SALT LAKE CITY (March 24, 2023) — Utah’s nonfarm payroll employment for February 2023 increased an estimated 2.8% across the past 12 months, with the state’s economy adding a cumulative 46,000 jobs since February 2022. Utah’s current job count stands at 1,701,000.
February’s seasonally-adjusted unemployment rate is estimated at 2.4%. Approximately 42,300 Utahns are unemployed. January’s unemployment rate is unrevised at 2.4%. The February national unemployment rate moved upward to 3.6%.
“Little has changed between the January and February economic measurements,” said Department of Workforce Services’ Chief Economist Mark Knold. “Year-over job growth is 2.8% for February and 2.9% for January. Both months have an unemployment rate of 2.4%. The economy has been resilient to say the least. The Federal Reserve raised interest rates throughout most of last year as a deliberate action designed to slow the economy. Yet job growth remains vibrant in both Utah and the United States, and unemployment is excessively low. Many expect that more economic challenges lie ahead, so the economy’s resiliency will continue to be tested.”
Utah’s February private sector employment recorded a year-over-year expansion of 2.9%, or a 40,000 job increase. Nine of ten major private-sector industry groups posted net year-over-year job gains, led by Leisure and hospitality services (9,400 jobs); Education and health services (8,600 jobs); Construction (6,900 jobs); and Professional and business services (6,200 jobs). The only sector with an over-the-year employment contraction is Financial activities (-2,200 jobs).
- Additional analysis and tables at https://jobs.utah.gov/wi/update/index.html
- County unemployment rates for February will post on or shortly after March 27, 2023, at https://jobs.utah.gov/wi/update/une/season.pdf
- March’s employment information will be released at 7 a.m. on Friday, April 21, 2023.
Largest private sector gains in the past year:
- Leisure and hospitality services: 9,400 jobs
- Education and health services: 8,600 jobs
- Construction: 6,900 jobs
- Professional and business services: 6,200 jobs
Largest private sector losses in the past year:
- Financial activities: -2,200 job
Statistics generated by the U.S. Bureau of Labor Statistics, Washington, D.C., modeled from monthly employer (employment) and household (unemployment) surveys.