Utah’s labor market remains one of the best in the nation despite the moderation in employment growth in recent months.
In June, the state’s year-over-year employment growth was the 3rd highest in the country at 2.7 percent. Utah’s job creation appears to be constrained by the state’s very low unemployment rate, which declined from 2.9 percent to 2.8 percent in June. This is the lowest unemployment rate in Utah since 2007 and is making it more difficult for employers to find qualified labor. Despite this, every major industry added jobs over the past year, with the education and health services (+9,900), professional and business services (+8,600), and manufacturing (+6,300) sectors adding the most jobs. Inflation along the Wasatch Front declined for the third month in a row to 3.0 percent.