Zions Bank January economic snapshot

 

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:

 

After seven months of growth, the American labor market experienced a contraction in December. The U.S. lost 140,000 jobs last month, with most of the losses coming in the leisure and hospitality sector. Although the loss of jobs represents a step back in the economic recovery, the new round of federal economic stimulus and rollout of a vaccine provides optimism that job losses in December will be temporary. 

Utah’s economy is within spitting distance of a full employment recovery. The Beehive State remains the second-closest state to recovering to its 2019 economic levels, with employment declining a little less than one-tenth of one percent over the last year. Unemployment increased in November, rising 0.2% to 4.3%. The increase may be related to the increasing labor force participation rate, which also rose 0.2%, registering at 68.1% in November.

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