March 6, 2013

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Herbert on Utah Economy: "Steady as She Goes"

March 6, 2013

Governor Gary R. Herbert said Utah’s economy continues to remain “steady as she goes” following the latest employment data from the U.S. Bureau of Labor Statistics.

The Beehive State’s January data shows the economy growing at 3.1 percent, roughly twice as fast as the national economy’s 1.6 percent. The state’s unemployment rate sits at 5.4 percent, compared to the nation’s 7.9 percent.

“Utah’s economy is still solid and growing once again at historic norms,” Governor Herbert said. “This is gratifying especially in light of federal uncertainty and the cloud of sequestration. I am pleased that Utah continues to experience stable, sustained job growth—creating real opportunity for Utahns.”

Though December’s unemployment rate was initially reported at 5.2 percent, the latest data from BLS revised that number to 5.4 percent, matching January’s unemployment rate.

“The BLS regularly revises their data this time of year,” said chief economist Juliette Tennert. “And while it is undeniable that the unemployment rate remains too high, it is markedly lower from previous highs. Utah’s long-term economic trends show a return to pre-recession economic vitality.”

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