Low unemployment and stable consumer confidence continue to power Utah’s economy

The Salt Lake Chamber’s Roadmap to Prosperity Coalition, in partnership with the Kem C. Gardner Policy Institute, has updated the Economic Dashboard for November to help business leaders see where Utah’s economy stands. This tool provides data on the state’s economic outlook and actionable context for decision-makers.

“Utah’s consumer sentiment showed a modest rebound heading into the holiday season; however, inflation remains a persistent factor in spending,” said Derek Miller, president and CEO of the Salt Lake Chamber. “A low unemployment rate remains a bright spot as labor force participation is strong, and those seeking jobs are able to find work. Our state remains stable and lacks the volatility others are facing from the rapid monetary tightening pursued by the federal reserve to lower inflation by slowing demand.”

Three essential insights from the November 2022 Roadmap to Prosperity Dashboard include:

  1. Utah’s unemployment rate lowest in the nation. Utah’s October unemployment rate of 2.1% is the lowest in the nation, tied with Minnesota. October continues a 20-month trend of an unemployment rate below 3.0%.
  1. Inflation remains high. Inflation peaked at 9.0% in June and still remains high at 7.6% in October. Inflation has now fallen for four consecutive months showing signs that price increases may be moderating.
  1. Consumer sentiment rises. Utah’s consumer sentiment rose from 63.9 in September to 66.0 in October. Nationwide sentiment also rose slightly over the prior month suggesting a slightly improved economic outlook.  

The Dashboard is updated monthly, providing essential insights, tracking ten timely and leading measures, and sharing pertinent indicators. This provides leaders with critical and timely information to make informed decisions.

“High inflation continues to impact the local economy, but the slight rise in consumer sentiment is a welcome data point,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute. “While job growth is slowing in Utah, it is buoyed by the lowest unemployment rate in the nation, thanks to a vibrant and educated workforce. The dashboard shows an economy moving sideways after a strong demand rebound and rapid monetary contraction to slow inflation.”

To view the Roadmap to Prosperity Dashboard, click here.