Utah’s unemployment rate dipped slightly in May

Utah’s nonfarm payroll employment for May 2018 grew by an estimated 3.5 percent, adding 51,900 jobs to the economy since May 2017. Utah’s current employment level registers 1,516,000. No revision was made to April’s year-over job growth rate.

May’s seasonally adjusted unemployment rate dropped one-tenth of a percentage point from the prior month to 3.0 percent. Approximately 48,100 Utahns were unemployed during the month and actively seeking work. The national unemployment rate decreased one- tenth of a percentage point to 3.8 percent.

“May was an especially positive month for Utah’s labor market,” reported Carrie Mayne, Chief Economist at the Department of Workforce Services. “Gains across the gamut show that Utah’s businesses are performing well and absorbing the state’s labor force growth.”

Utah’s private sector employment grew by 3.9 percent year-over with the addition of 47,900 positions. Nine of the 10 private sector industry groups measured in the establishment survey posted net job increases in May, while Natural Resources and Mining lost 300 jobs year-over. The largest private sector employment increases were in Trade, Transportation, and Utilities (12,400 jobs); Professional and Business Services (9,100 jobs); and Construction (7,400 jobs). The fastest employment growth occurred in Construction (7.6 percent); Trade, Transportation, and Utilities (4.5 percent); and Professional and Business Services (4.4 percent).