Show Standard-Examin- er Thursday September 1 983 1 11 C f ijiEiiitrarOiB'nEiTn Percent of wo JnMra§§ ivsito force seasonally adjusted 30 By JIM SAWDEY Standard Examiner staff SO H 1987 ' Wetef 46 j 36 Box Elder Morgan 1 1 56 1 1 31 County figures not seasonally adjusted Source: Utah Job Service Standard-Examine- non-far- graphic r among the fifty states with 21 states reporting lower figures In the West only Hawaii had a lower rate than Utah Since last August 13900 jobs have been added to Utah's payrolls representing a 22 percent growth rate The growth rate has held steady since March a peak reached after bottoming out in January’ 1987 when growth was only 044 percent That figure compares to a growth rate of 56 percent in January 1985 said Job follows a 48 rate perAugust’s cent figure in July and 47 percent Service spokesman Ray Sargent There were 652000 in June The June rate ranked 29th DJFMAMJJA 1988 Davis 1 Utah's unemployment rate tied its lowest rate since 1979 hitting the 47 mark in August Utah Job Service said today Mining and manufacturing continued to see increases while construction declined sharply Utah joins 16 other states that have unemployment under 5 percent Seven of those states are less than 4 percent Job Service said low ftjj m 572) jobs in Utah in August Some peo- County 36 percent Morgan ple hold more than one job so the County 56 percent and Weber County 46 percent figure doesn’t translate to 652000 One of the best indications of employed people Job Service doesn't provide figures on the improvement in Utah's economy number of people w orking 31700 is the growth in mining and manufacturing employment Mining adpeople were unemployed in Auded 600 jobs while manufacturing gust added 4100 jobs in the past 12 The unemployment rate has months dropped 29 percent in since last When Utah’s economy was reAugust when 65 percent of the cently faltering the service sector workforce was unemployed he kept growing and still leads the said state in generating new jobs 8000 For the northern Wasatch Front new jobs have been added to the the unemployment rate is: Box Elservice sector in the past 12 der County 31 percent Davis months with the bulk in personal business and amusement services he said Transportationcommunica- - ' tionspublic utilities also grew at a rapid clip with an 11 percent iiii?’ crease in motor and air transport- - " tion in the past 12 months But retail and wholesale trade was vir-tually unchanged from last year while state and local government showed slight improvements Utah’s construction industry c6n- tinued to deteriorate losing 2700-job- s since last August Federal gov-’- ’! ernment and the financeinsuft ancereal estate industry also lost" — jobs in the past 12 months -- Governor urges officials to OK thrift settlement A $33 million general obliga- By KRISTINE M LOOSLEY tion bond The bond would be SALT LAKE CITY — Saying paid off by remaining assets of the thrifts (approximately $244 he’s proud of the delicate negotiations that brought forth a $100 million) assets of the defunct Standard Examiner staff million settlement for 17000 depositors in Utah’s five failed thrift and loans Gov Norman Bangerter Wednesday pleaded with lawmakers to make his promises good After hedging on the issue publicly since the depositor assets were frozen two years ago Bangerter acknowledged during a briefing of lawmakers that the state has “some level” of responsibility for the losses incurred “There is a real question here” Bangerter said “There is sufficient indication of some expoout-of-cou- rt sure” The Legislature will meet Sept to consider a bill spelling out the terms of the settlement Should the controversial plan be accepted it will then be subject tQ ratification by depositors and 3rd District Judge David S Young before depositors will receive their money Any individual depositor would have the option to “opt out” or not accept the terms of the settlement but would then be on their own to sue for relief — a move the attorney for the depositors said would amount to people “throwing their money away” Lawmakers contacted after the briefing expressed unease about the settlement saying they need to hear more specifics before agreeing to the settlement Bangerter outlined the plan orally but did not provide a written description of the terms or a proposed bill to the 55 legislators who attended the two-hobriefing Terms of the settlement negotiated personally by Bangerter requires the following: 14 ur Industrial Loan Guaranty Corp ($32 million) and assets purchased by the state for $5 million two years ago including property in California and loans made to the ILGC A $9 million state contribution Plans call for $7 million to be contributed from the state’s Risk Management Fund a fund which itself would likely require recapitalization in January The other $2 million would come from a general fund allocation A $19 million contribution from the state’s insurer Cal Union A $40 million distribution of funds which have already been made to depositors from initial Gov Norman Bangerter asks legislators to make his promise good to reimburse depositors liquidation of the assets of the' ' failed thrifts The settlement provides deMalcom positors with $100 million or about 95 percent of the principal Misuraca they’d saved in the thrifts Under a separate agreement made with attorneys for the deThe depositors’ atpositors attorneys fees would torney says the amount to 20 percent to 40 perstate would probacent of the amount of the settlebly not be liable if it makes a settlement which is above and ment and a judge beyond the amount of the assets finds that it is in attorof the thrifts That means would good faith for the neys plaintiffs earn 20 percent to 40 percent of ment explaining that the state the owners of the thrifts board ing indicate most concerns centhe insurance and state contribuwould probably not be liable if othissues: and two ILGC around the limiting of ter members tion future liability in the matter and it makes a settlement with the ers to be identified by counsel Under terms of the offer defor the defendants State officials payment of substantial attorneys depositors and a judge finds that positors would retain exclusive init is in good faith and in a reafinancial — fees as a result of the settlement former dediscretion to sue “specified including sonable amount addressed Weis were Elaine fears Both director stitutions by million to for fendants” $6 up “It is our intention that the — would be exempt from possiBangerter and Malcom Misuraor 100 percent of their total dedehave peace from this settlestate for the the of lead ca the ble litigation under terms attorney posits Other possible defenhe said ment” settlement positors dants include accountants who for As and the described Misuraca senators from attorneys fees Bangerlegal totalled have Questions incorrectly may ter pointed out that the issue is theory of “good faith” settle the assets of the failing thrifts representatives during the brief self-insuran-ce Robert PopeStandard-Examine- r of the failed thrifts Norman fl Bangerter ul j The governor points out that the issue of attorneys fees is a private matter between the depositors and their legal advisers a private matter between the J n de- positors and their legal advisers Misuraca said Judge Young would be asked to decide on the total amount of lawyer costs and said he’s willing to accept whatever the court determines he’s earned “I expect to get paid verywell” he said “I’ve done a good V Ut b - job” VlyM Hduse of Commons OKs sweeping trade OTTAWA (AP) — Opponents waved the flag and sang “O Canada” to decry what they called a sellout of national sovereignty as the House of Commons overwhelmingly approved a sweeping trade bill that will open the border to more US goods and services Prime Minister Brian Mulro-neyProgressive Conservatives with 207 of the 282 seats in Commons easily defeated the com ’s bined opposition on Wednesday and sent the bill to the Senate on 4 vote a Members of the opposition-dominate- d Senate vowed to stall the bill which was signed Jan 2 by President Reagan and Mulro-ne- y 177-6- The deal would amend 27 fed- eial statutes to eliminate tariffs and reduce other barriers in nearly every facet of the $150 billion annual trading partnership be tween the neighbors Proponents including big business have touted it as a boon to business and jobs and say it will cut the $2 billion a year in tariffs that Canadian businesses and consumers pay on US imports Opponents who include labor and cultural leaders say the deal threatens Canada’s sovereignty They argue that jobs will be lost as US businesses move into the Canadian market full-siz- i£’ 10-ye- ar Business dm Although the bank board ceives its money through an assessment on the industry and not from the taxpayers its spending counts toward the deficit Effective at the start of the 1989 fiscal year on Oct government accountants will count 1 the bank board’s promissory notes as immediate spending Thus any notes issued before Oct 1 greatly ease the adminis- tration’s budget-balancin- g bur- den The bank board was facing a deadline today to wrap up negotiations with the Robert M Bass Group of Fort Worth Texas which is seeking federal assis State regional The board began negotiating with the Bass Group exclusively on April 21 and twice has extended the deadline Wall promised an announcement on American today but would not say whether the board had struck a deal or was planning to continue negotiations Industry sources have said between $15 billion and $2 billion in federal money likely will be required for that rescue which would make it the largest bailout Including the Oklahoma package regulators have closed or merged 94 S&Ls so far this year compared with 48 for all of last year The Iron County Commission has accepted an apparent low bid of $208000 for construction of the access road leading to property where PEPCON is to build a new chemical plant Tuesday’s approval of the contract is subject to examination by the county attorney and county engineer The bid tentatively accepted was from Lem Leavitt of Vcyo Utah It was $65000 less than the county engineer’s estimated cost of building the road M n of Lucky Stores Inc a combina- - r tion that makes American one 6H7 the nation’s biggest supermarket companies California AttornejfV General John Van de Kamp wW opposed the deal on groundswould cut competition and boost prices announced he would cod-sidcr a legal challenge President Reagan says he'll along with Congress and grant most federal workers a 41 cent pay increase next year more1' than double the amount he had sought Reagan in a letter to con- gressional leaders Wednesday said improving economic condl- tions made possible the 41 per- cent increase although it earlier Federal regulators on had appeared the government-- ' Wednesday approved American would be able to afford only 2 i Stores Inc’s $26 billion buyout percent National I I bedeif Y tion’s largest S&Ls re- HAS - pressured to act quickly by a tance to acquire American pending change in the way the Savings and Loan Association of Stockton Calif one of the nafederal budget deficit is calculated 10-ye- ar free-trad- Oklahoma next site of S&L rescue ma institutions 21 in Texas five WASHINGTON (AP) — Fedin Minnesota and one each in Ioa arc eral regulators continuing Idaho California and Tenwa and loan of savings rapid pace rescues by pledging $19 billion to nessee Wall indicated the fast pace restore 14 failing institutions in will continue over the next Oklahoma to solvency Federal Home Loan Bank month “We will be very active” he Board Chairman M Danny Wall said Wednesday his agency would said He declined to provide details merge the 14 S&Ls into six larger institutions and begin efforts to but the agency’s spokesman Karl sell them to private buyers with a Hoyle said pending transactions in Texas and other states would meeting today with Oklahoma ininvolve billions of dollars more vestors The the sales the problem is greatest in the agency Through which has been hard asSouthwest its of some back to get hopes hit by problems in the oil industsistance which includes $12 billion in promissory notes ryIn part the agency which got a and $700 million in guarantees new board and an infusion of losses future against In just two weeks the agency cash last summer is merely “hithas pledged nearly $10 billion to ting its stride" Wall said but he rescue in addition to the Oklaho acknowledged that the board felt 1 ate this month period f phased in over a were “We are pleased the House of They joined by New' Commons overwhelmingly Democrats who had their owb-e t4” agreement miniature Canadian flags passed the the deal is believe we because Proponents of the bill word good for both countries” the buttons Canadian flag buttons” that read “Free trade — stronger’?' spokesman Kelly Winkler said ?“ Liberal Parliament members Canada” e Canadian ’ t a unfurled flag Some protesters were removed and sang the national anthem “O Canada” to interrupt the final from a visitors’ gallery after they interrupted the vote by chantifig! vote on the deal which is scheduled to take effect Jan 1 and be “We want an election!” “This is a very positive development for jobs for the youth of Canada for their economic future” Mulroney told reporters after the vote In Washington a spokesman for US Trade Representative Clayton Yeutter said the United States has invested a lot of time energy and money negotiating the deal The US House of Representatives has approved the bill and it is expected to pass the Sen r " - Vi pcf' |