Roadmap to Recovery Dashboard - Oct. 2020

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DASHBOARD

October 2020

The Road to Recovery 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

2

While COVID-19 cases rise, the cumulative case-fatality rate declines.

Utah’s unemployment rate increases for the first time since April’s peak.

While both Utah and the U.S. have seen an increase in COVID-19 cases over the past several weeks, the cumulative case-fatality rate continues to fall. Utah has a 0.6% case-fatality rate compared to the U.S. rate of 3%. It will be important to watch in the weeks ahead to see if an increase in deaths follows the surge in cases.

Utah’s unemployment rate reached 10% in April 2020 but has declined each month to reach as low as 4.2% in August. September’s unemployment increased to 5.0%, the first increase since April’s peak. Utah’s ranking also fell to 7th in the nation compared to its rank of 2nd in August and 1st in July.

Utah Continued Weekly Unemployment Claims March 21, 2020 – October 10, 2020 140,000

Continued Claims

120,000

3

Utah’s job change nears neutral. Utah has been seeing a year-over decline in jobs every month since April’s 7% year-over job loss. September continues to show a decline but of less than 1%. Job growth has continued to improve each month and is nearing neutral. If the rate of improvement continues, Utah should see overall job growth soon!

Utah Job Change by Industry September 2019 – September 2020 2019 Average

Natural Resources

-11.6% 6.6%

Construction

100,000

-1.2%

Manufacturing

80,000

2.4%

Trade/Transportation/Utilities

60,000

-2.2%

Information

40,000

Financial Activities

20,000

Professional/Business Services

0

-0.9%

Total

3.2% -2.0% -2.5%

Education/Health Services 21 28 4 11 18 25 2 9 16 23 30 6 13 20 27 4 11 18 25 1 8 15 22 29 6 12 19 26 3 10

March April

May

June

July

August

Sept. Oct.

3.6% 10.4%

8.6%

5.3%

4.5%

4.1%

5.0% NA

2% Department 0.5% Source: Utah of Workforce Services 0%

-2%

0.1%

S A L -4% T LAKE CHAMBER -6% -8% -10% $1,200

-0.9%

-6.4%

-15.7%

Other Services Government

Unemployment Rate

4%

Leisure/Hospitality Services

7.8% 0.9%

Source: U.S. Bureau of Labor Statistics

ROADMAP TO RECOVERY COALITION


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