September 20, 2024 - Utah's Employment Summary: August 2024

SALT LAKE CITY (Sept. 20, 2024) - Utah's nonfarm payroll employment for August 2024 increased an estimated 2.3% across the past 12 months, with the state's economy adding a cumulative 40,300 jobs since August 2023. Utah's current job count stands at 1,760,800.

August's seasonally adjusted unemployment rate is estimated at 3.3%. Approximately 59,700 Utahns are unemployed. Utah's July unemployment rate is unrevised at 3.2%. The August national unemployment rate decreased one-tenth of a percentage point to 4.2%.

"The labor market in Utah continues to expand at a healthy rate, even as the unemployment rate has ticked up," said Ben Crabb, chief economist with the Utah Department of Workforce Services. "Utah still sees a strong labor market as most sectors of the economy have added jobs. Much of the rise in the unemployment rate can be attributed to new entrants into the labor market who are searching for a job, rather than due to an increase in layoffs."

Utah's August private sector employment recorded a year-over-year expansion of 2.1%, or a 30,600-job increase. Six 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 (14,500 jobs), construction (8,900 jobs), and professional and business services (6,900 jobs). Leisure and hospitality (-100 jobs), financial services (-300 jobs), and trade, transportation and utilities (-2,000 jobs) experienced year-over-year job losses.

• Additional analysis and tables at https://jobs.utah.gov/wi/ update/index.html
• County unemployment rates for August will post on or shortly after September 23, 2024, at https://jobs.utah.gov/wi/ update/une/season.pdf
• September's employment information will be released at 7 a.m. on Friday, October 18, 2024.
• Statistics generated by the U.S. Bureau of Labor Statistics, Washington, D.C., modeled from monthly employer (employment) and household (unemployment) surveys.
• Listen to Chief Economist Ben Crabb's analysis of the August 2024 employment report here: https://soundcloud.com/ utahdws/utah-employment- report-august-2024.