This month’s Economic Snapshots provide an overview of state and national trends, highlighting indicators such as employment, demographics, housing, consumer sentiment and more. A few of this month’s points of interest include the following:
* Job creation slowed again in August, with 1,371,000 jobs added to the U.S. economy month to month. However, the unemployment rate drop accelerated, falling to 8.4%: its lowest rate during the crisis and the first month of sub-10% unemployment since March.
* Utah’s economic recovery continues to move forward. While Utah remains below 2019 employment levels, Utah is now the second-closest state to a full recovery, with the state experiencing only a 2% employment decline since last year. Utah currently has the lowest unemployment rate in the nation at 4.5%.
The Idaho economic recovery rolled on in July, with the state’s labor market adding 14,000 jobs month to month. Idaho’s labor market has experienced the smallest contraction of any state in the nation, declining only 0.7% year over year. Idaho’s unemployment rate dropped to 5% in July. Idaho’s housing market remained the fastest growing in the nation in July, growing 10.2% year over year.