Zions Bank today released its October Economic Snapshot, highlighting the most recent data on Utah’s and the U.S.’s labor market, interest rates, construction activity, and other indicators of business activity.
“Despite recent slowdowns in Utah’s residential construction activity, Utah’s economy shows strength from increasing non-gold exports and a strong labor market,” according to Robert Spendlove, Zions Bank Senior Economist.
Other notable trends highlighted in the October snapshot include:
- Since the pandemic-induced recession, Utah’s labor market has outperformed the nation.
- Interest rates show signs of easing after the Federal Reserve lowered its short-term rate by 25 basis points in September as it balances the risk of recession and the risk of inflation.
- Recent increases in inflation might only be the beginning of tariffs’ economic impacts, while unemployment upticks signal a higher likelihood of recession.
