This is an archived article that was published on sltrib.com in 2007, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.
Posted: 12:18 PM- Utah continues to lead the country in job creation, with employment growth of 4.5 percent for the year that ended in June, the Utah Department of Workforce Services reported Tuesday.
That rate of employment growth is three percentage points higher than the national average, Workforce Services said.
In all, about 55,100 jobs have been created in the Utah economy in the past year, raising total employment in Utah to 1.27 million, said Mark Knold of the Utah Department of Workforce Services. That's an average of nearly 4,600 new jobs in the state per month.
Utah's unemployment rate in June was 2.6 percent, down even more from a super-low 2.9 percent in June 2006 and well below the current national average of 4.5 percent.
Economists generally consider Utah to be in a state of "full employment," which means that virtually anyone who wants a job can find one.
Only about 35,300 Utahns were unemployed in June, compared with 38,100 in June 2006.
The high rate of new jobs is creating headaches for employers, many of whom are struggling not only to recruit but to retain workers. For workers, the tight labor market means higher wages and more job security.
That tight labor market was supposedly going to slow job growth this year because employers were not going to be able to fill enough open positions.
But employers are still able to find workers in Utah, which Knold believes stems from the fact that many new companies are hiring workers from other states, especially areas with more people in need of a job. Companies also are offering bonuses to employees who refer job applications who are hired as well as signing bonuses and bonuses for employees who remain for a specified amount of time.