Economists Rely on Alternative Data Amid Government Shutdown
Utah economists are using alternative data to understand the current economic landscape due to the unavailability of a national jobs report caused by the government shutdown.
According to Phil Dean, Chief Economist at the Kem C. Gardner Policy Institute, the data indicates that healthcare and construction are the two industries expected to experience job growth in Utah.
Construction jobs were growing at rates of about 4-6% year after year, but slowed in August.
Despite this slowdown, Dean stated that Utah's economic growth remains stronger than the national average, driven by the aging population and building growth across the state.
The alternative data has provided valuable insights into the state's economic performance, with healthcare and construction emerging as key sectors for job growth.
Author's summary: Economists use alternative data due to government shutdown.