Utah Employment Report January 2018

Utah Employment Report January 2018


So January 2018, it’s our first set of
2018 numbers. And it seems as though we’re really just on the same track that we
were in 2017. Our job growth came in at 2.9 percent. We added 41,300 new jobs to the economy. Our unemployment rate came in at 3.1 percent. We have
approximately 49,200 unemployed people actively seeking work for the
month of January. So, looking at the low unemployment rate and job growth that is slightly lower than what we’re used to, what that tells us is employers are likely struggling to find people to fill the jobs that they would like to fill and so they’re not adding at the rate that they used to add. So, the largest job additions came in Leisure and Hospitality where there were 8,700 new jobs added. Construction added 7,500 new jobs. And Trade, Transportation and Utilities added 7,000 new jobs. Our fastest job growth came in the Construction industry. It grew at 8.5 percent. Leisure and Hospitality grew at 6.3 percent. And Financial Activities grew at 2.8. So, the first time in quite a while all 10
of the private sector industries that we measure show positive growth. Of this
month, there were no industries losing jobs. So, in the month of January, Natural
Resources and Mining added a hundred jobs. So, compared to January of 2017, Natural
Resources and Mining has a hundred more jobs. People who follow our releases will
notice that we didn’t release anything in February, and as is the case every
year, and the January release gets pushed into the beginning of March. The reason
is because we place a pause on the data collection and we benchmark. We go through last year’s data, we’ve received new data from new sources that
allows us to adjust those numbers to better reflect the true economic
conditions in our state. But, we now see a newer, more updated, more accurate picture of what was going on in 2017. It didn’t change too much, mainly just softened out some of the fluctuations in the unemployment rate. But it basically was
averaging around 3.4 percent for the year; so, that’s no change to what we
originally thought. And now we’re ready to kind of to start
gathering our data for 2018 and move forward. A release for February data will
be later in this month. We see our January numbers show the moderation that
we were expecting. It’s still strong numbers, it’s still showing healthy
growth and we expect the trend for 2018 to hold at that moderate level. So, it’s
still showing that people are going to get jobs, they’re going to be able to get
re-employed if they’re unemployed. There will be ample opportunity, but employers
may not be growing as fast as they were in 2017, 2016 and 2015.

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