The unemployment rate is a great tool to use to measure certain areas and aspects of the United States Economy. The jobless rate is an important number for government officials and economists, as if can directly affect the unemployment insurance program. The way the jobless rate works is by measuring the total number of unemployed workers within the labor force. This number, listed as a percentage, then becomes an indicator of the trends within a state economy as well as where certain attention may need to be focused. In order for an individual to be considered unemployed within the unemployment rate, they must be at least 16 years of age, able to work and actively seeking employment. This means that any retirees, students pursuing education over employment as well as temporary and part-time workers are not considered unemployed. As the largest in the world, the U.S. economy hovers around $18 trillion. However, the United States’ economic growth as a nation depends a great deal on the performance of each state.
The good news is the unemployment rate in Utah is among the lowest numbers in the nation. What is the unemployment rate in Utah exactly? As of May 2017, the unemployment rate in Utah was at a desirable 3.2 percent, over a full percentage point lower than the national average of 4.3 percent. Over the past year, over 44,000 non-farm jobs have been added for the unemployed workers of Utah, with almost 12,000 of those jobs coming from the professional and business services sector. The construction industry also contributed to the unemployment rate in Utah, with over 5,000 jobs added within the year as well.
Yet, despite such positive numbers within the state, there are still plenty of workers who find themselves seeking employment. For those who struggle still, temporary unemployment insurance benefits may be an option. Qualified individuals who meet the state-mandated requirements can start receiving unemployment benefits almost immediately upon approval.