Unemployment in Utah fares much better than most parts of the country, but for the past year, the state's jobless rate has edged up as more and more workers search for the few jobs available.
The state's unemployment rate rose by a modest 0.9% to 7.5% in November 2010 from 6.6% around the same time last year.
This brings good news and bad news. On the bright side, the jobless rate rose partly because Utah's workers started to feel more confident about the economy, prompting college graduates and others to seriously look for work. The labor force grew by 15,000 since it bottomed in January 2010.
But while the labor force grew, the number of jobs created lagged substantially behind. Employment grew by only 7,500 since it bottomed in February. And the imbalance between the labor force and employment is what has put upward pressure on the unemployment rate.
Needless to say, Utah's unemployment rate at 7.5% is markedly below the national average of 9.4%, mostly because its demographics are unlike the rest of the country. For one, the population is relatively young and highly educated, which tends to attract employers and new industries. What's more, the housing boom did not impact the state as much as the rest of the country, particularly Nevada and California. And the state saw fewer job losses from state and local governments compared with the rest of the U.S.
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