The Utah unemployment rate—the most heavily weighted component of the Zions Bank Small Business Index for Utah—was estimated at 7.5% in the latest month, down from 7.6% during the prior month. The 7.5% rate compares to a 6.6% rate during the same month one year ago. A higher Utah unemployment rate is a positive contributor to the Index as it implies increased access to Utah labor. Other associated factors typically tied to a higher unemployment rate, such as lesser job creation, lesser income gains and lower retail sales pull the Index lower.
Utah’s unemployment rate averaged 6.6% during 2009, 3.7% in 2008, 2.8% in 2 READ MORE