DASHBOARD
July 2023
The Road to Prosperity Dashboard tracks Utah’s economic outlook. The Dashboard, which is updated monthly, provides essential insights, tracks timely and leading measures, and shares salient indicators. THREE ESSENTIAL INSIGHTS:
1
2
Inflation cools to 3%. Since peaking at 9.1% in June 2022, inflation has steadily declined in response to the Fed’s aggressive rate hikes, yet it remains higher than the Fed’s target rate.
Consumer sentiment takes a leap. Greater price stability and a robust labor market show signs of a resilient economy, boosting overall sentiment both statewide and nationally.
3
Nationally, the labor force participation rate stagnated, yet in Utah it continues to grow due to a strong economy and increasing wages.
yment Rate Unemployment Rate
Job Change Job Change
June 2023 Unemployment Rate
Year-Over Job Change June 2023
June 2023 Year-Over Percent Year-Over Change Percent Change
June 2023
8%
3.8% 2.4% 2.0% 2.4% 2.0% 2.9% 2.9% 3.5% 2.7% 2.5% 2.7% 1.8% 3.9% 2.5% 1.8% 3.9% 3.6% 3.1% 3.6% 3.1% 3.8% 3.8% 1.9% 2.7% 1.9% 4% 3.4% 2.7% 5.4% 3.4% 2.4% 4.0% 3.2% 2.4% 4.0% 3.2% 3.3% USA 3.6% 2.8% 3.3% 2.8% 2.8% 2.7% 2.8% 2.7% 2.6% 3.8% 4.6% 2.6% 3.8% CT 3.7% 3.3% 3.3% 3.2% 3.2% 3.5% 2.7% 3.5% 2.6% DC 5.1% 2.7% 3.5% 3.1%2.6% 3.5% 3.1% 2.2% DE 2.2%4.2% 3.2% 3.1% 3.2% 3.1%MA 2.6% 4.1% 4.1% 3.6% MD 2.0% 3.6% 2.4%
7%
ment Rate
2.6%
3.7% 3.0% 1.8% Unemployment Rate
Utah’s labor force participation rate continues upward trend.
3.0% 1.8%
Source: U.S. Bureau of Labor Statistics
S A LT L A K E C H A M B E R auSource: of Labor U.S.Statistics Bureau of Labor Statistics
NH NJ RI VT
1.8% 2.6% 3.7% 2.9% 1.9%
5.4%
June 2023
3.5%
3.5% 1.5% 2.4% 2.4%2.1% 2.4% 2.4% 3.6% 3.6% 3.5% 1.8% 1.8% 1.9%3.5% 2.3% 1.9% 2.3% 3.4% 1.8% 3.4% 1.8% 3.0% 1.8% 3.0% 1.8% 2.7% 4.4% 1.9% 2.7% 4.4% 1.9% 3.2% 3.2% 2.1%2.1% 1.4% 2.1%2.1% 1.4% 1.6% USA 2.4% 2.2%1.6% 3.4% 2.4% 2.3% 2.7% 2.4% 2.2% 2.3% 2.7% 3.4% 2.7% CT 1.3% 2.7% 2.7% 2.7% 2.4% 2.4% 3.2% 2.4% DC 2.0% 2.4% 4.8% 2.9% 3.2% 4.8% 2.9% DE 2.6% 3.6% 1.3% 2.6%2.6% 1.3% 2.6% MA 2.5% 4.1% 4.1% 2.8% 2.8% 2.1%
2.4%
USA
3.6%
CT DC DE MA MD NH NJ RI VT
3.7% 5.1% 4.2% 2.6% 2.0% 1.8% 3.7% 2.9% 1.9%
5.4%
2.6%
2.6%
MD 2.2% NH 2.5%3.8% NJ 2.6% RI -0.1% VT 1.2%
-0.1% Job Growth
-0.1%
4.8%
2.6%
Job Growth
3.8%
2.6%
Source: U.S. Bureau of Labor Statistics
ROADMAP TO RECOVERY COALITION Source: U.S. BureauSource: of Labor U.S.Statistics Bureau of Labor Statistics
1.5
U