Salt Lake metro area's unemployment rate rises
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The Salt Lake metro's unemployment rate climbed to 3.1% in June, continuing a steady incline since late 2021.
The big picture: Salt Lake's labor market was ranked hottest in the nation last year by the Wall Street Journal, mostly driven by white-collar industries like tech and finance.
By the numbers: June's unemployment rate is a .5% increase compared to the same time last year.
Zoom out: The U.S. economy added 114,000 jobs in July, while the unemployment rate rose to 4.3%, the Labor Department said on Friday.
The bottom line: The jobless rate kept moving higher in July, adding to fears that the labor market — the bedrock of the economy — is slowing down and the economy is at risk of a recession.
- The national unemployment rate, which was 4.1% in June, is the highest since 2021.