So January 2019 showed strong job growth that came in at 3.2 percent. That’s the addition of 47, 600 new jobs to
our economy. It’s above our long-run average. It’s a little bit higher than how we ended in December of 2018, so we are showing a little bit of an uptick in growth. And it looks like we’re starting
in 2019 off on a great note. The unemployment rate dropped one tenth from the prior month. We’re at 3.1 percent right now. We have 49, 400 individuals looking for work
at the time. For anyone who’s been following
these numbers, you know that we’ve bounced between 3.1 and
3.2 percent for quite a while, and we have just under 50,000 job seekers each month. Looking at just the private sector, job growth in that area was 3.5 percent, and for the first time in quite a while
all of the industries in the private sector added jobs. We had no industries lose jobs year-over, so that’s interesting news for us. Then we want to break it down and look at how those individual industries performed. The top performer in terms of the number of
jobs added was Leisure and Hospitality, where 11, 300 jobs were added. In second came Trade, Transportation and Utilities, which added 9,100 jobs, and third most jobs added were in Education and Health Services. 5,600 jobs were added in those businesses. The fastest industry was Information, which grew at 9.7 percent. Leisure and Hospitality grew at 7.9 percent, and Natural Resources grew at 5.5 percent. These are actually some industries that we should stop and talk about, because they’re not the typical fastest growing industries that we’ve seen in the past. In fact, for those who track these numbers, you’ll know that Natural Resources and Information were industries that struggled throughout 2018, and would usually post job losses. And that’s actually a clue to help us understand why they’re performing so well in 2019. The growth that we look at is comparing
now to one year ago. So we’re comparing these strong numbers to some pretty weak numbers from 2018, and that’s where you get these big percentages. In fact Natural Resources is 5.5 percent growth but it’s 500 jobs. It’s very, very small compared to the Utah economy as a whole. Information growing at 9.7 percent, that’s the addition of 3,600 jobs; which is more, but it’s still quite small. Especially when you go
back to our largest in terms of volume added, which was Leisure and Hospitality.
That was well above 10,000. It was 11,300 jobs. So the bottom line is that all of the industries posted positive job growth. And then when we look at January 2019,
it’s an indication that we’re off on good footing for the rest of the year.