UTAH MARCH 2019 - Zions Bank...Leisure & Hospitality 11,300 7.9% Other Services 400 1.0% Government...
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UNITED STATES EMPLOYMENT FACTS February 2019 JOBS ADDED: 20,000 EMPLOYMENT GROWTH: 1.7% UNEMPLOYMENT: 3.8% Sources: Bureau of Labor Statistics MANY UTAH COUNTIES SEEING EMPLOYMENT GROWTH January 2018 - January 2019 Source: Utah Department of Workforce Services; Not Seasonally Adjusted, Nonfarm UTAH Source: Bureau of Labor Statistics Note: Shaded area represents recession MARCH 2019 ANNUAL JOB GROWTH ACROSS INDUSTRIES January 2018 - January 2019 INDUSTRY 12-Month Total Change 12-Month % Change Natural Resources & Mining 500 5.5% Construction 1,500 1.5% Manufacturing 4,000 3.1% Trade, Trans., Utilities 9,100 3.3% Information 3,600 9.7% Financial Activities 2,600 3.0% Professional & Business Services 5,000 2.4% Education & Health Services 5,600 2.7% Leisure & Hospitality 11,300 7.9% Other Services 400 1.0% Government 4,000 1.6% TOTAL +47,600 UTAH’S LABOR MARKET REMAINS ROBUST January 2019 TOTAL EMPLOYMENT: 1,546,400 EMPLOYMENT GROWTH: 3.4% UNEMPLOYMENT: 3.1% Source: Utah Department of Workforce Services ECONOMIC GROWTH SOLID IN 2018 Change in U.S. Gross Domestic Product Q1 2018 Q2 2018 Q3 2018 Q4 2018 2.2% 4.2% 3.4% 2.6% Source: Bureau of Economic Analysis Utah continues to have one of the best labor markets in the nation. In January, the state’s year-over-year employment growth improved from 3.3 percent to 3.4 percent – the 2nd highest rate in the country. Utah’s unemployment rate also declined from 3.2 percent to 3.1 percent. Utah’s unemployment rate has been under 4 percent since February 2014. Utah added 47,600 jobs over the past year, with the leisure and hospitality (+11,300), trade, transportation, and utilities (+9,100), and education and health services (+5,600) sectors adding the largest number of employees. Utah continues to experience above trend inflation, with the Wasatch Front Consumer Price Index rising 4.8 percent over the year versus 1.6 percent nationwide.
Transcript of UTAH MARCH 2019 - Zions Bank...Leisure & Hospitality 11,300 7.9% Other Services 400 1.0% Government...
UNITED STATES EMPLOYMENT FACTS February 2019
JOBS ADDED: 20,000
EMPLOYMENT GROWTH: 1.7%
UNEMPLOYMENT: 3.8%
Sources: Bureau of Labor Statistics
MANY UTAH COUNTIES SEEING EMPLOYMENT GROWTH January 2018 - January 2019
Source: Utah Department of Workforce Services; Not Seasonally Adjusted, Nonfarm
UTAH
Source: Bureau of Labor StatisticsNote: Shaded area represents recession
MARCH 2019
ANNUAL JOB GROWTH ACROSS INDUSTRIES
January 2018 - January 2019
INDUSTRY12-Month
Total Change12-Month% Change
Natural Resources & Mining 500 5.5%
Construction 1,500 1.5%
Manufacturing 4,000 3.1%
Trade, Trans., Utilities 9,100 3.3%
Information 3,600 9.7%
Financial Activities 2,600 3.0%
Professional & Business Services 5,000 2.4%
Education & Health Services 5,600 2.7%
Leisure & Hospitality 11,300 7.9%
Other Services 400 1.0%
Government 4,000 1.6%
TOTAL +47,600
UTAH’S LABOR MARKET REMAINS ROBUSTJanuary 2019
TOTAL EMPLOYMENT: 1,546,400EMPLOYMENT GROWTH: 3.4%UNEMPLOYMENT: 3.1%
Source: Utah Department of Workforce Services
ECONOMIC GROWTH SOLID IN 2018Change in U.S. Gross Domestic Product
Q1 2018 Q2 2018 Q3 2018 Q4 2018
2.2% 4.2% 3.4% 2.6%
Source: Bureau of Economic Analysis
Utah continues to have one of the best labor markets in the nation. In January, the state’s year-over-year employment growth improved from 3.3 percent to 3.4 percent – the 2nd highest rate in the country. Utah’s unemployment rate also declined from 3.2 percent to 3.1 percent. Utah’s unemployment rate has been under 4 percent since February 2014. Utah added 47,600 jobs over the past year, with the leisure and hospitality (+11,300), trade, transportation, and utilities (+9,100), and education and health services (+5,600) sectors adding the largest number of employees. Utah continues to experience above trend inflation, with the Wasatch Front Consumer Price Index rising 4.8 percent over the year versus 1.6 percent nationwide.
ROBERT SPENDLOVEEconomic and Public Policy Officer
Contact our team for more information or to schedule a speaking engagement.
[email protected] (801) 560-5394
[email protected] (801) 844-7887www.zionsbank.com/economy
As of March 11, 2019
UTAH POPULATION CONTINUES TO RISEUtah Population and Components of Change
Source: U.S. Census BureauNote: Left axis = total population; Right axis = components of population change
UTAH CONSUMER ATTITUDE MODERATINGFebruary 2019: Zions Bank Utah Consumer Attitude Index = 113.8
Source: Cicero Group for Zions Bank
• Median Household Income: $68,358 (2017) 14th
• Annual Mean Wages & Salaries: $44,130 (2015) 28th
• Per Capita Personal Income: $42,043 (2017) 41st
• Personal Income (% Change): 4.4% (2016-2017) 4th
• Population Growth Rate: 1.9% (2018: 3,161,105) 3rd
• Total Fertility Rate: 2.12 (2017) 2nd
• Median Age: 30.6 (2016) 1st
• Household Size: 3.17 (2015) 1stSources: Census Bureau, Bureau of Economic Analysis, Bureau of Labor Statistics, National Center for Health Statistics, statista.com
STATE FACTS (VALUE & RANK)
Source: U.S. Census Bureau
Total Population Natural Increase Net Migration
UTAH HAS THE 3RD FASTEST POPULATION GROWTHJuly 2017 - July 2018 Utah: 1.9% US: 0.6%
UTAH INFLATION OUTPACING NATIONAL AVERAGESJanuary 2019
Source: Cicero Group for Zions Bank and Bureau of Labor Statistics
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