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Show July 1 03.qxd 12/7/2021 4:12 PM Page 11 THE OGDEN VALLEY NEWS Volume VIII Issue VI Page 11 July 1, 2003 Eccles Community Art Center Announces 29th Annual State Competition The Eccles Community Art Center in Ogden is announcing a call for entry for its 29th Annual Statewide Competition. This competition is open all artists who presently reside in the state of Utah. Original work in any medium, including paintings, prints, monoprints, drawings, graphics, pottery, sculptures, and textiles are eligible. Photographs are not eligible (a separate photographic competition will be held in early 2004). Works must have been completed within the past two years and not have been previously exhibited in a juried exhibit sponsored by the Eccles Community Art Center. Artists are limited to a total of two entries. Entry fees are $8 per entry. Entry fees are used for prize money and publicity and are not refundable. Entries must be clearly identified by the artist with title, medium and price/insurance value. Identification tags and result cards are provided to the artist at the time of entry. The original works will be accepted on Friday June 27, 2003 from 9:00 a.m. to 4:00 p.m., and on Saturday, June 28, from 9:00 a.m. to 3:00 p.m. at the Eccles Community Art Center at 2580 Jefferson Avenue, Ogden. Work will not be accepted after 3:00 p.m. on June 28, 2003. This is a juried competition. Works accepted by the jurors will be exhibited. Awards will be presented. The Eccles Community Art Center will present monetary including first, second, third, and a purchase award. The Eccles Community Art Center Board of Directors determines the purchase award. Works purchased become a part of the Art Center’s permanent collection. Pieces from this permanent collection are used in the Center’s outreach programs. A reception for artists, friends, and the community will be held on Friday, July 11, 2003 from 6:00 to 9:00 p.m. at the Art Center, 2580 Jefferson Avenue, Ogden. The awards will be announced at this reception. The reception will be held on the same evening of the July Historic 25 Street Stroll. A bus has been made available by the members of the Downtown Ogden Association, so that you may visit other galleries and shops on 25th Street. The competition exhibit will be on display July 11 through August 30, 2003. Regular gallery hours are weekdays 9:00 a.m. to 5:00 p.m., and Saturday 9:00 a.m. to 3:00 p.m. Closed Sundays, and Major Holidays including Independence and Statehood Days. Anyone interested in receiving information, or a call for entry should call Debra, Donna, or Alisha at 801-392-6935. This project has been funded by grants provided by Utah Arts Council and the National Endowment for the Arts. Super Deck Stain $300 OFF @ gal. Another Interest Rate Cut Would Benefit Utah’s Small Businesses UTAH EMPLOYMENT HIGHLIGHTS The Zions Bank Small Business Index for Utah rose to 94.8 in May 2003 versus 94.2 in April. Utah’s unemployment rate was estimated at 5.4% in May 2003, up from April’s 5.3% rate. Total Utah employ ment was essentially unchanged during the past 12 months. The Federal Reserve is expected to cut its key short-term interest rate in coming weeks from 1.25% to 1.00%, or possibly even 0.75% The nation’s unemployment rate was 6.1% in May-up from April’s 6.0% rate-while net U.S. employment declined by 17,000 jobs A FINAL RATE CUT? Sluggish U.S. economic growth, weak labor markets, and concerns about deflation set the stage for another interest rate cut by the Federal Reserve in coming weeks. A majority of financial market participants now expect the Fed to trim its most important short-term interest rate, the federal funds rate, from its current 44-year low of 1.25% to 1.00%, or even 0.75%, as soon as June 25, the date of the next Federal Open Market Committee (FOMC) meeting. Financial market players also expect rates to stay low through the end of the year. The Fed made no change to interest rates at its FOMC meeting on May 6. The Fed did, however, express strong concern about potential deflation that could work its way into the economy. The Federal Reserve cut its key rate 11 times in 2001, taking its federal funds target rate from 6.50% at yearend 2000 to 1.75% at yearend 2001. The Fed then cut the rate by a further one-half percent on November 6, 2002. The Fed has made no move in policy since that time. The Zions Bank Small Business Index for Utah assumes that most of the state’s small businesses are borrowers. As a result, another interest rate cut would benefit most small firms. The Utah unemployment rate—the most heavily weighted component of the Zions Bank Small Business Index for Utah—was estimated at 5.4% in May 2003, up slightly from April’s 5.3% rate. May’s 5.4% rate compared to a jobless rate of 6.2% during May 2002. A higher Utah unemployment rate is a positive contributor to the Index as it implies increased access to Utah labor. Utah’s unemployment rate averaged 6.1% in 2002 and 4.4% in 2001. By comparison, the 3.2% 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 dipped by a modest 300 jobs (down 0.03%) over the past 12 months. This drop compares to a revised no change in the prior year-over-year period. These totals compare to gains averaging 38,300 new jobs annually during the 19942000 period. Weak job growth or actual employment declines, leading to lesser income creation and weaker retail spending, has a negative impact upon Utah’s small businesses—and therefore, the Index. The Zions Bank Small Business Index for Utah rose to 94.8 during May 2003 from a revised 94.2 during April 2003. 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, including new data on employment and migration of recent years. NATIONAL EMPLOYMENT The U.S. Department of Labor reported the net loss of an estimated 17,000 jobs in May 2003, less than the 45,000 loss expected by Wall Street. Also newsworthy was the revision to the April data, which showed no change in April employment, after the initial report of 48,000 lost jobs. Significant revisions were made to data of recent years, indicating more job losses in 2001 and 2002, and fewer losses in 2003. The U.S. unemployment rate was 6.1% in May, up from April’s 6.0% rate, and the highest since July 1994. The jobless rate could approach 6.3% in coming months. The nation’s goods-producing sector lost 29,000 jobs in May, led by the loss of another 53,000 manufacturing jobs. The manufacturing sector has now lost jobs for 34 consecutive months, with more than 2.3 million jobs eliminated since mid-2000. Construction added 26,000 jobs in May, while the mining sector lost 2,000 jobs. Service-providing employment rose by an estimated 12,000 jobs in May. The retail trade sector lost an estimated 14,000 jobs in the month, bringing losses in this sector to more than 470,000 jobs since June 2001. Professional and businesses services employment rose by 48,000 jobs in May. Education and health care added 18,000 jobs. Zions Bank is Utah’s oldest financial institution, and is the only local bank with a statewide distribution of branches, operating 125 full-service branches throughout Utah. Zions Bank also operates 22 full-service branches in Idaho, and more than 200 ATMs throughout Utah and Idaho. In addition to a wide range of traditional banking services, Zions offers a comprehensive array of investment, mortgage, and insurance services, and has a network of loan origination offices for small businesses nationwide. The company is also a leader in providing electronic banking services, including electronic municipal bond trading. Founded in 1873, Zions has been serving the communities of Utah for nearly 130 years. For more information, call Zions Bank’s Eden office at (801) 745-0835. The June 2003 Zions Bank Small Business Index for Utah will be released on July 8, 2003. 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