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Show wwwestmesy TE OGDEN VALLEY NEWS Page 13 September 1, 2005 Stronger U.S. Economic Growth Suggests Even Higher ShortTerm Interest Rates Facing Weber County Small Businesses The Universe City Department of Visual Arts is hosting the $99.95 or Less Art Exhibit at 2556 Washington Boulevard, Ogden on September 2 through September 17. On Fridays, the exhibit will be open from 5:00 to 8:00 p.m.; Saturdays, from noon to 8:00 p.m. or by appointment to view the exhibit individually or as a group tour by calling 458-8959. In conjunction with the First Friday Art Stroll in owntown Ogden, Universe City will feature a number of artists offering art priced under $100. Artists to be featured include Leia Bell, Virgil Gabaldon, Shaunna Goldberry, Steve Henry, Brock Porter, Gabriel Stockton, Heather HeathStremme, and Tom Szalay among others. All of the artists have been asked to provide inexpensive examples of their work to match the theme of the exhibit. For the most part, one can expect art on the light-hearted side! For more information, contact Benjamin Jennings, curator, at 458-8959 WANTED! The Eden Planning Committee wants you to be informed about planning and zoning items being considered by Weber County. The Committee has established an e-mail ID that will provide the public with information. For example, you can see the County Planning Commission agendas as soon as they are available, get pointers to web sites, get editorial analysis of agenda items, and send in your questions to be considered by the Committee. The Committee wants to provide information in time for you to respond and participate in the decision making process. The first step is e-mail. The ultimate goal, depending on interest, is a website through which you can receive all the information available to the planning commissioners such as maps, letters from the engineer, fire district, health department, etc. Through the website you can participate without having to attend public meetings held at inconvenient times. Be involved! Help with planning the direction of your Valley. Send an e-mail to EdenPlanningInfo@ovalley.net asking to be added to the list. HIGHLIGHTS ~ The Zions Bank Small Business Index for Utah declined to 112.9 in July 2005, down from a revised 114.2 in June 2005. ~ Weber County experienced job growth of 650 jobs (0.7%) from a year ago. Joblessness registered 5.1%, down from the 5.4% unemployment rate one yee ~ Utah’s unemployment rate was estimated at 4.7% in the latest month, down from the prior month’s 4.9% rate. Total Utah employment is up an estimated 36,500 jobs during the past 12 months. ~ Signs of stronger U.S. economic growth suggest the Federal Reserve could tighten monetary policy even more in coming months than the former consensus view. ~ The U.S. economy added an impressive 207,000 net new jobs in July, while the U.S. unemployment rate remained at 5.0%. STRONGER U.S. GROWTH Expectations of stronger U.S. economic performance could lead to more monetary tightening moves by the Federal Reserve in coming months than the former consensus view. Financial market players had already discounted a tenth 0.25% tightening move on August 9, followed by two additional moves on September 20 and on November 1. The second quarter 2005 GDP report, combined with impressive employment gains as reported on August 5, suggest the Fed could feel the need to tighten even further, with the federal funds rate possibly reaching 4.50% in 2006’s first quarter. Second quarter 2005 GDP rose at a 3.4% real (after inflation) annual rate. While this growth rate was less than the first quarter’s 3.8% rate, data regarding a drawdown of inventories suggests growth in 2005’s second half could reach or exceed a 4.0% real annual rate. The Small Business Index assumes that most small firms are borrowers result, rising short-term interest rates are a sniegative contributor to the Ir UTAH EMPLOYME The Utah ate heavily weighted component rate-the most of the Zions Bank Small Business Index for Utah-was estimated at 4.7% in the latest month, down from the prior month’s 4.9% rate rent 4.7% rate compared to a jobless rate of 5.3% during the same month one year ago. A lower Utah unemployment rate is a negative contributor to the Index it implies decreased access to Utah labor. Utah’s unemployment rate averaged 5.2% in 2004, 5.7% in 2003 and in 2002, and 4.4% in 2001. By comparison, the 3.4% average during 2000 was one of the lowest annual rates since the early 1950s. These rates compare to an average Utah unemployment rate of 3.5% between 1995 and 1999. Total Utah employment rose by an estimated 36,500 jobs (up 3.3%) over the past 12 months, one of the strongest annualized gains in eight years, and the fourth strongest job growth rate in the nation. This rise compares to a revised gain of 36,100 jobs in the prior year-over-year period. These totals compare 0 gains averaging 38,000 new jobs annually during the 1994-2000 period and a net loss of 1,300 jobs in 2001 through 2003. Stronger job gains, leading to greater income creation and rising retail spending, has a positive impact upon Utah’s small businesses*and therefore, the Index. The Zions Bank Small Business Index for Utah was 112.9 during July 2005, down from a revised 114.2 during June 2005. The Index measures business conditions from the viewpoint of the Utah small business owner or manager. A lower Index number is associated with less favorable business “conditions” fo Utah’s small businesses. The Index uses 100.0 for calendar year 1997 as its base year. The Index also includes revisions to various historical or forecast components as they become available. NATIONAL EMPLOYMENT The U.S. Department of Labor reported a gain of 207,000 net new jobs in July 2005, roughly 20,000 more than Wall Street’s expectation. The U.S. economy added 1,337,000 net new jobs in 2005’s first seven months, a monthly average of 191,000 jobs which slightly exceeds average monthly gains in 2004. The US. unemployment rate wa: unchanged at 5.0% in July. The 5.0% s remains the lowest since September 2001. July 2003’s 6.3% rate was the highest in nine years. Goods producing industries saw a net gain of only 4,000 jobs in July, with a loss of 4,000 manufacturing jobs. Construction added 4,000 jobs last month. Service providing oe added 203,000 positions in July, with retail sales, professional & business services, and health care leading the way. olid U.S. and global economic growth remain on track. Comparable job gains should occur in coming months even as short-term interest rates continue to rise. LOCAL PERFORMANCE Weber County experienced job growth of 650 jobs (0.7%) from a year ago. Joblessness registered 5.1%, down from the 5.4% unemployment rate one yea' Davis County payrolls expanded by 4,700 Note: This information courtesy of Zions Bank. For more information, contact Zions Bank's Eden Valley office at (801) 745-0835. Additional information on Zions Bank is available at <www.zionsbank.com> & B $99.95 or Less! Plus Tax jobs (4.9%) in the past year. The unemployment rate was 4.5% in the latest month, down from 4.8% one year ago. Cache County employment gigrew by 1,400 jobs (2.9%) in the latest 12-month period. The area’s jobless rate was 3. Sn unchanged from the 3.7% rate of one year ago. Salt Lake County anime rose by 16,200 jobs (3.0%) over the year. The county’s unemployment rate fell to 4.8% in the latest month, down from 5.3% last year. Utah County employment grew by 5,600 jobs (3.5%) over the last 12 months. The area’s jobless rate was 4.4%, down from the 4.8% rate of one year ago. Washington County payrolls expanded by 3,300 jobs (7.6%) in the past year. unemployment rate was 3.8% in the latest month, down from 4.2% one year ago. Gage Froerer & Assoc. (801)745-4221 our "Dream Come True" Home! Quality built home & barn. Great Liberty location - VIEWS! 6,300(+) sq.ft. , 5 BD, 4.5 BA, GR, lg. kit., sun rm w/ hot tub & 3 car gar. $950,000 Call A Oye m ILC es FANTASTIC "RANCH" RETREAT! 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