DASHBOARD
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 continues to decline. While still high, inflation continues to cool, contributing to the Fed’s decision to pause rate hikes in June. The Fed since indicated future rate hikes to reach their target inflation range.
May 2023 Year-Over Percent Change Year-Over Percent Change
3.2%
3.3% 2.3%
3.4%
1.9% 5.4% 2.8% 4.5%
2.1%
2.4% 3.3% 2.7%
1.9% 3.7%
2.3%
2.9% 3.4% 2.8%
3.5%
4.1%
%
ent Rate
2.3% 2.9%
2.1% 3.7% 1.9%2.6%
3.6%
3.1%
Unemployment 1.9% Rate
4.1% 2.8% 2.5%
May 2023
Year-Over Job Change May 2023
4.1%
2.6%
Economic uncertainty continues to impact Utah’s housing market as the median home sales price stabilized in April after March’s slight increase.
Job ChangeJob Change
Unemployment Rate May 2023
2.3%
Utah’s median home sales price remains essentially unchanged.
At 69.4%, Utah’s labor force participation rate ranks third nationally and sets a decadehigh while still trending upwards.
May 2023
%
3
Utah’s labor force participation rate surpasses pre-pandemic levels.
ment Unemployment Rate Rate
%
June 2023
2.9%
2.4%
2.4% 3.9%
3.7%
4.0% 2.7%
S A LT L A K E C H A M B E R auSource: of Labor U.S. Statistics Bureau of Labor Statistics
2.9%
3.9% 4.0%
CT 3.7% 3.4% 3.3% 3.3% 2.8% DC 5.1% 3.1% 2.7% 3.5% 3.1% 2.7% 3.2% 3.2% 2.2% 3.2% 3.2%DE2.2%4.2% MA 2.8% 4.1% 3.6% 3.6% MD 2.4% NH 1.9% 2.6% 2.6% NJ 3.6% RI 3.0% VT 2.1% 3.1%
1.9%
1.3% 2.8%
1.9% 3.1% 3.6% 3.1% 3.6% 4.1% 3.3% 3.3% USA 3.7% 2.9% 2.9% 3.8%2.9% 2.5% 3.8%
Source: U.S. Bureau of Labor Statistics
3.2%
2.4%
3.4%
5.4%
3.9% USA
3.7%
CT DC DE MA MD NH NJ RI VT
3.7% 5.1% 4.2% 2.8% 2.4% 1.9% 3.6% 3.0% 2.1%
5.4%
2.9%
2.3% 1.6%
2.1% 2.8%
2.1%
2.5%
1.3%
2.1%
1.3% 2.1%
1.8% 1.8%
1.8% 2.9% 3.9% 1.8%
0.9% 2.3%
1.9%
2.3%1.3%
1.8%
2.4% 2.0%
2.0%
2.3% 2.4%
2.9%
1.5% 1.9% 2.3%
Job Growth
1
1.8% 1.5% 1.5% 2.0% 2.5% -0.8% 2.0% 2.5% -0.8% 0.9% 2.4% USA 2.6% 2.4% 2.0% 2.0% 1.7% 1.7% 2.7% 2.7% 2.3% CT 2.2% 2.2% 1.4% 2.3% 1.6% 2.1% 2.1% 2.8% 2.5% DC 1.8%2.6% 2.6% 2.8%
3.9% 1.8%
1.3% 1.9%
2.4%
1.8%
3.0%
3.0%
Job Growth -1.0%
-1.0%
3.9%
2.3% 1.5%DE 1.9% 3.1% MA 2.7% 2.4% MD 1.3% 3.5% NH 2.5% 3.5% NJ 2.0% RI -1.0% VT 0.6%
3.9%
Source: U.S. Bureau of Labor Statistics
ROADMAP TO RECOVERY COALITION Source: U.S. BureauSource: of Labor U.S. Statistics Bureau of Labor Statistics