Economists say job gains and losses are the best monthly indicator to measure Utah's performance. Earlier this month, the state Department of Workforce Services said Utah lost 24,600 jobs in the 12 months ended Dec. 31, pushing the unemployment rate to 4.3 percent, a 43-month high. Driving Utah's economy into reverse were weak consumer confidence, faltering retail sales, weak housing figures and turmoil in credit markets. According to BEA figures, the economy shrank considerably from 2007, when GDP advanced 5.3 percent.
For most of the year, most of the jobs lost in Utah were in construction. Beginning in November, economists saw evidence the losses were spreading to other sectors. According to Wells Fargo bank economist Kelly Matthews, "It's expanded from residential construction to everything up and down the street, and that's what we are facing as we go into 2009."
How do you think the real estate industry will react with the unemployment rate is on its highest at 4.3% in Utah?
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WASHINGTON — The US economy showed signs of green shoots in February despite blasts of wintry weather, although modest growth was patchy, data has shown ahead of a key government labor report.
Job losses in the nonfarm private sector shrank to a two-year low and a measure of the massive services sector, which accounts for more than two thirds of the nation's output, expanded sharply last month, private data showed.
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