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Show Volume XII THE Issue I OGDEN VALLEY NEWS Page 13 April 15, 2005 Higher Borrowing Costs on Tap in Weber County Small Business Sector Highlights ~ ~ ~ ~ The Zions Bank Small Business Index for Utah declined to 105.9 in March 2005, down from a revised 106.6 in February 2005. Utah’s unemployment rate was estimated at 4.8% in the latest month, down from the prior month’s revised 4.9% rate. Total Utah employment is up an estimated 39,700 jobs during the past 12 months. Weber County experienced job growth of 1,900 jobs (2.2%) from a year ago Joblessness registered 5.9%, down from the 7.1% unemployment rate one year 0. ag Borrowing costs for Utah’s small business sector will continue to rise in comin, months, tied to the Federal Reserve’s efforts to trim inflation pressures. ~ The U.S. economy added 110,000 net new jobs in March, while the unemployment rate returned to 5.2%. Higher Rates Still in the Cards Rising inflationary pressures in the American economy will lead to additional monetary tightening by the Federal Reserve over the balance of 2005. We expect additional Petes moves on May 3 and on June 3 aa Federal Reserve’s Open Market Committee surprised no one on March 22 with their seventh consecutive 0.25% monetary tightening move within their FOMC framework. The Fed’s Open Market Committee meets roughly every 45 days and reassesses the current level of monetary pol- icy. The Fed has been very deliberate in its tightening moves since last June. The most t move increased the federal funds rate—arguably the most important of all interest rates-to a new target level of 2.75% from their prior target of 2.50% An analysis of the FOMC written statement of March 22 suggested that more aggressive tightening moves might be on the way, with many expecting 0.50% increases in May and/or June. However, the weak employment creation reported on April 1 makes such moves unlikely. The Small Business Index assumes that most small firms are borrowers. As a result, rising short-term interest rates are a negative contributor to the Index. 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, down from the prior month’s revised 4.9% rate. The current 4.8% rate compared to a jobless rate of 5.4% during the same month one year ago. A lower Utah unemployment rate is a negative contributor to the Index as it implies decreased access to Utah labor. Revised data shows that Utah’s unemployment rate averaged 5.2% in 2004, 5.7% in 2003 and in 2002, and 4.4% in 2001. By comparison, the 3.4% 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 39,700 jobs (up 3.7%) over the past 12 months, e of the strongest annualized gains in seven years. This rise compares to a revised gain of 39,900 jobs in the prior yearover-year period. These totals compare to gains averaging 38,000 new jobs annually during the 1994-2000 period and a net loss of 1,300 jobs in 2001 through 2003. Stronger job gains, leading to greater income creation and rising retail spending, has a positive impact upon Utah’s small businesses and, therefore, the Index The Zions Bank Small Business Index for Utah was 105.9 during March 2005, down from a revised 106.6 during February 2005. The Index measures business conditions from the viewpoint of the Utah small business owner or manager. A lower Index number is associated with less 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 come available. National Employment he U.S. Department of Labor reported a gain of 110,000 net new jobs in March 2005, half the 220,000 rise expected on Wall Street. In addition, employment gains in January and February were revised lower by 27,000 jobs. The U.S. unemployment rate was 5.2% in March, down from February’s 5.4% rate, tied to much stronger employment gains in the household survey. June 2003’s 6.3% rate was the highest in nine years. Goods producing industries saw a net gain of 24,000 jobs in March, with a loss of 8,000 manufacturing jobs. Construction added 26,000 jobs last month. Service providing industries added 86,000 positions in March, with new jobs in professional and business services and health care leading the way. Solid U.S. and global economic growth remains on track. We expe: Summary of Minutes of Huntsville Town Council Meetings March 3, 2005 ~ Mayor McKay presented “Huntsville Town’s Official Arbor Tree Planting Day Proclamation” to the Council. Huntsville Town will observe Arbor Day on May 6, 2005. The Town, in conjunction with Valley Elementary School, will enjoy a day of celebration performed by the students, with songs, a skit, and the planting of a tree on the school grounds. Council Member Stevenson is the chairan over the 4" of July Celebration for Huntsville Town this year. If you are interested in volunteering your help to make this year’s celebration the best yet, a contact Chris Stevenson @ 745-2345. ~ March 24, 2005 ~ The Council approved the expenditure of $3,700.00 for the purchase of fireworks for the 4" of July celebration. Alan Clapperton is responsible for the fire- ~ ~ work display and has always done a fantastic job for the town. The Council adopted a resolution for the town to accept as the official boundary of the Huntsville Cemetery the survey description as determined by the Weber County Surveyor as shown on the survey on file in the office of the Town of Huntsville. The Council approved the renewal of the current contract with Econo Waste for the town’s garbage services The Council accepted the proposed subdivision of Jeffrey Holt’s property as amended and discussed in the work session. This is only a leary of the highlights or action items from the Town Council Meetings. It is not a detailed copy. Other items were discussed but not included in this summary. To get a complete copy of the approved minutes, please contact the Town Clerk @ 745-3420. Minutes approved March 24 and April 7, 2005 respectively. Parents: Don’t Let Kids Play With Pain (NAPSI)-Parents and coaches should think twice before coaxing young children and adolescents to “play through” foot and ankle pain. Playing with pain is risky. It can lead to chronic and painful foot and ankle conditions and downstream problems with the knees and lower back. To help avoid injuries, the American College of Foot and Ankle Surgeons suggests parents should follow these simple tips: 1. Get your child the right shoes for the right sport. E 2. Never let a child wear hand-me-down shoes, despite the cost savings 3. Buy athletic shoes that are well constructed and don’t bend in the middle of the sole. 4. Never let your child wear cleated shoes on surfaces other than playing fields. 5. Be sure the level of competition is within the child’s ability and overall stamina. 6. Help overweight children lose excess pounds. Being too heavy can put added pressure on the feet. A common overuse injury affects the growth plate located at the back of the heel. Bone is still developing there, making cartilage vulnerable to severe spat from strain or stress. This induces heel pai “Their growth plates are still open aad bones are growing and maturing-until they’re about 13 to 16. Rest and, in some cases, immobilization of the foot should relieve that inflammation,” said Christopher Hendrix, DPM, FACFAS, a Memphis-based foot and ankle surgeon. Active children are also susceptible to stress fractures-tiny hairline breaks caused by excessive force from running or jumping. Symptoms include pain during normal activity and when touching the area, as well as swelling without bruising. Parents should be concerned if a child has pain in the back or bottom of the heel, limps, walks on the toes, or seems to have difficulty participating in normal recreational activities. urther information about various foot conditions or to locate a podiatric surgeon, visit <www.FootPhysicians.com> monthly this year, in line with the 183,000 average monthly gain during 2004. Reasonable job gains should occur even as short-term interest rates continue to rise. The April 2005 Zions Bank Small Business Index for Utah will be released on May 10, 2005. Zions Bank is Utah’s oldest financial institution, and is the only local bank witl statewide distribution of branches, operating 112 full-service branches throughoutUtah. For more information, contact Zions Bank’s Eden Valley Market office at (801) 745-0835. Additional information on Zions Bank is available at <www.zionsbank.com> Jeff Thredgold Thredgold Economic AssociatesEconomic Consultant to Zions Bank (801) 533-9663©2005 Thredgold Economic Associates Paul L. Judd The only name in Valley Real Estate you'll ever need to know. Experience Counts Count on Me! 801-814-5667 Cell pauljudd@mstar2.net Real arr ny Resorts. All One Hour from Salt Lake! at Wolf eee Resort Ogden Valley * 18 year Multi Million Dollar producer 801-745-6000 Office www.Pauljudd.net website nays a ELC M ya Your Winter Ski Chalet. 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