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Show THE OGDEN VALLEY NEWS Page 8 Volume X Issue XI September 15, 2004 Stronger U.S. Economic Growth Will Help Utah’s Small Businesses New Dental Office Opens in Huntsville HIGHLIGHTS a The Zions Bank Small Business Index for Utah rose to 101.9 in August 2004 versus a revised 100.8 in July 2004. a Utah’s unemployment rate was estimated By Dr. Joy Clem, It was a lifelong goal of my husband Joey, to live in the mountains in a ski town far away from the congestion of metropolitan Washington, D.C. and the bitterness that overcrowding promotes. He grew up in rural western Maryland near the Wisp Ski Resort that is similar to Nordic Valley on ice. Born the youngest of six children and raised in College at 4.8% in the latest month, up from the prior month’s revised 4.6% rate. Total Utah employment is up an estimated 20,500 jobs during the past 12 months. a U.S. economic growth is expected to strengthen during the next 12 months, contributing to more solid Utah small business activity. « The nation’s unemployment rate was 5.4% in August—down from July’s 5.5% rate— while net U.S. employment rose by 144,000 jobs. U.S. ECONOMIC GROWTH EXPECTED TO STRENGTHEN American economic growth is expected to improve modestly over the balance of the year, following a more subdued rate of growth in 2004’s second quarter. Real GDP (gross domestic product, the value of all goods produced and services provided in the economy) rose at a 2.8% real (after inflation) annual rate in the April-June quarter. The 2.8% second quarter growth pace followed the stronger 4.5% pace of the first quarter and the powerful 5.8% real annual pace of 2003’s final six months. Third and fourth quarter GDP is expected to rise at roughly 3.7% annual rates, with comparable growth expected in 2005’s first half. US. economic growth has been impaired by high oil and gasoline prices, concerns about terrorism, the November elections, and the ups and downs in Iraq. Barring any new terrorist “successes” on American soil prior to the elections, we expect the modest economic pause during recent months to give way to more impressive U.S. economic growth and stronger job creation. US. economic strength is a component of the Utah Small Business Index. Expected stronger US. economic growth will aid economic recovery and small business vibrancy in Utah. 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, up ftom the prior month’s revised 4.6% rate. The current 4.8% rate compared to a jobless rate of 5.6% during the same month one year ago. 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 5.6% in 2003, 6.1% in 2002, and 4.4% in 2001. By com- parison, the 3.3% 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 rose by an estimated 20,500 jobs (up 1.9%) over the past 12 months, the strongest gain since 2000. This rise compares to a revised gain of 20,200 jobs in the prior yearover-year period. These totals compare to gains 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 businessThe Zions Bank Small Business Index for Utah rose to 101.9 during August 2004 from a revised 100.8 during July 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 144,000 new jobs in August 2004, in line with the 150,000 rise expected on Wall Street. Reported gains of the two prior months were also revised higher by 59,000 jobs. The U.S. economy has added 1.4 million net new jobs so far in 2004 and 1.7 million jobs since August 2003. The U.S. unemployment rate dropped 0.1% in August to 5.4%, the lowest rate since October 2001. June 2003’s 6.3% rate was the highest in nine years. Job gains were found in both goods producing and service providing industries in August. The U.S. manufacturing sector added 22,000 net new jobs in August, with construction adding 15,000 jobs. We expect gains in manufacturing employment to continue over the balance of the year. Service providing industries added 108,000 positions. Solid U.S. economic growth suggests that even stronger employment gains are likely to return. Stronger job gains should occur even as short-term invents cates rise. For more information, contact Zions Bank’s Eden Valley office at (801) 745-0835. Jeff Thredgold Thredgold Economic Associates Economic Consultant to Zions Bank (801) 5339663 © 2004 Thredgold Economic Associates Park, Maryland, I had more of a suburban upbringing and was not one to stray far from home. I was educated at the University of Maryland in College Park (home of the Terrapins) and the University of Maryland Baltimore College of Dental Surgery. Joey is a computer programmer working for SAIC (Science Applications International Corporation). He still works for his division back in Northern Virginia because he is able to telecommute from home. While I was still in dental school, we visit- ed the Valley to scout out potential places to live. Joey met up with an old ski patrol friend from back east, Mark Shissler, who was living in Huntsville at the time. Mark was the type of guy who knew everybody. Whether eating in a restaurant in Salt Lake City or perusing shops in Park City, someone would invariably recognize Mark and come up to greet us. It was Mark who sold us on the peacefulness of the Ogden Valley, the friendliness of the com- munity, and the proximity to the best snow on earth. After a few more visits, we bought land in Huntsville Meadows and patiently waited for the right time to build our home We moved to Utah just in time to enjoy the excitement of the Winter Olympics. It was great to be in the center of activity for the games. I completed my general practice residency at the VA dental clinic in Salt Lake City during the year of the international competition. Though it isn’t a requirement to fulfill a one-year residency, I took this opportunity to get used to my new home state. Sharing war stories and facing complicated medical needs of the veterans was a wonderful experience. During my residency, I was, unfortunately, alone on 9/11 while Joey was back in D.C. for work. I remember the stress and anxiety of that day quite vividly. Though he was not working on any Pentagon contracts at the time, the constant worry from not knowing when these chaotic tragedies would all end and how far these terrorists would go left me in a panic. It’s hard to believe it has been three years since that time. Ironically, he is back in D.C. again. (It’s curious that he manages to be needed back east during football season where he still has season tickets to see the Maryland Terrapins but almost never travels during ski season.) What is my inspiration? As far as choosing dentistry specifically, it was shadowing a petite, 8-month pregnant Asian dentist extracting molars that gave me confidence that I, too, would be able to handle the stress of this profession while planning a family. Right now my family consists of my husband and two Bernese mountain dogs, Sella and Sophie. I’ve had other terrific teachers and mentors along the way, but at the time, even in the east, dentistry was presumed to be a solely male occupation. It may sound like a cliché, but who isn’t inspired by their parents? My mom lived modestly on a fish farm while pursuing her medical degree in the Philippines before meeting my dad, a business lawyer from Manila. She was a big dreamer while my father was much more conservative. When they moved to the U.S., my father practiced accounting while my mom pursued her specialty training in psychiatry. Not only did she instill the attitude that you can do anything, but also the belief that you can do everything a subtle difference which often lands me into trouble. From teaching ballroom dance, to playing violin, to volunteering at zoos and wildlife sanctuaries, | have had a tendency to get overinvolved over the years much like my mom would. She introduced me to the sciences and a curiosity for “what makes people tick.” This was the foundation for my decision to choose a career path that provided an opportunity to give back to the community. Recently I’ve had the opportunity to work side by side with my mom on a medical-dental mission in the Leyte, Philippines. This visit was in stark contrast to my previous two experiences in the Philippines. The first visit was as a teenager who looked down her nose at anything different from the American culture she was accustomed to, especially towards the banana ketchup and goat’s milk. I learned to put the old adage of “when in Rome” to use and stuck to familiar Filipino foods instead of trying to vacation like an NEW DENTIST cont. on page 11 Gage Froerer & Assoc. (801)745-4221 Equestrian Estate $1,200,000 Custom 5,462 sq.ft. country home, with wonderful "GREAT" room. 10.92 acres 7,500 sq.ft. of barns. Gage 391-4233 restigious Victorian Ranch $1,100,000 12.78 ac. Horse Ranch w/100’ x120’ heated indoor riding arena. 4,800 sq.ft. home, 7 BD, 4 BA. Great retreat. Call Joan 675-0444 ON GOLF COURSE RYE A II Main floor Master suite, hardwood floors Huge log accents. Supreme views. Custom on cul de sac Deborah 745-1538 Eden Office 2405 Highway 158 BRANCH BROKER Deborah Hegg (801)745-1538 d.hegg@relia.net Nate GR, Formal ae Oe sauna, hot tub, 2nd kitchen, exercise area. RYO in $530,000 Ed 725-6705 Incredible Victorian on SAC Antique FP mantels, commercial kitchen w/ imp. tile, hardwood flrs. Horse Property 5 BD, 4 BA, 2FR $475,000! Call Deborah 745-1538 ACCU ET Om5,000 ae Ss on lacre. 3 Large formal areas as well as cozy nic 5 Bedrooms,3 ai $419,000 Deborah 745-1538 REALTOR Ed Monson 725-6705 monson@relia.net REALTOR Susan Hansen 710-3833 wrtproperties.com NW of Nordic ae resort. ina private secluded area w/easy access. 5 AC Lots of trees.Borders the National Forest. $245,000 Call Deborah 745-1538 CeO UU ean orn UU Magnificent views from this large 6 BD home on | acre at the base of Powder Mtn. & near Golf Course. Call Deborah 745-1538 OOOzing a ca & architectural splendor 4 BD on an acre of pastoral land (horses O.K.) Boasts a splendid kitchen with great rm. & formal dining. $279,000 Deborah 745-1538 CREAGE LIBERTY OO OVA eel e Datars $68,500 to $165,000. Wolf Logde & Wolf Star Condos ready for to rent or move in. Call Deborah or Joan 745-4221 & NORDIC 5.88AC- SnowbasinRd. 10 AC, wooded, serene and private 4.92AC- 105N HUNTSVILLE 65AC Snowbasin Rd $1,800,000 Dan MW OSarokyatl 1.57&1.58AC-River Run-$69,500 each 1 AC wooded, stream & extraordinary views 70,000 $255000 50 AC - Nordic Valley Rd-Includes Golf Course & Lots $ 50,000_ REALTOR OPE DY daniel@c21.com $293,400 Beaver Creek $79,900 24.15 AC 600N 8000E EDEN 25.91AC - 2300N 6200E- REALTOR Joan Woodruff 675-0444 Joan4c21@aol.com |