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Show Page The Ogden Valley news Volume XVIII Issue XIII December 15, 2010 Washington County and Intermountain Area Small Businesses Struggle With High Unemployment Rates Highlights • The Zions Bank Small Business Index for Utah was 114.2 in November 2010, up from a revised 112.1 in October 2010 • Weber County experienced a decrease of 300 jobs (-0.4%) from a year ago. Joblessness registered 8.5%, up from the 7.8% unemployment rate one year ago • Utah’s unemployment rate was estimated at 7.6% in the latest month, up from the 7.5% rate of the prior month. Total Utah employment grew by an estimated 16,500 jobs during the past 12 months • Historically high unemployment rates within Utah and the Intermountain area have contributed to weak retail sales growth, hurting the state’s and the region’s small businesses • The U.S. economy added an estimated 39,000 net new jobs in November, much worse than expectations of a 150,000 job rise. The addition of 50,000 private sector jobs during the month was also much weaker than expected. Better news saw job data of September and October revised to show 38,000 more jobs than initially reported. The U.S. unemployment rate rose to 9.8% in November, following three consecutive months at 9.6% High Regional Unemployment Severe U.S. and global economic weakness during 2008 and much of 2009 pushed unemployment rates of states within the Intermountain area, as well as across the nation, sharply higher. Much higher unemployment rates lead to lesser income creation, placing a damper on retail spending. All 50 states had a higher unemployment rate at the end of 2009 than at the end of 2008. All 50 states had fewer workers at the end of 2009, versus the end of 2008. The Great Recession officially ran from December 2007 to June 2009, a period of 18 months. It was the longest, the deepest, the most pervasive, and the most costly recession since the Great Depression. The Great Recession, resulting initially from severe housing sector weakness and a freeze-up of domestic and global credit markets, ravaged employment across the nation. U.S. job losses during 2008 and 2009 totaled more than eight million. Unemployment rates within the Intermountain area are at the highest levels in a generation (see chart). Such rates three years ago ranged between 2.5% and 4.5%. A return of U.S. and global economic growth has now led Utah, Arizona, New Mexico, and Wyoming back to modest levels of net job creation during the most recent 12-month period. Colorado and Idaho will soon transition to slight gains over the latest 12-month period, while Nevada continues to report job losses. The unemployment rate in most states has risen during the past 12 months as news of better economic performance has led thousands of people to reenter the labor force in search of a job. Unless and until they are hired, they are now counted as unemployed. The Utah unemployment rate and yearover-year gains or losses in employment are key components of the Utah Small Business Index. The economic performance of the region, the nation, and the global community are also components of the Index. The Zions Bank Small Business Index for Utah was 114.2 during November 2010, up from a revised 112.1 during October 2010. The Index measures business conditions from the viewpoint of the Utah small business owner or manager. A higher Index number is associated with more favorable business conditions for Utah’s small businesses. The Index uses 100.0 for calendar year 1997 as its base year. The Index includes revisions to various historical and new forecast components as they become available. Utah Employment The Utah unemployment rate—the most heavily weighted component of the Zions Bank Small Business Index for Utah—was estimated at 7.6% in the latest month, up from 7.5% during the prior month. The 7.6% rate compares to a 6.7% rate during the same month one year ago. A higher Utah unemployment rate is a positive contributor to the Index as it implies increased access to Utah labor. Other associated factors typically tied to a higher unemployment rate, such as lesser job creation, lesser income gains and lower retail sales, pull the Index lower. Utah’s unemployment rate averaged 6.6% during 2009, 3.7% in 2008, 2.8% in 2007, and 3.0% in 2006. These rates compare to an average Utah unemployment rate of 4.3% between 1990 and 2005. Total Utah employment grew by an estimated 16,500 jobs (up 1.4%) over the past 12 months. This increase compares to a revised gain of 13,500 jobs in the prior year-over-year period. Utah lost 60,700 jobs in 2009, lost 800 jobs in 2008, added 49,600 jobs in 2007 and added 55,700 jobs in 2006. These totals compare to gains averaging 29,000 net new jobs annually between 1990 and 2005. More recently, fewer job gains, leading to lesser income creation and weaker retail spending have a negative impact upon Utah’s small businesses…and therefore, the Index. Local Performance Weber County experienced a decrease of 300 jobs (-0.4%) from a year ago. Joblessness registered 8.5%, up from the 7.8% unemployment rate one year ago. Davis County payrolls increased by 1000 jobs (1.1%) in the past year. The unemployment rate was 7.1% in the latest month, up from 6.1% one year ago. Cache County employment rose by 300 jobs (0.7%) in the latest 12-month period. The area’s jobless rate was 5.8%, up from the 4.9% rate of one year ago. Salt Lake County employment rose by 2,700 jobs (0.5%) over the year. The county’s unemployment rate was 7.5% in the latest month, up from 6.7% last year. Utah County employment rose by 800 jobs (0.4%) over the last 12 months. The area’s jobless rate was 8.0%, up from the 6.7% rate of one year ago. Washington County payrolls declined by 1,000 jobs (-2.0%) in the past year. The unemployment rate was 10.2% in the latest month, up from 9.2% one year ago. National Employment The U.S. Department of Labor reported a net gain of 39,000 jobs in November 2010, much weaker than the 150,000 net gain expected. The rise of 50,000 jobs in the private sector was also weaker than expectations. Better news saw September and October job data revised to show the addition of 38,000 more jobs than originally reported. The U.S. unemployment rate rose to 9.8% in November, following three consecutive months at 9.6%. The current 9.8% jobless rate compares to the 10.0% rate of one year ago and greatly exceeds the 6.9% rate of November 2008. Goods-producing employment fell by 15,000 jobs in November. Manufacturing employment fell by 13,000 positions, while construction lost 5,000 jobs. Mining and logging employment rose by 3,000 jobs. Private-sector service-providing employment rose in November by 65,000 positions. The professional & business services sector added 53,000 jobs, while the leisure & hospitality sector added 11,000 jobs. The education & health services sector added 30,000 positions in November, while retail trade lost 28,000 jobs. Overall government employment fell by 11,000 jobs during the month. The U.S. economy suffered a net decline of 3.6 million jobs during 2008, the worst year since 1945. The loss of 4.8 million jobs during 2009 easily surpassed the 2008 total. The most recent recession was the first since the Great Depression to see all net job gains of the prior expansion eliminated. The American economy has now added an estimated 951,000 net new jobs this year, or 86,000 per month. Roughly 130,000 net new jobs need to be added monthly just to meet the needs of a rising population, and just to keep the unemployment rate stable. The December 2010 Zions Bank Small Business Index for Utah will be released on January 11, 2011. Zions Bank is Utah’s oldest financial institution. Additional information is available at <www.zionsbank.com> NORTH FORK cont. from page 1 For now the center will be open Friday through Sunday and, hopefully, on weekdays as well, depending upon use and availability of volunteer greeters. Davis added, “We would like to recognize our volunteers and corporate sponsors that helped us with this effort. We could not do it without them. They are Jim White: Project Manager, Rob Harris: Husky Timber Frames, Harvey Dalton: Dalton Construction, Alan Pictured right to left Jay W h e e l w r i g h t : Meyer father, Taylor Meyer P r o j e c t (Eagle scout project -USFS Coordinator, Jim Building), Connor Meyer Halay: Roustabout (Eagle Scout Project - trail and Pizza guy, Scott Blank: volbenches), and friend. unteer, Connor Meyer: Project Leader Boy Scouts of America, Brad Kendrick: Kendrick Brothers Roofing (KBR), Lynn Peterson: Peterson Builders, Inc., Futura Corporation, our longest continuous sponsor! Please express your thanks to these members of our community.” Ogden Nordic is the local chapter of The Utah Nordic Alliance (TUNA), a non-profit organization dedicated to cross country skiing in Utah. For more information about Ogden Nordic, visit <www.ogdennordic.com> gIft CeRtIfICAteS AvAIlABle corem vel dolore dunt vel utat vent digniam, quismodolent wisisi blan ut lore tat. 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