SALT LAKE CITY (KUTV) — The nation is experiencing an economic slowdown, according to recent reports, and a local expert said Utah’s relatively strong economy is still vulnerable to the trends.
Dr. Andrew Keinsley, an associate professor of economics at Weber State University, said while Utah is in a good economic position, it is experiencing the same slowdown as the rest of the nation.
“The economy is definitely slowing,” Dr. Keinsley said. “It’s definitely dropped a gear over the last couple of months.”
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Reports claim the economy is slowing down nationwide after recent tariff announcements and diminished job growth.
The latest jobs report had significant downward revisions for May and June. The labor market peaked in April and has been deteriorating since.
“We are seeing anemic job growth simply because hiring has slowed down, not necessarily because people are losing their jobs,” Dr. Keinsley said.
And that means businesses are holding back.
“Everyone is just kind of pausing. If I don’t know what my outlook is going to be even as an individual, I might not make a big purchase,” Dr. Keinsley said.
When it comes to the national economic slowdown, he said Utah is no different. He also projected that Utah’s economy could take a hit if the tourism industry slows next travel season.
“Utah has been in a good spot economically speaking and relative to the rest of the nation, but we are subject to those national trends,” he said.
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