, the figure dropped another one-tenth of a point to 4.1 percent, as reported by the U.S. Bureau of Labor Statistics in Washington, D.C.
Meanwhile, the number of Utahns holding jobs continues its steady climb. Utah’s nonfarm payroll employment for September 2024 increased an estimated 1.8 percent since this time last year, adding an estimated 32,100 jobs since September 2023. Utah’s current job count stands at 1,769,700, the department said.
“The state’s unemployment rate has risen out of the very low levels we have had for the last several years,” said Ben Crabb, chief economist with DWS. “While 3.5 percent is not especially high from a historical perspective, it does reflect a labor market that has softened in the last six months. With a little slack in the labor market, employers may find it easier to fill open positions, which remain abundant.”
Utah’s September private-sector employment recorded a year-over-year expansion of 1.5 percent, or 22,000 jobs. Eight of the 10 major private-sector industry groups posted net year-over-year job gains, led by education and health services (up 11,700 jobs), construction (up 8,600 jobs) and professional and business services (up 3,200 jobs). Trade, transportation and utilities (down 4,700 jobs); and leisure and hospitality (down 500 jobs) experienced year-over-year job losses.