SALT LAKE CITY — Despite the slowing of the national job market and declining consumer sentiment, Utah is still in a good spot.
“Utah’s economic resilience stands above national trends yet again,” Derek Miller, president and CEO of the Salt Lake Chamber, said in a statement. “Businesses are doing exactly what they need to do to prepare for headwinds created by national policies and global events, and the positive labor market growth trends point toward economic strength in the near term.”
Since July 2024, Utah has added a cumulative 40,300 jobs (2.3% growth), bringing the state’s current job count to 1,763,600, according to data from the Utah Department of Workforce Services.
Additionally, Utah’s seasonally adjusted unemployment rate for July sits at an estimated 3.3%, with 60,517 Utahns unemployed.
That contrasts with the national unemployment rate of 4.2%.
“Robust job growth continues to fuel economic momentum, even as we see early signs of moderation in hiring trends,” said Ben Crabb, chief economist with the Utah Department of Workforce Services. “While the unemployment rate has edged up slightly, it remains near historic lows, underscoring the resilience of our labor market.”
According to the Salt Lake Chamber’s “Roadmap to Prosperity Dashboard,” which tracks economic indicators, the state’s July employment growth is the third-highest in the nation, continuing the recent trend of Utah’s employment growth outpacing national growth.
Contributing to Utah’s resilience is strong tourism numbers.
“Record-setting passenger numbers at the airport prove that people want to be here,” Miller said.
Indeed, despite signs of slowing tourism demand nationally, the Salt Lake City International Airport in July served more passengers than in any other month post-pandemic.
Utahns themselves are also feeling better about the economy than their national peers. Utah’s sentiment remained stable, but U.S. sentiment declined nearly 6% in August.
“Utah’s economy remains resilient, despite uneven economic indicators at the national level,” Natalie Gochnour, director of the Kem C. Gardner Policy Institute, said in a statement.
“High employment growth, record-breaking airport traffic and relatively stable consumer sentiment are all reasons for cautious optimism, especially when compared to the national sentiment decline of nearly 6% in August.”
The Key Takeaways for this article were generated with the assistance of large language models and reviewed by our editorial team. The article, itself, is solely human-written.