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Show THE Page 12 OGDEN VALLEY NEWS November Additional Fed Action to Modestly Impact Utah’s Small Businesses Business Highlights 0 The Zions Bank Small Business Index for Utah held steady at 103.8 in September 2004, unchanged from August 2004. Utah’s unemployment rate was estimated at 4.8% in the latest month, unchanged from the prior month’s rate. Total Utah employment is up an estimated 26,500 jobs during the past 12 months. 0 The Federal Reserve is expected to make a fourth and possibly fifth tightening move before the end of the year. 0 The nation’s unemployment rate was 5.4% in September—unchanged from August’s rate—while net U.S. employment rose by 96,000 jobs. 0 Additional Fed Action The Federal Reserve cut its key short-term interest rate (the federal funds rate) 13 times een 2001 and 2003 in an attempt to provide monetary stimulus to a struggling U.S. economy. Such stimulus, combined with a series of tax cuts, contributed to the strongest U.S. economic growth in 20 years during the past 12 months. Impressive U.S. economic growth, combined with expectations that solid growth will continue, then set the stage for higher short-term interest rates compliments of the Federal Reserve. Much higher oil prices, combined with strong U.S. and global ec nomic growth, have led inflation anal modestly higher. The Fed has begun to deal with these inflation concerns by raising its key rate on three occasions to date in 2004, with 0.25% tightening moves on June 30, August 10, and on September 21. Most financial market players expect a fourth 0.25% tightening move on November 10 with perhaps a 50/50 chance of a following move on December 14. Additional tightening moves are expected during 2005 if U.S. job creation returns to at least a 175,000 monthly average Even as short-term interest rates are likely to move higher, they will remain historically low. Financing costs are a component of the Utah Small Business Index, with an assumption that most small businesses are net borrowers. Utah Employment The Utah unemployment rate—the most heavily weighted component of the Zions Bank Small Business Index for Utah—was estimated at 4.8% in the latest month, unchanged from the prior month’s rate. The current 4.8% rate is lower compared to a jobless rate of 5.5% 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. Utah’s unemployment rate averaged 5.6% in 2003, 6.1% in 2002, and 4.4% in 2001. By comparison, the 3.3% average during 2000 was one of the lowest annual rates since the hae Huntsville 6 BD, 2.5 BA Over 1 AC Gorgeous lake & mtn. views! Lease Zions Bank is Utah’s oldest financial institution, and is the only local bank with a statewide distribution of branches, oper i? - I ! full-seryice branches throughout Utah. S offers a comprehensive array 0 den mortgage, and insurance services, and has a network of loan ception offices for small businesses nationor . F Issue II 1, 2004 So what is Pilates? 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 26,500 jobs (up 2.5%) over the past 12 months, the strongest gain since 2000. This rise compares to a revised gain of 26,000 jobs in the prior ee period. These totals comparet ns averaging 38,000 new jobs annually during the 1994-2000 period. 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 103.8 during September 2004, unchanged from a revised 103.8 during August 2004. 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 also includes revisions to various historical or forecast components as they become available National Employment The U.S. Department of Labor reported a net gain of only 96,000 new jobs in September 2004, short of the roughly 150,000 rise expected on Wall Street. Reported gains of the two prior months were also revised lower by 4,000 jobs. The U.S. economy has added 1.5 million net new jobs so far in 2004 and 1.8 million jobs since August 2003. The U.S. unemployment rate stayed at 5.4% in September, still the lowest rate since October 2001. June 2003’s 6.3% rate was the highest in nine years. oods producing industries saw a drop of 13,000 jobs in September. Manufacturing lost 18,000 jobs last month after experiencing gains in prior months. Service providing industries added 109,000 positions. Professional and business services added 34,000 net jobs to payrolls last month. Solid U.S. economic growth suggests that stronger employment gains are likely to return in coming months. Stronger job gains sould occur even as short-term interest rates For more information, contact Zions Bank's Ogden Valley office in Eden at (801)745-0835. Additional information on Zions Bank is available at <www.zionsbank.com> Jeff redgold Thredgold — Economic Associates Economic Consultant to Zions Ban (801) 533-9663© 2004 Thredgold Economic Associates Volume XI Pilates — What is it? Pilates exercise—it is the newest buzzword in fitness and rehab, and is on the local QVC channel, but what is Pilates. The Pilates method is a form of exercise that combines the power of the mind to align, sinengtien, lengthen, and transform your body The History of Pilates Joseph Pilates, born in Germany in 1880, created the Pilates method of exercise. Pilates was a frail child nha from asthma, rickets, and rheumatic fev! e overcame his physical limitations with exercise and bodybuilding. He studied yoga, martial arts, Zen meditation, and Greek and Roman exercises. He also worked with medical professionals including physicians and his wife Clara, a nurse, to refine the Pilates method. During World War I while working as a hospital orderly he began working with bed-ridden soldiers. He attached springs to the soldier’s beds and encouraged them to move even though they could not get out of bed. (This is his first model for the “reformer,” the one used today looks very much like the first one he created Pilates’ experiences led to the early development of his unique method of physical and mental conditioning, which he brought to the United States in 1923. His method was unique in that is was excellent as a form of exercise for fitness, but it also encouraged early movement in a supported position, and was therefore beneficial as a form of rehabilitation after injury. In the early 1930’s and 1940’s, popular dance choreographers and instructors, such as Martha Graham and George Baanchine, embraced Pilates’ exercise method because it allowed dancers, who had been injured, to return to movement very quickly. It was found that reintroducing non-destructive forces early on in rehabilitation hastened the healing process. It was not long before the entire dance community at large adopted Pilates’ work. More than 70 years later, Pilates’ exercise method began to gain popularity ini the fitness and rehabilitation setting. Now it is popular in health clubs, on video, and in rehabilitation centers worldwide. So What is Pilates? Joseph Pilates originally called his method “contrology.” He felt that his mind should control his body, not the other way around. He felt that with a proper form of exercise it was possible to be healthy without the body constantly breaking down with illness. Pilates is best described as a combination of yoga and typical western strength training. Pilates takes the breathing, flexibility, and mind—body focus of yoga and combines it with resistance training. On top of this is an enormous focus on alignment, posture, and core control. OK, so what is core control? Another new buzzword in fitness, our core is the center of your body—your abdominals and spinal muscles. Every exercise you do in Pilates focuses on your core. You may be moving your legs, and feeling the exercise in your legs, but the focus is on alignment and your core. What are the Benefits of Pilates? Due to the focus on alignment, breathing, core control, and lengthening with each exercise, Pilates has many benefits. It builds strength without excess bulk, creating a sleek, toned body with slender thighs an flat abdomen. It teaches body awareness, good posture, and easy, graceful movement. Pilates improves flexibility and agility. It develops optimal core strength, which can help improve | spinal pain and prevent spinal injury. It is also a refreshing mind- -body workout. The quality of movement is emphasized over repetitions, and breath control is essential. You will finish your Pilates session relaxed, grounded, and focused. Is Pilates Done Just on a Mat? Currently, the most popular form of Pilates exercise is mat work. However, Joseph Pilates developed several pieces of equipment to increase the variety and challenge of the Pilates Method. The most popular piece of equipment is the Reformer. The Reformer consists of a wood or metal frame, a gliding carriage, and a series of springs and pulleys. Combined, these elements add a new dimension to movement. The reformer will challenge your strength, control, and flexibility in a safe, non-destructive environment. Due to its versatility and benefit as a full body—mind workout, the Reformer is currently used by many movie stars and professional athletes as part of their fitness routine. Other equipment includes the Cadillac (trapeze table), Wunda Chair (combo chair), ladder barrel, and fitness circle. Where can I go for a Pilates work out? Pilates classes are offered at many locations: Pilates studios, health clubs, day spas, and dance centers. Do your homework— make sure the instructor is a certified practitioner. Keep in mind that certifications vary; some instructors were trained in a weekend while others were trained over months. Several of the more reputable certifying agencies include Polestar education, Stott Pilates, and the Mind-body institute. There is also a wide array of class types. While many health clubs offer Pilates classes, keep in mind you could be in a class with 2 people or with 20. Pilates is very technique specific. uring a large class, it is difficult for an instructor to give you the corrective cues you may need to perform an exercise with good form. A maximum class ratio is 10-12 clients per certified instructor. Even better is a class of 6-8 clients. Also, Pilates classes are not one size fits all. Find a class that accommodates your fitness level and knowledge of the Pilates technique. Look for classes that are offered as beginner, intermediate, and advanced u have any questions or want more information about Pilates or any of the other services at Transformations, please contact Lorrie Harper or Pam Kelly at 801-668-0922. ee Exquisite 3 Bedrooms, 2 Baths, in Fairway Reduced to $256,500! Incredible setting. Pine tree forest. 6 bedrooms, 2 baths, barn,1.9 acres. Must see! $250, 000! Beautiful home on 4.89 ac. er 6500 sq.ft. 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