In mid-June, the Department of Workforce Services (DWS) released Utah’s Employment Summary for May 2023.
The data shows that there was an estimated increase of 2.9% across the past 12 months, with the economy adding a cumulative 48,900 jobs since May of 2022. The current job count for Utah stands at 1,727,100.
With the seasonally-adjusted unemployment rate for the month sitting at an estimated 2.3%, there are approximately 42,000 Utahns that are unemployed. That left the unemployment rate for April unrevised as well, though the national unemployment rate did move up three-tenths of a percentage point to 3.7%.
Mark Knold, DWS Chief Economist, stated that the Utah economy is ready for its yearly injection of new labor into the economy with the welcome of springtime.
“Spring graduation is the most prolific time of the year for new labor to enter the Utah economy. Whether from high school graduation or college, young working-age people approach the labor market — some for the first time, some for a more expanded and full-time role,” Knold shared. “This is the life-blood for the Utah economy. Its expansion and vibrancy are driven by the large amount of young labor that ages in each year.”
The private sector employment for May within Utah recorded a year-over-year expansion of nearly 3% or a 41,500 job increase. Of the ten major private-sector industry groups, eight posted net year-over-year job gains. The gains were led by leisure and hospitality services at 16,100 jobs. Education and health services, professional/business services and construction followed.
Utah’s employment information for the month of June will be released at 7 a.m. on Friday, July 21.