SALT LAKE CITY (March 1, 2023) — Utah’s nonfarm payroll employment for January 2023 increased an estimated 2.8% across the past 12 months, with the state’s economy adding a cumulative 46,400 jobs since January 2022. Utah’s current job count stands at 1,680,400.
January’s seasonally-adjusted unemployment rate is estimated at 2.4%. Approximately 42,600 Utahns are unemployed. The January national unemployment rate has lowered to 3.4%.
“Utah begins the new year right where the old one left off, with a strong economy employing large amounts of new labor,” said Department of Workforce Services’ Chief Economist Mark Knold. “Each year in January, the Bureau of Labor Statistics reviews the past year’s employment rates and makes revisions based on updated information. The year-end revisions for 2022 show an economy that grew more rapidly than originally estimated. Interestingly, the unemployment rates for 2022 were revised slightly upward. This shows that more people were looking for work last year. This is a reflection on the strength of the 2022 economy as more people felt confident to go looking for a job. It also helps to explain how the economy continued to grow in the face of limited labor availability.”
Utah’s January private sector employment recorded a year-over-year expansion of 2.9%, or a 40,600 job increase. Nine of ten major private-sector industry groups posted net year-over-year job gains, led by professional/business services (9,300 jobs); trade, transportation, utilities (7,500 jobs); construction (7,300 jobs); and leisure and hospitality services (6,800 jobs). The only sector with an over-the-year employment contraction is financial activities (-2,500 jobs).
Largest private sector gains in the past year:
- Professional/business services: 9,300 jobs
- Trade, transportation, utilities: 7,500 jobs
- Construction: 7,300 jobs
- Leisure and hospitality services: 6,800 jobs
Largest private sector losses in the past year:
- Financial activities: -2,500 jobs
Statistics generated by the U.S. Bureau of Labor Statistics, Washington, D.C., modeled from monthly employer (employment) and household (unemployment) surveys.
Listen to Chief Economist Mark Knold’s analysis of the January 2023 employment report here: