SALT LAKE CITY — The Beehive State was the nationwide leader in annualized job growth, according to data released this week.
The Utah Department of Workforce Services reported Friday the state ranked No. 1 for total job growth in the nation at 3.7 percent, based on data from the U.S. Bureau of Labor Statistics. Additionally, Utah ranked No. 3 for private sector job growth at 3.9 percent.
For the month of August, the state’s seasonally adjusted unemployment rate was flat from the prior month, registering at 3.1 percent — No. 13 in the U.S. Approximately 49,800 Utahns were considered unemployed during the month and actively seeking work, the report stated.
Nationally, the jobless rate was also even with the previous month registering at 3.9 percent.
Utah’s nonfarm payroll employment for August grew by an estimated 3.7 percent, adding 54,700 jobs to the economy since the same month last year. The state’s current employment level indicates there are 1,517,800 Utahns who are gainfully employed.
July’s year-over job growth rate was revised up one-tenth a point to 4 percent, the report said. Private sector employment in Utah rose by 3.9 percent year over year with 47,600 new positions being added into the economy.
Similar to last month, nine of the 10 private sector industry groups measured in the establishment survey posted net job increases in August, with natural resources and mining as the only exception, showing 200 jobs lost over the prior 12 months.
The largest private sector employment increases occurred in trade, transportation and utilities, which added 13,700 new jobs; education and health services added 7,200 new positions; while leisure and hospitality added 7,100 new jobs. The fastest job growth rate was in trade, transportation and utilities — up 4.9 percent; leisure and hospitality — up 4.8 percent; and manufacturing — up 4.4 percent.
“Utah’s labor market continues to …read more
Source:: Deseret News – Business News