(The Center Square) – Utah’s unemployment rate increased slightly in May to 2.0% from 1.9% in April, according to the latest numbers from the Department of Workforce Services.
That’s still below the national rate of 3.6%.
“Utah’s economic performance continues to push along at a strong pace,” said Mark Knold, chief economist at DWS in a news release. “The unemployment rate remains at an historically low level, and job growth is still one of the nation’s best.”
The state’s job growth is 3.5%, below the nation’s 4.5% rate. Utah has added 55,500 jobs since May 2021, according to the news release.
“The job growth rate has been abating as the year has progressed. This is expected and is a reflection of the current performance compared to a Utah economy that was rapidly improving a year ago,” Knold said. “As this year progresses, the more the economy improves from a year ago, the more this year’s job growth will trend downward. We anticipate that by later this year Utah’s job growth rate will be around its yearly average of 3.0%.”
The trade and transportation industry had the highest job growth with an increase of 11,000 jobs over May 2021. The leisure and hospitality industry was close behind with an additional 10,800 jobs.
Only two industries lost jobs. The business and professional services industry is down 500 jobs while the financial activities industry lost 400 jobs.
