Economic Snapshot - June 2018

The United States labor market added a better-than-expected 223,000 jobs in May. This strong employment growth marks the 92nd consecutive month of job creation and is the longest streak on record. Hiring was broad-based, with the professional and business services; education and health services; and trade, transportation and utilities sectors adding the most jobs over the past year. The unemployment rate also declined from 3.9 percent to 3.8 percent. The unemployment rate is now tied with April 2000, as the lowest rate since 1969. Inflation indicators continue to rise, with annual growth in the consumer price index increasing from 2.4 percent in March to 2.5 percent in April. Economic growth for the first quarter of 2018 was revised down slightly from 2.3 to 2.2 percent.

Utah’s labor market continued to expand in April. The state’s year-over-year employment growth was tied for second in the nation with Idaho at 3.3 percent. Job creation was widespread, with the trade, transportation, and utilities; professional and business services, and leisure and hospitality sectors adding the most jobs over the past year. The only sectors to experience job losses were other services and natural resources and mining. The unemployment rate remained level at 3.1 percent, a level at which it has been stuck for the past four months. Consumer confidence declined across Utah in May, with the Zions Bank Consumer Attitude Index falling to 110.7 - the lowest-level since July 2016.

Idaho’s labor market was one of the best in the county in April. The state’s year-over-year employment growth was tied for second in the nation with Utah at 3.3 percent. Employment gains were broad-based, with the leisure and hospitality, construction, and manufacturing sectors adding the most jobs over the past year. Only natural resources and mining experienced job losses. The economic and population growth in Idaho continues to put upward pressure on home prices, which rose 12.4 percent over the past year, according to the CoreLogic Home Price Index.

Wyoming’s labor market continues to grow. The state’s year-over-year employment growth rose from 1.3 percent to 2.0 percent in April. Wyoming added 5,500 jobs over the past year, with the natural resources and mining, professional and business services, and the other services sectors experiencing the largest gains. The government sector experienced the largest numerical employment loss of 1,400 jobs, while the information sector experienced the largest percentage loss with 2.7 percent. The state’s unemployment rate fell from 3.9 percent to 3.8 percent, following the national average. Home prices in Wyoming rose 3.4 percent from the year before as of April, according to the CoreLogic Home Price Index.