The consensus among economists and business leaders is that a recession will start late this year or early next. The Biden administration has rejected this point of view, but not with much support.
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Recessions do not blanket the United States all at once. Presumably, some cities in the southwest that already have very high unemployment will be harmed early. Most of these high unemployment areas also have low-income households, which will be unable to bear the burden of rapidly rising prices of basic expenses.
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In some cities, unemployment is below 2%, compared to the national number of 3.6%. Mankato-North Mankato and Rochester, both in Minnesota, have rates of 1.3%. Most other cities with low rates are in states further west.
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Every city in Utah, according to the Bureau of Labor Statistics, had a rate of 2.3% or lower. In Logan and Provo, the figures were well below 2%.
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Utah has an advantage in its job market. It is dominated by government, health care and high-tech industry employment. None of these is likely to suffer big layoffs. That means that, statewide, unemployment will remain well below the national average, no matter how high that national figure goes.
Is Utah Recession-Proof?
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
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