Utah’s fifth unemployment rate in the US at 4.1% for October

SALT LAKE CITY – The Beehive State has one of the best job economies in the country and one of the lowest unemployment rates, according to a new report.

The Utah Department of Workforce Services reported on Friday that the state’s seasonally adjusted unemployment rate for October was estimated at 4.1%, with about 67,200 Utahns out of work. The rate placed the state at No.5 nationally, behind only Nebraska at 3.0%, Vermont at 3.2% and Iowa and South Dakota tied at 3.6% .

The national unemployment rate for October fell a full percentage point, from 7.9% in September to 6.9% last month.

In Utah, non-farm payroll employment for October fell 0.5% in the past 12 months, with the state losing 8,400 jobs since October last year. About 1,578,700 Utahns are currently considered paid employees, the report says.

DWS reported that Utah’s private sector employment for October was down year-over-year of -0.6%, an improvement from the revised deficit of -0.9% of September.

Half of the top 10 industry groups in the private sector in Beehive State posted net year-over-year job gains, with trade, transport and utilities creating 10,500 jobs; construction adding 5,100 new positions; financial activities generating 3,000 jobs; other services add 2,700 jobs and manufacturing adds 1,300 jobs.

Five sectors recorded year-over-year job losses, with leisure and hospitality shedding 21,700 jobs; professional and business services lose 4,100 jobs; information dropping 2,100 positions; education and health services reduced by 2,000 jobs; and mining cutting 1,100 jobs.

“Utah continues to push its job losses towards the point of net neutrality,” said Mark Knold, chief economist for the Utah Department of Workforce Services. “The elimination of Utah’s job losses over the past year would be a milestone in the economic sphere of the great national pandemic. Not only would this be the starting point from which Utah’s economy grows again, but it would mark Utah as one of the first states to regain. economic expansion. “

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