Utah’s nonfarm payroll employment for January 2015 grew by an estimated 4.1 percent, adding 53,600 jobs to the economy as compared to January 2014. Utah’s current employment level registers 1,347,400.
January’s seasonally adjusted unemployment rate dropped two-tenths from last month, measuring 3.4 percent. Approximately 49,800 Utahns were unemployed in the month and actively seeking work. The national unemployment rate rose one-tenth of a percentage point to 5.7 percent for the month.
“January labor market measures show that Utah remains solidly on the path of economic expansion,” reported Carrie Mayne, Chief Economist at the Department of Workforce Services. “It has been seven and a half years since Utah last experienced job growth above four percent.”
Nine of the ten private sector industry groups measured in the establishment survey posted net job increases in January as compared to last year, while Natural Resources and Mining remained unchanged. The largest private sector employment increases were in Trade, Transportation and Utilities (12,500 jobs), Professional and Business Services (10,200 jobs), and Construction (6,300 jobs). The fastest employment growth occurred in Construction (8.9 percent), Professional and Business Services (5.7 percent), and Financial Activities (5.2 percent).