Economic Snapshot - July 2018
This month’s Economic Snapshots provide an overview of state and national trends highlighting indicators such as employment, demographics, housing, consumer sentiment, and more.
The United States labor market added a better-than-expected 213,000 jobs in June. This strong employment growth marks the 93rd 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 rose slightly from 3.8 percent to 4.0 percent as more workers entered the labor force. Inflation indicators have continued to rise, with annual growth in the consumer price index increasing from 2.5 percent in April to 2.8 percent in May. Economic growth for the first quarter of 2018 was revised down from 2.2 percent to 2 percent.
Utah posted another solid month of labor market gains in May. The state’s unemployment rate dropped to 3.0 percent and annual employment growth improved to 3.4 percent, up from 3.3 percent in April. Utah also continues to have the fastest employment growth in the nation. Utah added 49,800 jobs over the past year, with the trade, transportation and utilities, and construction sectors experiencing the largest gains. The natural resources and mining sector experienced the largest employment loss of 400 jobs. The Utah Consumer Attitude Index continues to reflect the state’s solid economic position, with a May reading of 111.9. Gas prices in Utah remain above the national average and are holding around $3.20 after rising from $2.50 in March.
Idaho posted another solid month of labor market gains in May. The state’s unemployment rate stayed level at 2.9 percent and annual employment growth decreased to 3.1 percent, down from 3.3 percent in April. Idaho continues to feature strong employment growth with the nation’s second biggest employment growth rate. Idaho added 21,800 jobs over the past year, with the construction and natural resources and mining sectors experiencing the largest gains. No major employment sector in Idaho experienced employment losses despite employment growth lowering slightly. Gas prices remain above the national average and are holding around $3.20 after rising from $2.50 in March.
Wyoming employment continues to rise. The state’s unemployment rate dropped to 3.7 percent and annual employment growth slowed to 1.3 percent, down from 1.7 percent in April. Wyoming added 3,700 jobs over the past year, with natural resources and mining and professional and business services experiencing the largest gains. The government sector experienced the largest employment loss of 1,200 jobs. May marked the 23rd consective month of no year over year employment gains in the government sector. Gas prices throughout Wyoming have followed the U.S. average, rising to $2.97 from $2.50 in March.