Utah’s nonfarm payroll employment for October 2018 grew by an estimated 3.2 percent, adding 48,300 jobs to the economy since October 2017.
Utah’s current employment level registers 1,539,200. September’s year-over job growth rate was revised downward three-tenths to 3.3 percent.
October’s seasonally adjusted unemployment rate remained unchanged from the prior month at 3.2 percent. Approximately 50,000 Utahns were unemployed during the month and actively seeking work. The national unemployment rate also remained unchanged from last month at 3.7 percent.
“Utah’s job growth exhibits some softening yet still registers above the state’s long-run average,” reported Carrie Mayne, Chief Economist at the Department of Workforce Services.
“Unemployment remains low, indicating that job seekers continue to find work opportunities.”
Utah’s private sector employment grew by 3.4 percent year-over with the addition of 42,100 positions. Eight of the 10 private sector industry groups measured in the establishment survey posted net job increases in October, while Natural Resources and Mining lost 100 jobs year-over and the Information industry lost 700. The largest private sector employment increases were in Trade, Transportation, and Utilities (12,000 jobs); Education and Health Services (7,800 jobs); and Manufacturing (6,100 jobs). The fastest employment growth occurred in Manufacturing (4.7 percent); Trade, Transportation, and Utilities (4.3 percent); and Financial Activities (4.2 percent).