Economic Snapshot – September 2020
The labor market recovery continues, but at a slower pace.
The U.S. economy continued its recovery in August, but once again at a slower rate than the month before. The labor market added nearly 1.4 million workers, while the unemployment rate fell to 8.4%. August marked the first time the unemployment rate clocked in below 10% since March. All sectors but one grew month over month, with government (+344,000); trade, transportation, and utilities (+341,000); and professional and business services (+197,000) adding the most jobs. Only the natural resources and mining (-2,000) sector lost jobs month to month. Even with this strong report, nearly 12 million people remain unemployed in America.
Utah’s economic recovery continues to lead the nation. While Utah remains below 2019 employment levels, we are now the 2nd closest state to a full recovery, with the state only experiencing a 2.0% decline since last year. The state currently has the lowest unemployment rate in the nation at 4.5%. Utah lost 27,500 jobs over the past year, with the construction (+7,900); trade, transportation, and utilities (+3,900); and financial activities (+3,000) sectors gaining the most jobs. Leisure and hospitality (-30,000); education and health services (-6,800); and professional and business services (-6,200) lost the most jobs year over year. Housing price growth shows no signs of slowing down, growing 7.2% year over year.
The Idaho economic recovery rolled on in July, with the state’s labor market adding 14,000 jobs month to month. However, Idaho’s employment has not fully recovered and is still 0.7% lower than it was at the same time last year. Idaho’s unemployment rate dropped to 5.0% in July. Idaho lost 5,600 jobs over the past year, with the trade, transportation and utilities (+3,600); financial activities (+1,900); and construction (+1,500) sectors gaining the most jobs. Leisure and hospitality (-7,600); education and health services (-3,200); and other services (-1,800) lost the most jobs year over year. Idaho housing price growth was the highest in the nation at 10.2%.