SALT LAKE CITY (KUTV) — A leading economist said the US job market has frozen amid uncertainty over tariffs, immigration, and technology, but Utah’s strong social and economic cohesion could help it weather the slowdown.
Moody Analytics chief economist Dr. Mark Zandi frequently testifies before Congress and briefs corporations and policymakers on the economy. He was at the Kem C. Gardner Policy Institute in Salt Lake City on Thursday.
Dr. Zandi said the nation’s economy is facing its struggles, but the country has persevered. Factors such as tariffs, immigration policy, and now the government shutdown have created a sense of uncertainty.
That uncertainty has created a freeze in the job market and there is little to no job creation.
“Behind that is there is a lack of hiring. There is absolutely no hiring ,there’s a hiring freeze, it feels like, across the industry and parts of the country,” Dr. Zandi said. “That probably goes to some of the uncertainty created by economic policy around the tariffs and immigration policy. It may also go in part to artificial intelligence and the impact that has on younger workers and their ability to get into the workforce.”
The workforce right now is shifting as younger college graduates are having a hard time landing a job. According to the institute’s chief economist Phil Dean, healthcare and construction are industries that are hiring right now. Dean adds on an optimistic note that times of uncertainty create opportunity.
In comparison to other states, Dr. Zandi says that Utah is in a place that could weather the storm better than most states. He adds what makes us unique is our social cohesion in our political landscape.
“Utah is in an enviable position when it comes to social cohesion, I think that’s very important,” Dr. Zandi said. “There’s a lot going for Utah, and I think that will allow it to weather most storms better, but it’s not immune to the storms.”
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