Utah's unemployment rate dropped from 3.2 percent to 3 percent in November, reflecting the state's continuing economic health and stability.
Except for July's rate of 3.6 percent, Utah's jobless rate has been below 3.3 percent since December 1996, according to Ken Jensen, chief economist for the Utah Department of Workforce Services.The nation also is doing well with an unemployment rate that fell to 4.4 percent due largely to holiday hiring at department stores and a booming construction industry that offset layoffs in manufacturing.
The national seasonally adjusted rate, down from 4.6 percent in October and September, was the lowest since April and May, when joblessness fell to a 28-year low of 4.3 percent, the Labor Department said today.
Employers added 267,000 jobs to their payrolls last month, the largest gain in three months. Both the unemployment rate and the number of jobs added were significantly better than anticipated by economists.
They've been expecting the world financial turmoil that started in Asia last year to cut more deeply into the U.S. economy. But, so far, the economy as a whole has demonstrated astonishing resilience, despite clear spillover effects on both factories and farms.
"While the global crisis is having an impact -- manufacturers continue to shed jobs -- the rest of the economy continues to barrel forward," said economist Mark Zandi of Regional Financial Associates in West Chester, Pa.
In November, manufacturing employment declined by 47,000 jobs, bringing job losses there to 245,000 since March. The drops were sharpest at factories producing industrial machinery, apparel and textiles, electronic equipment, primary metals such as steel, transportation equipment and fabricated metals.
The slump in Asia has dried up demand for U.S. exports. This week, Boeing Co., the world's largest aerospace company, said it planned 20,000 more layoffs, on top of 28,000 already announced. And Johnson & Johnson said it's eliminating 4,100 jobs, or 4 percent of its work force.
However, construction companies added 47,000 workers in November. Low mortgage rates have driven home sales to record levels, spurring a building boom. Also, employment in finance, insurance and real estate rose by 23,000, partly reflecting hiring by mortgage brokers.