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SALT LAKE CITY – Similar to showing economic activity in the United States little change in recent weeks, The economy of the Beehive State has also remained stable.
Nonfarm employment in the state for March increased an estimated 2.7% over the past 12 months, with Utah’s economy adding 44,100 cumulative jobs since March 2024. The state’s current number of jobs is 1,705,400, according to the Utah Department of Workforce Services. Utah in March. Employment summary.
In addition, the report shows that the seasonally adjusted unemployment rate for March was estimated at 2.4%, with approximately 41,700 Utownians out of work. This is a slight improvement from the February employment report, which put the total number of unemployed in Utah at 42,300.
Utah’s unemployment rate for March is also in better shape than the national unemployment rate, which is 3.5%.
While this data represents minimal change from last month, Mark Nolde, chief economist for the Utah Department of Workforce Services, said it’s a good sign and represents a strong state economy.
“The Utah job market continues to show strength through the first three months of 2023,” Nold said, adding that while layoffs are low, finding enough workers to fill job vacancies continues to be a challenge for Utah businesses.
“Despite this challenge, the state’s workforce continues to find workers. Over the past year, Utah’s economy has added 44,100 new jobs,” Nolde said.
Although job opportunities are not as plentiful as they were during the COVID pandemic, they are still there.
Utah’s economy remains strong as spring finally arrives. This morning’s jobs report showed nonfarm payrolls increasing 2.7% since March 22. 44,100 jobs were added bringing the total number of jobs in Utah to 1,705,400. The unemployment rate remains at 2.4%.#UTecon# Tumblr# to cookpic.twitter.com/zE0EA6n6TP
– Manpower Services (JobsUT) April 21, 2023
“We’re seeing the job openings rate drop from the COVID-era peak a year ago,” Nolde said. “The job vacancies rate is still higher than anything seen before the pandemic. Available jobs are still plentiful.”
Compared to March 2024, employment in Utah grew 2.7%, or 37,400 jobs.
“Nine of the 10 major private sector industry groups posted net job gains year-on-year, led by education and health services (10,300 jobs); leisure and hospitality services (7,500 jobs); construction (5,900 jobs); vocational/business services (5,600 jobs), The only sector that witnessed a contraction in employment over the course of the year was financial activities (2,400 jobs).
View the full employment summary for the month of March here.
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