Roadmap to Prosperity Economic Dashboard: February 2022

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DASHBOARD

February 2022

The Roadmap to Prosperity Dashboard tracks Utah’s path to a full and complete economic recovery from the COVID-19 recession. The Dashboard, which is updated monthly, provides essential insights, tracks timely and leading measures, and shares salient indicators since the start of the pandemic. THREE ESSENTIAL INSIGHTS:

1

Utah’s two-year job growth is highest in the nation.

Utah’s December two-year job growth of 3.7% is the highest in the nation and one of only four states showing positive job change.

2

Utah’s unemployment rate drops to all-time low. Utah’s December unemployment rate of 1.9% is the lowest ever recorded and ranks second in the nation.

Utah Continued Weekly Unemployment Claims March 2020 – October 2021 2020

3

Consumer Confidence Falls in Utah. For the first time since data collection began, Utah’s consumer confidence fell while the nation’s rose. Consumer confidence has been in decline since September 2021.

Utah Job Change by Industry December 2019 - December 2021 Total

2021

3.7%

Construction

100,000

10.2%

Manufacturing

Continued Claims 2019 Average

5.7%

Information

3.8%

Financial Activities

6.5%

Leisure & Hospitality

50,000

0.3%

Other Services

-0.5%

Government

Unemployment Rate

2.2% 10/2

2.4% 9/11

3.0% 2/13 3/6 2.9% 3/27 2.8% 4/17 5/8 2.7% 5/29 2.8% 6/19 7/10 2.6% 7/31 2.5% 8/21

3.5% 12/5 1/2 3.3% 1/23

5.3% 6/20 4.5% 7/11 8/1 4.1% 8/22 5.0% 9/12 10/3 4.1% 10/24 4.3% 11/14

Education/Health Services 3.8% 3/28 10.4% 4/18 5/9 8.6% 5/30

0

-2.9%

Natural Resources Professional/Business Services Trade/Transportation/Utilities

1.3% -8.7% 6.7% 7.4%

12%

10% Utah Department of Workforce Services Source: 8% 6% 4% 2% 0.5% 0% S -2% A L T0.1% LAKE CHAMBER -4% -6% -8%

4.3% 4.6%

Note: Beginning March 2021, a 2-year change is used due to the drastic changes in employment beginning March 2020. Source: U.S. Bureau of Labor Statistics

ROADMAP TO RECOVERY COALITION


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Roadmap to Prosperity Economic Dashboard: February 2022 by Salt Lake Chamber - Issuu