Total
3.1%
Construction
12.1% 1.0%
Manufacturing Information Financial Activities
7.1% -2.1%
Leisure & Hospitality Other Services
6.0% -0.9%
Government
1.5% 4.4%
Education/Health Services Natural Resources Professional/Business Services
DASHBOARD
12.2% -0.6%
Trade/Transportation/Utilities
12% 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% -12% -14%
November 2022 3.6%
3.4% 3.1%
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. 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
US
Utah
THREE ESSENTIAL INSIGHTS:
1
Utah’s unemployment rate lowest in nation. Utah’s October unemployment rate of 2.1% is the lowest in the nation, tied with Minnesota. October continues a 20-month trend of an unemployment rate below 3.0%.
2
Inflation peaked at 9.0% in June and still remains high at 7.6% in October. Inflation has now fallen for four consecutive months showing signs that price increases may be moderating.
Unemployment Rate October 2022
Consumer Sentiment Rises. Utah’s consumer sentiment rose from 63.9 in September to 66.0 in October. Nationwide sentiment also rose slightly over the prior month suggesting a slightly better outlook.
Year-Over Job Change October 2022
3.8% 4.1%
3
Inflation remains high.
3.9% 2.3%
3.0% 2.9%
3.5%
2.4% 2.4%
4.6%
2.1%
3.6%
4.0% 3.9%
4.3%
3.6%
2.1% 3.3%
4.2%
2.9%
4.5%
2.7%
4.5% 3.0%
4.4% 4.0%
3.0% 4.2% 4.6% 4.0% 2.7% 2.8% 2.6% 3.9% 3.8% 3.5% 3.4% 3.6% 3.3% 2.7% 2.9% 3.8% 4.0% 3.3%
2.1%
3.8%
USA 3.7% VT NH MA CT RI NJ MD DC DE
2.3% 2.4% 3.5% 4.3% 3.4% 3.5% 4.5% 4.8% 4.3%
1.7%
3.1%
4.0% 3.5%
3.0%
2.1%
Source: U.S. Bureau of Labor Statistics
S A LT L A K E C H A M B E R
3.0%
3.6% 2.0%
3.5% 2.7% 3.4% 2.4% 2.8% 2.7% 3.2% 3.2% 3.0% 2.5% 3.5% 4.2% 3.9% 2.1% 2.3% 4.2% 2.3% 4.3% 0.0% 5.4% 2.8% 5.2%
2.7%
2.4%
2.9% 3.2%
USA 3.4% VT NH MA CT RI NJ MD DC DE
1.8% 2.2% 3.9% 2.4% 2.4% 4.1% 2.2% 1.3% 2.6%
4.2%
3.4%
Unemployment Rate
4.2%
2.8%
4.8%
Job Growth
0.0%
5.4%
Source: U.S. Bureau of Labor Statistics
ROADMAP TO RECOVERY COALITION