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Show SatSunMonTues, March 20-23, 2004 The Park Record Weather, economy spur ftbruary sales 12 percent CAFS sales growth highest in a decade; Mother Nature a strong influence Consumers were willing tn spend and Mother Nature was kind to retailers, leading to the largest retail sales increase since March 1994. According to the National Retail Federation (NRF), February retail sales in the GAFS category (general merchandise stores, clothing and clothing accessories acces-sories stores, furniture and home furnishings stores, electronics and appliances stores, and sporting goods, hobby, book and music stores) increased 12.0 percent over last year and were up 0.6 percent adjusted over January. "What a difference a year makes," said NRF Chief Economist Rosalind Wells. "Last February, consumers were concerned con-cerned about the economy and war while retailers were digging themselves them-selves out of a blizzard. This year, retailers have a much better story to tell." February retail sales released today by the U.S. Commerce Department show that total retail sales (which include non-general merchandise categories such as autos, gasoline stations and restaurants) restau-rants) rose 0.6 percent seasonally adjusted for the month and 9.9 percent unadjusted year-over-year. "Mother Nature cooperated with retailers in February, but that does not tell the whole story," said NRF President and CEO Tracy Mullin. "Consumers are demonstrating demon-strating that their fears of war and a struggling economy are subsiding and that they are more comfortable comfort-able spending the money they have." Clothing stores saw strong growth in February with seasonable season-able weather moving clearance merchandise and encouraging consumers con-sumers to think ahead to spring. Sales at clothing and clothing accessories stores jumped 13.1 percent per-cent unadjusted year-over-year and 0.4 percent seasonally adjusted adjust-ed for the month. Electronics and appliances stores sales increased 14.8 percent unadjusted year-over-year and 0.5 percent over January. Additionally, department stores showed strength in February with sales increasing 11.9 percent unadjusted unad-justed over last February and 1.3 percent adjusted month-over-month. January retail sales were also revised significantly upward today with GAFS sales in January increasing 8.9 percent year-over-year (compared to the 7.5 gain reported last month). Due to strong first quarter growth, NRF is expected to revise its 2004 GAFS sales expectations on April 1. What Happens in Park City... Stays in Park City! www.theluvbrokers.com 435.940.1444 mm IRS offers guidelines for starting Roth IRA Confused about whether you can contribute to a Roth IRA? The IRS suggests checking these simple rules: Income: To contribute to a Roth IRA, you must have compensation com-pensation (e.g., wages, salary, tips, . professional fees, bonuses.) Your modified adjusted gross income must be less than: $160,000 married mar-ried filing jointly, -$10,000 married filing separately (and you lived with your spouse at any time during dur-ing the year,) $110,000 single, head of household, or married fil ing separately (and you did not live with your spouse during the year.) Age: There is no age limitation for Roth IRA contributions. Unlike traditional IRAs, you can be any age and still qualify to contribute con-tribute to a Roth IRA. Contribution Limits: In general, gener-al, if your only IRA is a Roth IRA, the maximum 2003 contribution contri-bution limit is the lesser of your taxable compensation or $3,000 ($3,500 for those age 50 or over.) The maximum contribution limit phases out if your modified adjusted gross income is within these limits: $150,000 - $160,000 married filing jointly, $0 - $10,000 married filing separately (and you lived with your spouse at any time during the year,) $95,000 -$110,000 single, head of household, house-hold, or married filing separately (and you did not live with your spouse during the year.) Contributions to Spousal Roth IRA: You can make contributions to a Roth IRA for your spouse provided you meet the income requirements. When to Make Contributions? Contributions to a Roth IRA can be made at any time during the year or by the due date of your return for that year (not including extensions.) For complete information and definitions of terms, get Publication 590, "Individual Retirement Arrangements." Visit the IRS Web site at IRS.gov, or call 1-800-TAX-FORM (1-800-829-3676) to request a free copy of the publication. Employment continues to grow across Utah Continued from A-9 Nearly all of this is in employment services, in other words, companies compa-nies that largely broker in providing provid-ing temporary workers to other businesses. This increase is somewhat some-what twofold in that some of the gain is attributed to an upswing in demand, and some is attributed to a comparison against a noticeable slump of a year ago, when the demand for temporary workers fell sharply. When we look at employment services of a year ago, we see a strong drop last January and February. This decline does not match the historical pattern of this industry in the January-February January-February time period. If you recall the environment of a year ago, we were in the final stages leading up to the implementation of the Iraq War. A negative business busi-ness jpschology anticipating this military -actio lead - to- a notice- able dip in the economic environment. environ-ment. Yes the economy was mired in a slump at that time, but there were signs in late 2002 that suggested sug-gested the economy may have been poised to pull out of its slump and generate some employ-: ment growth. The buildup to the Iraq War sapped what little energy ener-gy was ready to emerge from the economy. The bottom line is the economy contracted again, and it was quite noticeable in the area of employment services - the supplying supply-ing of temporary workers to the business community. Thus, an anomaly of a year ago is a contributor con-tributor to what looks like a sharp increase this year. The point is that in a few months when we compare against last year - when last year's employment services staffing looked more in line with its historical performance - this sharp year-over contrast will most likely moderate a bit. , "Education" and health, stvices , remains the most dynamic sector, adding 4,000 new jobs for a 3.4-percent 3.4-percent growth rate. We may as well just call it health services, because this is where all of the employment gains are concentrated. concentrat-ed. This has been a vibrant sector throughout this recent economic downturn, and it continues to be an industry searching for workers. The retail trade industry is once again showing employment gains. Although modest with the addition of 1,000 new jobs compared com-pared against last February, this is a marked change from the job contractions of the past two years. This sector is largely driven by population gains. Retail trade's core is serving the local population. popula-tion. The contractions of the past two years tell us that this industry had built itself beyond the population popula-tion bases' needs. To see it once again in an expansion mode sug-. sug-. gests . that the correction . that resulted during the employment contraction has run its course. Either population growth has caught up with the supply of retail trade product, or the retail trade product had contracted back to match the population's needs. Whichever path turned out to be the reason, it appears that once again the retail trade industry is moving forward. One of the most encouraging pieces of information isn't a positive, posi-tive, at least not in terms of new jobs added. Instead, it is the lack of lost jobs in the manufacturing sector. This sector has been in a job contraction mode since 1998. Currently, compared against last February, this industry is showing 200 fewer jobs than a year ago. This in itself is worth crowing about, considering that we saw job losses of 5,000 positions or more over the course of the past several years. For this industry to i be approaching a point of employ-! employ-! mtnt stability is a welcome sign. crT 'rrn ' rat'' Vaulted ceilings, granite counter tops, alder cabinets and slate floors in the kitchen. Two decks, hot tub and incredible views of the mountains. $765,000 Mr f!ufc Beautifully maintained uphill floor plan with great views. Premier location in Deer Valley on Ridge Drive. 3 bedrooms & 3 5 baths. $695,000 ariiv Gaae (435) 901-0049 mobile ffiffit'Vi1 (800) 641-1884 office Sotheby's kgagelwdparkcity.com Visit my web site ill: www.karingage.com . ."Information herein, although deemed, reliable. Is not guaranteed. Buyer to verify square footage. T , V "i i i f DEER V A L L E The (5A Taste for yourself Chef Montecot's award-winning menu offerings. Try his sublime signature dish, Wienerschnitzel, and delicious . Elk Chop. Or, sample weekend specials like Chilean Sea Bass. No matter which tempting item you select, you'll enjoy a complimentary appetizer with each entree you order! Enjoy live entertainment daily during our apres-ski hours 2 to 5:30 p.m. Salt Lake Magazine and the O.C. Tanner Corporation annual Utah Restaurant Awards. Please present this ad for "Free Appetizer Offer." Offer good through Mar. 23, 2004. Please call for reservations. chafbaux P.O. Box 859, Park City, UT 84060 (8OO) 2523373 (435)6497770 www.GoldenerHirschInn.com I estauram in Park City and Deer Valley tov8mte n-irJi. itis-ji (kiss ifsit C ny Hist vvflft (ite OCefJRCRfe pSmR fete (Kk0H0 Remarkable 4 bedroom family home on fantastic, partially wooded 34 acre lot adjacent to 20 acres of open space! Quality finishes throughout including vaulted ceilings, spectacular f id master suite, huge deck, 3 car h3 ) 40 foot heated outdoor f ?bl, hot f l tub, and sauna Ertavr y v TTTTTTfTTTTTlffi fairftBTTrrrrmrTfrtHltrffi TP m 1 11,1.1 1 1 iiiQi'sdl&s'is Congratulations! I ' -' A is Vj Craig Reece 2003 Top Producer Prudential Utah Real Estate, Park City's l Real Estate Company Craig Reece CRS, Associate Broker Phone: 435-647-80 17 Toll Free: 800-553-4666 CraigDeerValleySpecialist.com www.DeerValleySpecialist.com i 11 l! 4 . i i. II |