SALT LAKE CITY (June 17, 2021) — Utah’s nonfarm payroll employment for May 2021 increased an estimated 2.6% across the past 24 months, with the state’s economy both returning and adding a cumulative 39,800 jobs since May 2019. Utah’s current employment level stands at 1,595,700.
May’s seasonally-adjusted unemployment rate is estimated at 2.7%, with approximately 44,350 Utahns unemployed. Utah’s April unemployment rate is unchanged at 2.8%. The May national unemployment rate lowered to 5.8%.
“Utah’s economy continues to add jobs as it responds to both population growth and post- pandemic business revitalization,” reported Mark Knold, Chief Economist at the Department of Workforce Services. “Utah’s low unemployment rate is currently presenting challenges, though. An aggressive hiring push is underway, largely in the leisure and hospitality segment. It is currently finding a less-than-equal response. Though Utah’s labor supply is not as fully employed as it was pre-COVID, workers are not returning at the same speed as jobs are becoming available. This is making for both a struggling and an opportunistic job market, depending upon one’s point of view.”
Utah’s May private sector employment recorded a two-year expansion of 4.0%. Six of Utah’s 10 major private-sector industry groups posted net two-year job gains, led by Professional and Business Services (16,900 jobs); Trade, Transportation and Utilities (13,100 jobs); Construction (10,400 jobs); and Financial Activities (9,500 jobs). Four industry groups with less employment than two years ago are Leisure and Hospitality Services (-8,800 jobs); Natural Resources and Mining (-1,300 jobs); Information (-1,300 jobs); and Other Services (-200 jobs).
Listen to Chief Economist Mark Knold shares his analysis of the May 2021 employment report: https://soundcloud. com/utahdws/april-2021- economic-report-1/s- LDXEUk3eIXJ
Statistics generated by the U.S. Bureau of Labor Statistics, Washington, D.C., modeled from monthly employer (employment) and household (unemployment) surveys.
Source: EIN Presswire