Overall unemployment rate moved up to 2.0% with the biggest shift in Education & Healthcare, which lost 5,300 roles, based on the most recently available information published in June 2022.
Total employment in the Provo-Orem, UT market declined by 2,996 jobs in May and the unemployment rate increased compared to the prior month by 20 bps to 2.0%. The national unemployment rate increased by 4 bps over the same time to 3.4%.
- Provo-Orem, UT unemployment rate is 138 bps below the national rate which is a positive sign.
- Unemployment in the market is 30 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in May versus prior month by 2% and are down compared to last year at this time in the market.
For key employment segments of the market, total jobs declined by -1.1%. Key sectors include:
- Education & Healthcare: 58,900; -5,300
- Transportation & Utilities: 53,100; -100
- Business Services: 42,400; +500
- Government: 35,500; +600
- Construction, Mining: 31,900; +100
- Restaurants & Hotels: 25,900; +400
- Manufacturing: 22,700; +100
- IT & Development: 16,200; no change
- Financial Services: 12,900; +200
- Other Jobs: 6,500; no change
Data is based on the most recent 12 months available, through May 2022 (Data published June 2022 and reports created on June 29, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.