Utah's Employment Summary: Oct. 2024

Utah's Employment Summary: Oct. 2024

SALT LAKE CITY (Nov. 15, 2024) - Utah's nonfarm payroll employment for October 2024 increased an estimated 1.9% across the past 12 months, with the state's economy adding a cumulative 32,900 jobs since October 2023. Utah's current job count stands at 1,782,800.

October's seasonally adjusted unemployment rate is estimated at 3.5%. Approximately 63,800 Utahns are unemployed. Utah's September unemployment rate is unrevised at 3.5%. The October national unemployment rate was unchanged at 4.1%.

"The state's goods-producing industries have helped Utah maintain steady job growth and continue to outperform the nation," said Ben Crabb, Chief Economist with the Utah Department of Workforce Services. "Job growth in the services sector, by comparison, is slowing and tracking closely with the national rate. To prevent further softening in the national labor market, the Federal Reserve has resumed interest rate cuts, which should have a beneficial effect on both goods and services sectors in Utah. With the unemployment rate holding steady, the state's labor market continues to exhibit resilience."

Utah's October private sector employment recorded a year-over-year expansion of 1.4%, or a 21,300-job increase. Seven of the ten major private-sector industry groups posted net year-over-year job gains. The overall gains are led by education and health services (13,400 jobs), construction (9,200 jobs), and manufacturing (2,800 jobs). Trade, transportation and utilities (-4,700 jobs), leisure and hospitality (-1,300 jobs), and other services (-100 jobs) experienced year-over-year job losses.

• Additional analysis and tables at jobs.utah.gov/wi/update/index.html

• County unemployment rates for October will post on or shortly after November 18, 2024, at jobs.utah.gov/wi/update/une/season.pdf

• November's employment information will be released at 7 a.m. on Friday, December 20, 2024.

Largest private sector gains in the past year:

• Education and health services: 13,400 jobs

• Construction: 9,200 jobs

• Manufacturing: 2,800 jobs

Largest private sector losses in the past year:

• Trade, transportation and utilities: -4,700 jobs
• Leisure and hospitality: -1,300 jobs
• Other services: -100 jobs

Statistics generated by the U.S. Bureau of Labor Statistics, Washington, D.C., modeled from monthly employer (employment) and household (unemployment) surveys.

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