The most recent forecast for Utah’s economic indicators shows an economy on the mend. Nearly all indicators improve in 2010 with the exception of employment and nonresidential construction. Growth is expected in total wages paid, along with vehicle sales, retail sales and new home construction. The good news on the job front is that the level of job losses will decline considerably in 2010. In February of this year, job losses were forecast at 20,000. That forecast has not been scaled back to a loss of 7,900 jobs.
Although the labor market is improving, the unemployment rate will increase as good news on the job front brings some discouraged workers back into the labor force; thereby pushing up the number of people actively looking for work. Utah’s unemployment rate in 2010 is projected to reach 7.8 percent, the highest rate since 1983. Utah’s monthly job losses, (measured against same month previous year) began in October 2008, with a loss of 4,100 jobs.
Read the entire report: Download Utah Economy Report May 2010