Unemployment Update

The Department of Workforce Services has released updated unemployment data for the state of Utah. The seasonally adjusted unemployment rate is estimated at 3.6%, up two-tenths of a percentage point compared to September. Approximately 66,000 Utahns are unemployed. The national unemployment rate is estimated at 4.6%. Unemployment data for northeastern Utah is at 3.5% for Daggett County, 4.2% for Duchesne County, and 4% for Uintah County. “The state labor market is cooling, marked by an uptick in the unemployment rate and 1% year-over-year job growth,” shares DWS chief economist Ben Crabb. “While most sectors continue to add jobs, slight increases in layoffs and a steady hiring rate show employers are in a ‘low hiring, low firing’ mode, retaining available labor.” The next employment update is anticipated by the end of this month.