OCR Text |
Show Page 8 The Ogden Valley news Volume XIX Issue II April 15, 2011 Zions Announces Call for Entries in Video Contest Me+Zions= tab, and at <blog.zionsbank.com> ing young adults how to balance their page and on YouTube. A new video contest from Zions Bank invites residents of Utah and Idaho to share a story about how Zions Bank has made an impact on their lives. Participants create an original video in 60 seconds or less based on the theme “Me + Zions = .” Contest details and official rules are available at facebook.com/zionsbank on the Open to residents of Utah and Idaho 18 years or older, the contest invites creative people to share stories of how the bank helped finance a dream business, a first home, or the send-off to college. Anecdotal stories about bankers going above and beyond by helping to fix flat tires or teach- checkbooks are also welcome. First, second, and third place winners will receive cash prizes of $3,000, $1,500, and $500, respectively. The deadline for entries is May 4. Entry finalists will be selected, posted by May 6, then voted on the Zions Bank Facebook Winners will be announced May 25. Zions Bank is Utah’s oldest financial institution and is the only local bank with a statewide distribution of branches, operating 106 full-service offices. Additional information is available <at www.zionsbank.com> Weber County’s Small Business Sector to Benefit from Rebound in Personal Income economic growth. Even stronger gains are through 2003. More recently, job gains leading unemployment rate is derived) accounted for Highlights • Weber County added 300 jobs (up 0.4%) in the latest 12-month period. Joblessness registered 8.4%, down from the 8.7% unemployment rate one year ago. • The Zions Bank Small Business Index for Utah was 120.2 in March 2011, up from a revised 118.4 in February 2011. • Utah’s unemployment rate was estimated at 7.7% in the latest month, up from the 7.6% rate of the prior month. Total Utah employment grew by an estimated 18,000 jobs during the past 12 months. • Stronger gains in total personal income across the state and across the nation will benefit the small business sector. • The U.S. economy added an estimated 216,000 net new jobs in March, slightly exceeding economists’ consensus forecast. The U.S. unemployment rate dropped to 8.8%% in March, versus February’s 8.9% rate. The full one-percent drop in the unemployment rate during the past four months is the largest four-month decline in 27 years. Solid employment gains as measured within the household survey accounted for much of the decline. Stronger U.S. & Utah Income Gains The Great Recession officially began in December 2007 and ended in June 2009. The 18-month downturn was the longest, deepest, most costly, and most pervasive since the Great Depression. One positive result of seven consecutive quarters of renewed U.S. economic growth is the rebound in total personal income across the nation. Total personal income includes three major components, according to the U.S. Bureau of Economic Analysis. These include earnings, property income, and personal current transfer payments (primarily from government). All three components grew during 2010, while only transfer payments rose during 2009. Fluctuations in total personal income across the Intermountain area were largely in line with changes across the nation. For reference, state total personal income growth nationwide in 2010 ranged from a meager 0.3% in still recession-impacted Nevada to a more robust 4.2% in New Mexico. Modestly stronger gains in total personal income are likely for most states during 2011, assuming no major external shocks impair U.S. likely during 2012 and 2013 as job gains and income gains are expected to return to more traditional levels. The pace of personal income growth is a component of the Utah Small Business Index. Stronger income gains typically lead to stronger retail spending, also a component of the Index. The Zions Bank Small Business Index for Utah was 120.2 during March 2011, up from a revised 118.4 during February 2011. 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 7.7% in the latest month, up from the prior month’s 7.6% rate. The 7.7% rate compares to an 8.0% rate during the same month one year ago. A lower Utah unemployment rate is a negative contributor to the Index as it implies decreased access to Utah labor. Other associated factors typically tied to a lower unemployment rate, such as greater job creation, greater income gains and higher retail sales pull the Index higher. Utah’s unemployment rate averaged 7.7 during 2010, 7.1% 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 5.0% during the 2001 to 2005 period, and an average 3.5% rate between 1995 and 2000. Total Utah employment grew by an estimated 18,000 jobs (up 1.5%) over the past 12 months. This increase compares to a revised gain of 16,500 jobs in the prior yearover-year period. Utah lost 7,800 jobs in 2010, lost 63,700 jobs in 2009, lost 800 jobs in 2008, and added 49,600 jobs in 2007, 55,700 jobs in 2006, 43,700 jobs in 2005, and 30,200 jobs in 2004. These totals compare to gains averaging 38,000 new jobs annually during the 1994-2000 period and a net loss of 1,300 jobs in 2001 to greater income creation and stronger retail spending, have a positive impact upon Utah’s small businesses…and therefore, the Index. Local Performance Weber County added 300 jobs (up 0.4%) in the latest 12-month period. Joblessness registered 8.4%, down from the 8.7% unemployment rate one year ago. Davis County payrolls increased by 1,700 jobs (1.8%) in the past year. The unemployment rate was 7.0% in the latest month, down from 7.2% one year ago. Cache County employment rose by 1,700 jobs (3.5%) in the latest 12-month period. The area’s jobless rate was 5.5%, down from the 5.6% rate of one year ago. Salt Lake County employment rose by 8,200 jobs (1.5 %) over the year. The county’s unemployment rate was 7.2% in the latest month, down from 7.6% last year. Utah County employment rose by 3,200 jobs (1.9%) over the last 12 months. The area’s jobless rate was 7.5%, down from the 7.7% rate of one year ago. Washington County payrolls increased by 300 jobs (0.8%) in the past year. The unemployment rate was 9.4 % in the latest month, down from 10.4% one year ago. National Employment The U.S. Department of Labor reported a net gain of 216,000 jobs in March 2011, stronger than the 180,000 net gain expected. The rise of 230,000 jobs in the private sector was also slightly stronger than expectations. The U.S. unemployment rate dropped to 8.8% in March, versus February’s 8.9% rate. The decline from November’s 9.8% rate to 8.8% in March was the largest four-month decline since 1984. A strong gain in new job creation within the household survey (from which the ACCIDENTS cont. from page 1 Wasatch Front, causing slick road conditions. An east- and a westbound car clipped each other as they passed. Howell stated, “The snow hit pretty fast; there may have been some skidding going on.” TENNIS cont. from page 1 can begin, and the courts opened at the beginning of the new school year in the fall. In lieu of a grant, the Community Foundation of Ogden Valley is leading this part of the fundraising effort. Tax deductible donations may be made using the official donor form obtained from multiple Valley businesses or found on the Community Foundation of Ogden Valley (CFOV) web site <www.cfogdenvalley.org> The donor form may then be left in a drop box at the business or mailed to the following address: CFOV PO BOX 684 EDEN UT 84310 If you prefer, a board member can also visit your home and pick up your contribution. This is a very exciting time for those who have enjoyed the sport of tennis at some time in most of the rate decline in recent months. The current 8.8% jobless rate compares to the 9.7% rate of one year ago and slightly exceeds the 8.6% rate of March 2009. Goods-producing employment rose by 31,000 jobs in March. Manufacturing employment rose by 17,000 positions. Construction lost 1,000 jobs, while mining and logging employment rose by 15,000 jobs. Private sector service providing employment rose in March by 199,000 positions. Professional & business services added 78,000 jobs, while retail trade added 18,000 jobs. Transportation & warehousing employment was unchanged, while wholesale trade added 14,000 jobs. Financial activities employment rose by 6,000 positions. The education & health services sector added 45,000 jobs, while leisure & hospitality added 37,000 jobs. Overall government employment fell by 14,000 jobs during the month, tied to weakness at the state and local level. The U.S. economy suffered a net decline of 3.6 million jobs during 2008, the worst year since 1945. The net loss of 5.1 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 added 940,000 net new jobs during 2010, or 78,000 per month. We estimate a gain of 2.4 million net new jobs during 2011. 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 April 2011 Zions Bank Small Business Index for Utah will be released on May 10, 2011. Zions has been serving the communities of Utah for 135 years. Additional information is available at <www.zionsbank.com> There were no serious injuries reported from the two drivers of the damaged passenger cars. The accident closed one lane of traffic for about an hour as the collision was investigated and cleaned up, causing delays for both eastand west-bound traffic. their life and for those who will come to love it in the future. Work is underway with USTA to ensure the complex will support Quick Start tennis for youth under the age of ten. The plans for the proposed courts also meet required standards for the sanctioning of USTA tournaments. The four planned courts will provide enough capacity to handle to support Snowcrest Jr. High’s Physical Education program, and Valley Elementary leaders are preparing to incorporate the Quick Start training program. Ogden Valley Recreation and the newly formed USTA Chapter in Ogden Valley will provide instruction and other programming for the community. In addition, generous amounts of open-court time are planned for general public use. For more information about this exciting endeavor, contact Fundraising Committee chairman Ross Mertlich of the CFOV at 801745 3731. Rendering of the proposed tennis complex to be built near Snowcrest Jr. High in Eden. ARE YOU A “NEWCOMER” TO OGDEN VALLEY? If so, order your FREE Welcome Package at www.ovba.org |