Utah Posts Promising Unemployment Numbers in June
July 17, 2020Tags: COVID-19, economy, Featured, Jobs
While the nation continues to navigate the economic challenges presented by the coronavirus pandemic, Utah has firmly established itself as one of the best states in America for economic recovery.
The latest June data from our Department of Workforce Services and the Bureau of Labor Statistics indicate Utah is second in the nation for lowest unemployment, posting a rate of 5.1%. This is down from May unemployment, which stood at 8.1% in the state. And these lower unemployment rates were not the only encouraging signs. In nonseasonally adjusted total job growth, Utah led the country at -2.8%, meaning the state has sustained fewer job losses relative to last year’s total employment base than any other state.
June’s numbers show marked improvement over our position in May as more furloughed workers begin to return to their jobs. According to DWS Chief Economist Mark Knold, just under half of the COVID-idled workers have resumed working. In turn, these gains have cut the unemployment rate in half over the last two months.
Considering these data, it is important to recognize they have come in part due to significant federal support. While we greatly appreciate the assistance of the federal government to help stabilize the economy, much economic volatility still remains. In the coming months, our Department of Workforce Services will continue to analyze long-term trends to provide us with a greater understanding of the long-term economic outlook.
Moving forward, we mourn with all those whose lives have been unmistakably altered by the pandemic. Utahns would do well to abide by the council of our public health leaders so we may continue to lead the nation in our economic progress, and reduce COVID-19 spread in our communities. Wearing a mask is one of the easiest and most cost-effective ways to help get the people of our state back to work, and keep each other healthy. If we all continue to be diligent in our mask use and practice physical distancing when appropriate, we can re-engage in economic recovery even quicker, and reestablish Utah as the gold-standard for economic growth.