Utah's latest jobs numbers show signs of moderation, but a state economist said there is no cause for alarm.

The Utah Department of Workforce Services reported Tuesday that the state's unemployment rate for February was 3.8 percent, compared to a revised 3.9 percent in January. About 49,700 Utahns were unemployed last month, compared to 55,300 in February 2005.

"Things are still doing very well," said Mark Knold, senior economist with the department. "We are still one of the top states in the nation in terms of job growth. There's been slight moderation, but that's just minor movement at a very high level. It's like a high-flying airplane coming down a little bit. You're still flying pretty high."

Job growth was 4.4 percent in February, compared to a revised 4.5 percent for January. The January number was revised downward from the department's previous forecast of 4.8 percent.

The professional and business services sector added the most jobs, at 11,300, the department reported. Construction followed, adding 9,500 jobs. The trade, transportation and utilities sector was third, at 7,900 new jobs.

"The current employment growth in the mid-4 percent range is the best period of employment growth Utah has experienced since the early part of 1997," Knold wrote in the department's report. "Utah's long-term average employment growth is 3.3 percent per year, so we're currently performing above average."

The last time that happened, Knold wrote, was in 1998. He attributed the current expansion to population growth, both from within and via in-migration.

"The Western states are where the population is growing," Knold said. "Particularly the Intermountain states, and we're sitting right in the middle of that."

Looking ahead, Knold predicted that the economy will continue to moderate slightly, at least into the summer months.

"We're pretty solid right now," he said. "The economy is in good shape, and going forward it should stay as one of the better ones in the nation — in the top tier of states. The demographics are such that it should continue to support this growth.

"I think the unemployment rate will come down, but the (job) growth rate will continue to hang in the 4 percent range. As the rest of the year progresses, the unemployment rate should come down a couple more ticks. But you won't see a whole lot of change from where we are right now."

The U.S. Labor Department reported earlier this month that the nation's (seasonally adjusted) unemployment rate was 4.8 percent in February. Since February 2005, the U.S. economy has added about 2.1 million new jobs.

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E-mail: jnii@desnews.com