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Show The Mugna Tiinesteest Valley News, September, 2002 Business Unemployment rate unchanged in August Utah's unemployment rate for August registered 5 percent; essentially unchanged from the previous month and Utah's other primary indi- cator of current labor market conditions, the year-ovchange in the number of wage and salaried jobs, continues to move downward. The number of Utah jobs in August is down 20,400 or L.9 percent against August 2001. "Some of the decrease is an anomoly in that we are beginning to make year-ovcomparisons against the Olympic buildup of a year ago," said Raylene Ireland, Utah Department of Workforce Services Executive Director, "That explains away only a small proportion of the additional decline. It's primary cause is rooted in the overall weak-nof the United States economy." Julys unemployment er g trend continuing a of the rate hovering in the low to mid 5 percent range. "After having fallen into the 5 percent range in die latter half of 200 1, the unemployment rate has remained pretty, stable," said Mark Knold, Senior Economist for the Department of Workforce Services. "Utah's job market is not very dynamic right now, so this stable unemployment rate is consistent with die market inertia." Approximately 56,900 Utahns were unemployed in August, a increased fromthe 48,654 in August, 2001. when the unemployment rate was 4.4 percent non-far- year-ton- m er es measurement has been revised downward from its preliminary 1.5 percent to 1.6 percent Nationally the unemployment rate for August registered 5.7 percent This is a slight downward movement from the previous month. The number of persons unemployed was 8.1 million. U.S. employment remains in negative territory. nonFor August year-ovfarm employment is down 0.9 percent The nation's employment situation hovered right around this marie for the past several months. After showing signs in June and July of possibly stabilizing or bottoming out the Utha economic slide grew deeper in August Year-ovtosses are now down 1.9 percent or 20,400 fewer jobs. At this point in time non-far- m er er there needs to be a positive movement in the national economic indicators to produce a positive movement Utah econfor the near-terthose signs are not omy. But hold. yet taking The economic excesses of the late 1990's produced a large amount of overcapacity, or oversupply. The amount of oversupply is now being better understood, as financial statements and have come to light Businesses had utilized cheap financing to expand its capacity in anticipation of the continual high growth rates of the 1990's. That growth has not materialized, but the expanded capacity has become reality. This excess capacity must now be absorbed or eliminated, a process that takes m time. But the amount of overcapacity of the late 1990's is significant. Large reductions in a short period of time would be one way the market could eliminate this oversupply, but the actions of the federal government, which include lowering the federal funds rate, towering taxes and increasing spending, have forestalled that option. The federal actions are making the economy's needed cuts less severe, but it will drag the cuts over a longer period of time. The bottom line is there is still more economic pressures to take capacity out of the system than there is the need to expand and develop more this year. One factor supporting this conjecture is that the servic- es division, the largest industry division and the one that will eventually lead an economic turnaround, has now slid onto the negative side of the ledger. Ther division still employs more than 3 16,000 Utahns, but its 0.2 percent decline in August means a toss of 600 positions. Hotels, computer and business serv- ices and auto repair are all declining employment areas. Fortunately, the health care industry remains strong. Government stands as the only industry adding jobs, with gains of 2,700 workers. The federal and local subdivisions are the points of increased employment, while state government is on the decline. capacity. So the Utah economic turndown will probably continue throughout the rest of Business Directory To call place your advertising, 250-565- 6 o or to magwestxmission.com e-m- ail nanT (lAWH Plumbing won't work? We will! Ouer 33 years in business ... roots, roots KITH THE FOTUbSl Protect your Assets - Avoid Probate Eliminate Taxes Protect Your Children - Avoid Confusion - Do Things Right Custom Wills and trusts Professionally Prepared by a Lawyer you can 10fS Wind Damage Call Count On confusing estate plan. 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