Utah’s economic hot streak continues. New numbers released today by the Dept. of Workforce Services show the state’s unemployment rate dropped while job growth continues at a pace above the historical average.
From March 2012 to last month, the Utah economy added 48,700 jobs, a strong performance that cut the unemployment rate from 5.2 percent to 4.9 percent.
“High unemployment was the scar of the Great Recession,” said Natalie Gochnour, chief economist at the Salt Lake Chamber. “Today’s economic report shows Utah is on the march to full employment.”
Perhaps more impressive than the declining unemployment rate is the job growth figure. For the second consecutive month Utah’s economy has grown by 4.0 percent. The state’s historical average growth rate is around 3.1 percent.
Compare Utah’s economy to the national picture and the numbers are even more impressive. The Beehive State now has unemployment more than 2.5 points below the national rate and the 4.0 percent economic growth far outpaces the national rate of 1.5 percent.