(The Center Square) – Utah continued its downward trend in unemployment rates in April, according to figures from the Department of Workforce Services.
Nonfarm payroll employment in the state grew about 3.9% over the past year, adding 62,400 jobs since April 2021, the department said. According to the department, Utah’s seasonally adjusted unemployment rate fell slightly last month, from 2% in March to 1.9% in April, still well below the national unemployment rate of 3.6%. .
“The year has progressed into the spring and Utah’s economy continues on its expansion path,” said Mark Knold, chief economist at the Department of Workforce Services. “The unemployment rate fell to a new low of 1.9%. The rate has been falling since the beginning of the year, so the current rate leads us to what we expected for this spring. At 1.9%, the question now arises as to how low the unemployment rate can go? »
About 33,300 people in Utah were unemployed during the month of April, the data showed.
Private sector employment in the state saw year-over-year net job gains in Utah’s top ten private sector industry groups. Trade, transportation and utilities added 16,000 jobs, more than any other industry group. Leisure and hospitality added 11,200 jobs, construction 7,700 and education and health services added 7,000 jobs, according to the department.
Knold said it’s unclear if Utah’s positive unemployment trends will continue given international economic conditions and the federal government’s response.
“At the national level, the American economy is not sending worrying signals. But with high inflation and the Federal Reserve raising interest rates, many economists expect the U.S. economy to slow down as the year progresses,” Knold said. “It seems to be the Fed’s desire to fight high inflation. If so, it will act as a restraint mechanism during a further drop in Utah’s unemployment rate.