SALT LAKE CITY — Utah’s unemployment rate has dropped to an unprecedented low of 1.9 percent. That's the lowest it has ever been.
According to the new report released Friday morning, approximately 31,800 people statewide are considered unemployed by the department of workforce services.
Inversely, the employment rate grew nearly four percent over the past two years.
“As Utah’s economy progressed through 2021, the most striking theme was dwindling labor availability,” said Mark Knold, Chief Economist at the Department of Workforce Services. “Each month the unemployment rate moved lower and lower, finally sinking last month into historic territory. The state’s unemployment rate is now below 2.0% for the first time ever. This is uncharted territory in terms of such a low unemployment rate and gauging how much lower it can conceivably go.”
Utah's economy overall has not been affected by the pandemic, seeing gains month-after-month while other states recorded losses.
The biggest job gains have been in the industries of Trade, Transportation and Utilities (22,300 new jobs); Professional and Business Services (15,200 new jobs); Construction (11,500 new jobs); and Manufacturing (7,900 new jobs).
The industries losing jobs in the state are mining (800 jobs lost); and hospitality (200 jobs lost).