A Utah Department of Workforce Services report says the Beehive State's economy is in good shape as the door closes on spring and opens into the summer months ahead.
SALT LAKE CITY — The Beehive State's economy is in good shape as the door closes on spring and opens into the summer months ahead.
The report also shows April's seasonally adjusted unemployment rate is estimated at 2.3%, with approximately 41,300 Utahns unemployed — a slight improvement from the 41,700 unemployed Utahns noted in theKnold noted that the labor force participation rate is higher now than it was before the pandemic.
If the United States economy can stay out of the Utah economy's way, then Utah will keep flourishing in the near term.Additionally, different employment sectors haven't performed the same over time, another factor that impacts the collective of Utah's economy. Knold said that over the past year, only the financial activities sector of Utah's economy has lost jobs — around 1,800.
"As to the other industry sectors in Utah, they have all added new jobs over the past 12 months ... and that speaks to the overall health of the Utah economy," Knold said.Currently, 85% of all employment in Utah is in the private sector, just slightly above the national average of 84.3%. This means that Utah's economy is "generally normal" when it comes to private-public segmentation.
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