2.2%
Total
4.8%
Construction 2.6%
Manufacturing Information
-0.2%
Financial Activities
-0.1% 1.5%
Other Services Government
4.6%
Education/Health Services
4.6% 0.8%
Leisure/Hospitality Services
DASHBOARD
2.8%
Natural Resources
Professional/Business Services Trade/Transportation/Utilities
12% 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% -12% THREE ESSENTIAL INSIGHTS: -14% 2012 2014 rates 2016tick up 2018in 2020 Unemployment US Utah
June 2024
0.1% 0.7%
The Road to Prosperity Dashboard2.2%tracks Utah’s economic outlook. 1.8% The Dashboard, which is updated monthly, provides essential insights, tracks timely and leading measures, and shares salient indicators.
1
Utah and the U.S. but remain comparatively low.
A recently overheated labor market continues to cool, with employment growth slowing and unemployment rates rising slightly. Utah’s current unemployment rate ranks 11th lowest (best) nationally.
2
2022 Utah’s2024 employment growth
varies widely by industry. Employment in Utah’s information and financial activities sectors contracted for the 5th consecutive month through May. In contrast, construction employment grew nearly 5%. Statewide employment growth totaled 2.2%.
Unemployment Rate May 2024
4.2% 4.2% 3.3% 3.3% 5.1% 5.1%
2.0% 2.0%
3.8% 3.8%
5.2% 5.2%
2.9% 2.9% 3.5% 3.5%
3.8% 3.8%
4.0% 4.0%
2.9% 2.9% 2.8% 2.8% 4.9% 4.9% 3.5% 3.5%
2.4% 2.4% 0.1% 0.1%
3.9% 3.9%
3.1% 3.1%
4.2% 4.2% 3.4% 3.4%
4.2% 4.2% 3.7% 4.2% 3.7% 4.2% 2.7% 2.7% 4.6% 4.6% 3.6% 3.6% 3.0% 3.0%
3.4% 3.4% 3.4% 3.4% 2.8% 2.8% 3.2% 3.2% 3.0% 3.0% 4.1% 4.1%
3.3% 3.3%
4.5% 4.5%
1.8% 1.8%
3.0% 3.0%
2.8% 2.8%
2.5% 2.5%
2.9% 2.9%
3.4% 3.4%
2.0% 2.0%
2.9% 2.9%
USA 4.0% 4.0% USA VT 2.1% 2.1% VT NH 2.5% 2.5% NH MA 3.0% 3.0% MA CT 4.3% 4.3% CT RI 4.3% 4.3% RI NJ 4.6% 4.6% NJ MD 2.7% 2.7% MD DC 5.3% 5.3% DC DE 3.9% 3.9% DE
3.8% 3.8%
1.0% 1.0% 1.8% 1.8%
1.0% 1.0% 2.0% 2.0%
2.0% 2.0%
Source: U.S. Bureau of Labor Statistics
S A LT L A K E C H A M B E R
1.6% 1.6% 1.7% 1.7%
1.6% 1.6% 1.8% 1.8%
1.8% 1.8%
2.2% 2.2%
1.5% 1.5%
1.1% 1.1%
2.4% 2.4%
2.2% 2.2%
1.1% 1.1% 0.9% 0.9%
1.7% 1.7% 1.7% 1.7%
1.7% 1.7%
0.9% 0.9% 0.8% 0.8% 1.4% 1.4% 2.5% 2.5% 2.0% 2.0% 2.8% 2.8% 1.5% 1.5% 0.3% 0.3%
1.4% 1.4% 1.3% 1.3%
2.3% 2.3%
1.5% 1.5% 3.6% 3.6% 1.4% 1.4%
0.2% 0.2% 2.0% 2.0%
3.5% 3.5%
3.0% 3.0%
Unemployment Rate
Continued strong demand for travel and increased capacity remain drivers of Salt Lake City’s airport traffic. More gates are set to open later this year, further increasing capacity.
Year-Over Job Change May 2024
4.9% 4.9% 3.1% 3.1%
3
Through May, SLC International Airport passengers are up 7% relative to the first five months of 2023.
USA 1.8% 1.8% USA VT 1.4% 1.4% VT NH 1.4% 1.4% NH MA 0.5% 0.5% MA CT 1.1% 1.1% CT RI 1.2% 1.2% RI NJ 1.6% 1.6% NJ MD 0.1% 0.1% MD DC 0.8% 0.8% DC DE 1.1% 1.1% DE
0.4% 0.4% 5.3% 5.3%
Job Growth
0.1% 0.1%
3.8% 3.8%
Source: U.S. Bureau of Labor Statistics
ROADMAP TO RECOVERY COALITION