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Show ( The Magna Times, West Valley News, Thursday, une 7, 2001 7 Utah unemployment rate rer lains steady in May Utah's unemployment rate for May was 3.9 percent, the same as the April rate. "In the first five months of 2001, Utah's unemployment rate has climbed by seven-tentof a point," said Ken Jensen, Senior Economist for the Utah Department of Workforce Services. " Thus, the current level is not alarming; it is not much higher than the rate recorded during most of the "boom' years of the 1999's." In May 2001, close to 44,800 Utahns were unemployed, a leap from the 35,000 of a year earlier, when the rate was 3.2 percent On the national scene, the United States' jobless h rate, at 4.4 percent for May, drifted down of a point from April's figure, which was the rate highest since March 1998. One year ago, the U.S. rate stood at 4.1 percent. "May is the third consecutive month in which the United States has seen a employment decline," said Bob Gross, Executive Director of the Utah Department of Workforce Services. "Although some economists consider this an indication of the onset of a recession, the U.S. has yet to see a drop in the growth of its Gross Domestic Product. Two or one-tent- month-to-mon- th 14,700 new jobs since May 2000 comprise over 60 percent of Utah's net job creation. The services division is thus the primary factor in Utah's economic more consecutive quarters' decline in the GDP are usually required to define a recession." r. Between May 2000 and May 2001, Utah's 66,000 employers created about 21,000 net new nonfarm jobs. sector generated 19,000 The private of these positions, a 2.2 percent rate of increase. Government employment growth was only 1.0 percent Employment in Utah's construction industry stopped growing last summer after 1 1 years of generally rapid expansion. In the months that followed, the losses have gradually grown larger, but so year-ovfar have not ballooned. Construction employment in May 2001 is down 1,800 jobs from the year-ag- o mark, a loss of 2.5 percent. However, since additional major projects are scheduled for completion in the next several months and few others are starting up, it is likely that year-ovjob losses in construction employment will continue to accelerate this year. Services, Utah's largest industrial division, contains 29 percent of the jobs in Utah. Moreover, at nearly 5 The remainder of percent, it is the fastest-growinUtah's industrial divisions in aggregate is expanding employment at the paltry rate of percent. Services' The computer services industry expanded employment by 4,800 jobs, an astounding growth rate. On the other end of the scale, lodging, auto repair, and legalmiscellaneous services have each grown by less than 2 percent The consolidated trade division (wholesale plus division with nearly retail) is Utah's second-largeof the jobs. It produced 4,100 net new jobs in the past 12 months, a growth rate of 1.6 percent Modest growth occurred in most trade industry categories, but food stores lost 100 jobs in aggregate. Employment in mining is up by 300 jobs year-ovor 3.7 percent st one-four- er er Experts warn to pay attention to your money during divorce 1 Wells Fargo names Greg Lutz vice presidentdistrict manager agement trainee. Since then he has held various positions with ing from Brigham Greg Lutz Young University. He is also a graduate of the Divorce can be hard enough on your emotions without having to deal with money problems, too. Some people rush through a divorce as quickly as possible, overlooking the financial ramifica- University of Washington Pacific Coast Banking operations officer, assistant branch and manager tions. You can divorce your spouse, but you cant divorce your credi- School. Lutz is a former trustee branch manager. Lutz has a bachelor degree in family financial planning and counsel- tors, said Steve Rhode, president and of Myvesta.org, a nonprofit financial crisis center. Weve seen people who have come out of a divorce thinking their debts are evenly divided. The surprise comes when collectors call because the other spouse has of the Utah Girl Scouts Council and past treasurer of the West Valley Kiwanis Club. Lutz and his wife, Suzanne live in Sandy and have five children. Bmme To lf Breaking up is hard to do g. the bank, including gained 100. However, the announced cutback at Kennecott Copper will modify the metal mining scenario later this summer. Coal mining employment remains 100 level. jobs fewer than the year-ag- o Government employers in Utah have 2,000 more 1 positions than a year ago, an increase of only perinstallations defense federal Within cent government have added 900 jobs, but these were overshadowed by 2,800 fewer jobs in other federal agencies. This loss was last years temporary Census workers. State government employment has expanded by over 2 percent, or 1,400 jobs. Local government, which added 2,500 jobs, grew at a similar pace. About one-haof the increase in each of these two divisions was due to growth of education-relate- d positions. strength. er Wells Fargo has named Greg Lutz vice presidentdistrict manager of Salt Lake northwest area. He formerly worked for First Security Bank as a retail sales manager for the Salt Lake north area. Lutz began working for First Security Bank in 1983 as a man- Other mining and quarrying (largely oil and gas exploration) added 300 jobs, while metal mining stopped making payments on their share of the debt as they promised. When dividing up property, some basic rules apply. It can be divided any way the couple chooses, but if they cant come to an agreement, state laws determine who gets what. According to Rhode, Generally the property that each spouse brought into the marriage is awarded to him or her and the property that was acquired during the marriage is considered joint property. Some states divide joint property 50-5others use a property division principle called 'equitable dis0, tribution.' Equitable distribution tries to divide the property fairly between the two people. Dividing debt is similar to dividing property and should be done just as carefully to avoid taking on an unfair debt load. In most states a spouse is only responsible for the debts he or she acquired during the marriage. The only time you might be responsible for your spouses debt is if the account was a joint account or you cosigned a loan, Rhode explained. If your spouse does not pay debts that you originally signed for but he or she promised to pay in the divorce agreement, your creditors will not waste much time looking you up to collect, Rhode said. The best way to protect yourself is to pay off as many debts as possible before the divorce is final, even if you have to sell of some of your assets to do it. Directory place your advertising , call 250-565- 6 owrvFamilyWeb Site- - Havd-y- ur GHfifiei $$ Dont spend hundreds of dollars not to mention all the time on a scrap book to have it sit in the closet. fsoanc Gmm) CASKI for cars, trucks, vans, machinery Any condition, WE PICK UP! If no www.digitalfamilydesign.com col answer 815-466- 8 June Advertise Here! 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