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UNITED STATES EMPLOYMENT FACTS March 2017
JOBS ADDED: 98,000
EMPLOYMENT GROWTH: 1.5%
UNEMPLOYMENT: 4.5%
Sources: U.S. Bureau of Labor Statistics
PERCENT CHANGE IN EMPLOYMENTFebruary 2016—February 2017
Source: Utah Department of Workforce Services; Not Seasonally Adjusted, Nonfarm
U.S. GROSS DOMESTIC PRODUCTChange in U.S. Gross Domestic Product
Q1 2016 Q2 2016 Q3 2016 Q4 2016
0.8% 1.4% 3.5% 2.1%
Source: Bureau of Economic Analysis
UTAH TOTAL NONFARM EMPLOYMENTFebruary 2017
-92,000jobs from
2007-2009
+284,000 jobs since
2009
Total Employed: 1,457,000
Employment Growth: 3.3%Rank: 2nd
Unemployment Rate: 3.1%Rank: 7th
UTAH EMPLOYMENT CHANGES BY INDUSTRY
February 2016 - February 2017
INDUSTRYGrowth
RateTotal
Change
Natural Resources & Mining -9.1% -800
Construction 4.1% 3,500
Manufacturing 3.0% 3,800
Trade, Trans., Utilities 4.3% 11,500
Information -1.6% -600
Financial Activity 2.0% 1,600
Professional & Business Services 4.2% 8,200
Education & Health Services 3.8% 7,200
Leisure & Hospitality 3.1% 4,200
Other Services 4.4% 1,700
Government 2.3% 5,400
TOTAL 45,700
Source: Utah Department of Workforce Services
Utah continued to experience a healthy employment situation in February 2017, with a 3.3 percent yearly growth rate, ranking it 2nd in the nation for employment growth. The state’s unemployment rate also showed signs of a strong job market, staying steady at 3.1 percent in February, its lowest level since 2008. Utah’s strong economy has consumers feeling confident in the state’s current growth trajectory, with the Utah Consumer Attitude Index at 123.5, its highest level in over five years and an indication of economic prosperity. Utah’s inflation was higher than the nation and above the Fed’s target rate of 2.0 percent with the Wasatch Front Consumer Price Index at 3.2 percent from February 2016 to February 2017 and the U.S. Consumer Price Index showing an increase of 2.7 percent over the same time period.
Highlights
Source: U.S. Bureau of Labor Statistics; seasonally adjusted total nonfarm employmentNote: jobs added in thousands; Totals rounded to nearest thousand.
5.0% or more
3.3% to 4.9%
1.0% to 3.2%
0.0% to 0.9%
Loss
UTAH | APR 2017
ROBERT SPENDLOVEEconomic and Public Policy Officer
Contact our team for more information or to schedule a speaking engagement.
[email protected] (801) 560-5394
[email protected] (801) 844-7887www.zionsbank.com/economy
Content is offered for informational purposes only and should not be construed as tax, legal, financial or business advice. Please contact a professional about your specific needs and advice. Content may contain trademarks or trade names owned by parties who are not affiliated with ZB, N.A. Use of such marks does not imply any any sponsorship by or affiliation
with third parties, and ZB, N.A. does not claim any ownership of or make representations about products and services offered under or associated with such marks.
A division of ZB, N.A. Member FDIC As of April 7, 2017
UTAH United States
$264,799MEDIAN HOME PRICE
(Jan 2017)$209,000
8.7% increase HOME PRICE INDEX (Feb 2016 - Feb 2017)
7.0% increase
0.04% FORECLOSURE RATE
(Feb 2017)0.06%
Sources: Home prices and indexes from CoreLogic. Foreclosure rates from RealtyTrac.com. CPI from U.S. Bureau of Labor Statistics.
DEMOGRAPHICSUtah Population and Components of Change
Sources: Utah Governor’s Office of Management and Budget, U.S. Census BureauNote: Left axis = total population; Right axis = components of population change
CONSUMER CONFIDENCEU.S. Consumer Confidence Index vs. Utah Consumer Attitude Index
Sources: U.S. CCI from The Conference Board and UT CAI from Cicero Group for Zions Bank Wasatch Front CPI from Ciscero Group for Zions Bank
U.S. CCI: 125.6 Utah CAI: 123.5
• Median Household Income: $66,258 (2015) 10th
• Annual Mean Wages & Salaries: $44,130 (2015) 28th
• Per Capita Personal Income: $40,744 (2016) 41st
• Personal Income (% Change): 5.6% (2015-2016) 2nd
• Population Growth Rate: 2.0% (2016: 3,051,217) 1st
• Total Fertility Rate: 2.33 (2013) 1st
• Median Age: 30.6 (2015) 1st
• Household Size: 3.17 (2015) 1st
Above 110 indicates economic prosperity
Source: U.S. Census Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, National Center for Health Statistics, statista.com.
Notes: 1. Ranking are based on the most recent data for all states and may differ from other data. 2. Rank is most favorable to least favorable.
STATE FACTS (VALUE & RANK)
U.S.: 0.7%; Utah: 2.0%; Rank: 1st
Source: U.S. Census Bureau
3,051,217
25,412
34,997
Total Population Natural Increase Net Migration
CONSUMER PRICE INDEXU.S. vs. Wasatch Front Consumer Price Index: Year-Over Change
Sources: U.S. CPI from National Bureau of Labor Statistics and Wasatch Front CPI from Ciscero Group for Zions Bank
United States CPI: +2.7% Wasatch Front CPI: +3.2%
Fed’s Target Inflation = 2%
Utah Population Growth: 2015 - 2016
HOUSINGHome Prices and Foreclosures
3.0% or more
2.0% to 2.9%
0.0% to 0.9%
Population Loss
1.0% to 1.9%