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Show The Magna TimesAVest Valley News, Thursday, August 23, 2001 7 Small businesses impacted by global economic growth The Zions Bank Small Business Index for Utah increased to 90.7 during July from a revised 88.6 during June. The Index measures business conditions from the viewpoint of the Utah small business owner or manager. A higher Inflex 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. The most heavily weighted component of the Index-th- e Utah unemployment rate-ros- e to 3.9 percent in July, up from Junes 3.5 percent rate, and matching the 3.9 percent rate of April and May. Utah's current 3.9 percent unemployment rate compares to a jobless rate of 3.2 percent one year decline. There were also modest upward revisions to both May's and June's numbers. g employment fell by 47,000 in loss of a led 49,000 manufacturing jobs. by July, the sector of the U.S. econoweakest Manufacturing, my, has seen total employment drop by over 780,000 jobs during the past twelve months alone. However, July's loss of 49,000 positions was actually the smallest job loss in the sector since December. Construction employment increased by 1 ,000 positions, after falling by 14,000 jobs in June. g employment rose by only 5,000 jobs in July, the weakest total in 10 months. Wholesale trade employment remained unchanged, while transportation and public utility jobs fell by 4,000. Retail trade jobs rose by 6,000 in July, while government employment rose by 3 ,000 jobs. throughout the Midwest and Great Lakes states. The latest 1 rise in Utah employment of 15,700 jobs (up 1.5 percent ) compares to the 15,900 period. These jobs created in the prior totals compare to gains averaging 38,300 new jobs annually during the 1994-200- 0 period. Slowing job growth, leading to lesser income creation and weaker retail spending, has a negative impact upon Utah's small businesses' and therefore, the Index. The nation's unemployment rate remained unchanged at 4.5 percent in July. As the jobless rate is a lagging economic indicator, we still expect the U.S. unemployment rate to approach 5.0 percent before ago. Utah's unemployment rate averaged 3.2 percent during 2000, one of the lowest annual rates since the early 1950s. This 3.2 percent level compares to average Utah unemployment rates of 3.7 percent during 1999, 3.8 percent in 1998, and 3.1 percent during 1997. A higher Utah unemployment rate is a positive contributor to the Index as it implies increased access to Utah labor. Utah's unemployment rate has been one of the nation's lowest in recent years, averaging 3.5 percent period. As a result, Utah's small during the 1994-200- 0 businesses have found it increasingly difficult to attract and retain employees. Tight labor markets are also of serious concern in neighboring states of Arizona, Colorado, Idaho, and Nevada, as well as Goods-producin- year-over-ye- ar Service-providin- yearend. Total U.S. employment declined by 42,000 jobs in July, better than Wall Street's expectation of a 75,000 1 1 Over 30 years in business $$ CASH $$ for cars, trucks, vans, machinery Any condition, WE PICK UP! Free Estimates 9 Acme Used Cars 11 OGC Good pay Mid-we- st Benefits -- 250-766- 3 r J LEBROC bJ Uncontested nnnrarav J 5 CALL ' 0IUBDOE '0 Western States and Texas Shaping - Trimming - Deadwooding Chipping - Firewood Brush Trimming and Removal Landscaping - Sod installing Cleanup - Hauling FREE ESTIMATES T.M. 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