The nation's unemployment rate sank to 4.7 percent in October, a new 24-year low, pushed down by robust job gains in a broad range of industries.
In Utah, the umemployment rate in October remained at 3.0 percent, the same figure as in September, according to Ken Jensen, chief economist in the Utah Department of Workforce Services' Labor Market Information Division.He said that since April, the unemployment rate has been 3.0 or 3.1 percent, an indication of the state's economic stability. Jensen said that in October 31,800 Utahns were out of work compared to 35,000 people without jobs in October 1996.
Utah was still creating non-farm jobs at a 4.3 percent rate in October, which was the same as September.
Last month's the nation's seasonally adjusted rate of joblessness was the lowest since October 1973, when it was 4.6 percent, the Labor Department said today. Employers added 284,000 jobs to their payrolls and average hourly wages for non-supervisory jumped a strong 6 cents to a seasonally adjusted $12.41.
Many of the new hires were women. October's 4 percent unemployment rate for adult women was the lowest since January 1970.
The unexpectedly strong report was sure to raise new concerns about labor shortages.