Despite the Federal Reserve raising interest rates throughout most of last year as a method to slow the economy, job growth remains vibrant in both Utah and the US while the unemployment rate remains low.
SALT LAKE CITY — Despite the Federal Reserve raising interest rates throughout most of last year as a method to slow the economy, job growth remains vibrant in both Utah and the U.S. while the unemployment rate remains low.
Mark Knold, Utah Department of Workforce Services' chief economist, said that Utah's unemployment rate is a "variable of little concern." Additionally, Knold estimated that Utah's labor force participation — the percentage of people 16 years and older working or looking for work, which is largely reflective of an area's demographic makeup — is demographically built to have a maximum labor force participation rate just shy of 69%.Currently, Utah's participation rate sits at 68.7%.
He said that a business will either look to take labor from an existing business — possibly through offering better wages — or a flow of new labor will feed into the economy, spurring growth. For one to move from another state to a job in Utah would mean ... take a job and also take on a higher mortgage rate. That is a pretty significant decision one has to make when considering coming to Utah for a job."Now, there are economic pressures that will probably restrict more in-migration going forward and, if so, would naturally slow Utah's job growth rate," Knold said.
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