"Oftentimes, we think that the economy only slows because of a lack of demand for goods and services. It doesn't always happen that way. In the late 1990s the economy and employment growth slowed because of a lack of workers. Not because people stopped wanting to buy cars."

During that period, though, Knold said the national economy was robust, providing workers little incentive to move to find jobs. In-migration couldn't meet demand, he said. This time around, Knold said there appear to be "pockets of weakness" — in the upper Midwest, for example, and parts of New England — that could provide Utah some relief.

Still, he said, it's more likely the state will see some job growth slowing — though nothing dangerous or unduly concerning.

Earlier this month, the U.S. Labor Department reported that the national unemployment rate was 4.6 percent in June. Total employment increased by 1.4 percent.

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