The July Economic Summary report of the Governor’s Office of Planning and Budget stated that Utah’s nonagricultural employment increased an estimated 2.6 percent, or 32,000 jobs, between June 2011 and June 2012. Nationally, employment increased 1.4 percent, or 1.8 million jobs, in the same time period.
Utah’s unemployment rate was 6 percent during June 2012, lower than the June 2011 rate of 6.9 percent. The national unemployment rate was 8.2 percent in June 2012 and 9.1 percent in June 2011.
Utah typically grows more rapidly than the nation after a recession, and this pattern is taking hold in the current recovery. While the U.S. employment growth was
1.2 percent, Utah came in at 2.3 percent.
Economic growth in Utah is expected to continue for the remainder of 2012 and will likely come in at around 2.5 percent.
The average wage in Utah, from 2008 to 2011, rose from $3,121 per month to $3,303 per month, or 5.8 percent, during the three-year period. The average wage in Utah from 2005 to 2008 rose from $2,736 per month to $3,121, an increase of 14.1 percent during that particular three-year period.
There is little doubt Utah is a national leader regarding employment, but the recovery is slow and will likely remain slow for the foreseeable future. This leaves those looking for work needing to work twice as hard to find employment, while possibly getting only about half the results. The reality is, you will likely need to quadruple your efforts to find success.
An alternative is to start a new business. While it may be difficult to imagine starting a business in the current economic environment, many view this as a time to do just that.
There are many resources available to assist anyone who wants to start a business. Most of these resources are available without charge. The Small Business Administration, for example, offers information about writing a business plan, finding a mentor or counselor, doing a market analysis, finding funding and other topics.
SCORE is a program supported by the SBA with more than 13,000 volunteers, mostly retired executives, to serve as mentors. SCORE also offers free business tools, templates and tips, along with inexpensive or free workshops.
While starting a new business is a serious matter that needs a great deal of thoughtful consideration, it is important to know there are numerous resources available to help you. Those resources not only will help you know how to proceed and provide you with invaluable information and assistance along the way, but they also will help you determine if your business idea is viable and wise in today’s economic environment.
If you find yourself unemployed for an extended period of time, you may decide to quadruple your efforts to find employment or explore, with the help of numerous resources, starting a new business.
Ron Campbell has worked extensively in the job preparation and job search industry. He can be reached at 801-386-1111 or campbellrv@gmail.com.
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