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Show THE Page 16 OGDEN VALLEY NEWS Volume XII Issue XI July 1, 2005 Stronger Regional Job Gains and Tighter Labor Markets Challenge Small Businesses in Weber County LIGHYs ago. A lower Utah unemployment rate is a The Zions Bank Small Business Index negative contributor to the Index as it implies for Utah declined slightly to 114.5 in decreased access to Utah labor. May 2005, down from a revised 114.6 in Utah’s unemployment rate averaged 5.2% April 2005 in 2004, 5.7% in 2003 and in 2002, and 4.4% Utah’s unemployment rate was estimatin 2001. By comparison, the 3.4% average ed at 4.9% in the latest month, up slightduring 2000 was one of the lowest annual ly from the prior month’s 4.8% rate. rates since the early 1950s. These rates comTotal Utah employment is up an estimatpare to an average Utah unemployment rate ed 38,000 jobs during the past 12 of 3.5% between 1995 and 1999 months. Total Utah employment rose by an estiWeber County experienced job growth mated 38,000 jobs (up 3.5%) over the past 12 of 1,900 jobs (2.2%) from a year ago. months, one of the str ongest annualized gains g Joblessness registered 5.5%, down from in eight years. This rise compares to the 6.2% unemployment rate one year revised gain of 40,400 jobs in the prior oe ago. over-year period. These totals compare to Much stronger regional and local job gains averaging 38,000 new jobs annually gains and tighter labor markets are chalduring the 1994-2000 period and a net loss of lenging Utah’s small business sector. 1,300 jobs in 2001 through 2003. Stronger he U.S. economy added a disappointjob gains, leading to greater income creation ing 78,000 net new jobs in May, while and rising retail spending, has a positive the U.S. unemployment rate declined to | impact upon Utah’s small businesses and, 5.1%. therefore, the Index. The Zions Bank Small Business Index for REGIONAL EMPLOYMENT CHALUtah was 114.5 during May 2005, down LENGES slightly from a revised 114.6 during April More vibrant economic activity in Utah and 2005. The Index measures business condiacross the Rocky Mountain region is maktions from the viewpoint of the Utah small ing it more difficult for small businesses to business owner or manager. find and retain quality em ployees. A lower Index number is associated Competition with larger companies for with less favorable business “conditions” skilled workers is fierce. for Utah’s small businesses. The Index The regional economy, hit hard by the uses 100.0 for calendar year 1997 as its impact of September 11, 2001 and the recesbase year. The Index also includes revision of 2001, has bounced back impressivesions to various historical or forecast comly. The region again leads the nation in perponents as they become available centage gains in employment growth. LOCAL PERFORMANCE Small businesses struggled in the late Weber County experienced job growth 1990s and in 2000 with some of the lowest regional unemployment rates on record. of 1,900 jobs (2.2%) from a year ago. While not yet back to that position, strong job Joblessness registered 5.5%, down from the 6.2% unemployment rate one year ago. gains and tighter labor availability, combined Davis County payrolls expanded by with rising financing costs, will challenge 3,500 jobs (3.7%) in the past year. The Utah’s small business employers in coming unemployment rate was 4.6% in the latest months and years. Job gains and unemploymonth, down from 5.4% one year ago. ment rates are key components of the Utah Cache County employment grew by Small Business Index. 800 jobs (1.7%) in the latest 12-month UTAH EMPLOYMENT p eriod. The area’s jobless rate was 3.9%, The Utah unemployment rate—the most uP slightly from the 3.6% rate of one year 0. heavily weighted component of the Zions Bank Small Business Index for Utah—was Salt Lake County employment rose by estimated at 4.9% in the latest month, up 15,500 jobs (2.9%) over the year. The slightly from the prior month’s 4.8% rate. county’s unemployment rate fell to 5.1% The current 4.9% rate compared to a jobless in the latest month, down from 5.8% last rate of 5.2% during the same month one year year. * * * * Ei Subscriptions available at $18.00 Send payment with THE OGDEN EDEN for out of area residents annually. mailing address to: VALLEY NEWS Property Management. Homes. From a speech by Bill Gates RULE 1: Life is not fair - get used to it. RULE 2: The world won’t care about your self-esteem. The world will expect you to accomplish something BEFORE you feel good about yourself. ago. NATIONAL EMPLOYMENT The U.S. Department of Labor reported a gain of 78,000 net new jobs in May 2005, less than half the 180,000 gain expected on Wall Street. The U.S. economy added 898,000 net new jobs in 2005’s first five months. The U.S. unemployment rate was 5.1% in May, down from March and April’s 5.2% rate. The 5.1% rate was the lowest since September 2001. June 2003’s 6.3% rate was the highest in nine years Goods producing industries saw a net gain of only 14,000 jobs in May, with a loss of 7,000 manufacturing jobs. Construction added 20,000 jobs last month. Service providing industries added 64,000 positions in May, wi T care and retail sales leading the wa Solid U.S. and global economic growth remains on track. xpect an average gain of 170,000-190,000 net new jobs 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. We expect a ninth 0.25% Federal Reserve tightening move to occur on June 3 The June 2005 Zions Bank Small Business Index for Utah will be released on July 12, 2005. Zions Bank is Utah’s oldest financial institution, and is the only local ban a statewide distribution of branches, ioe rating 112 full-service branches throughout Utah. For more information, contact Zions Bank’s Eden office at (801) 745-0835. Additional a et on Zions Bank is available <www.zionsbank.com> Jeff Thredgold Thredgold Economic Associates, Economic Consultant to Zions Bank (801) 533-9663 ©2005 Thredgold Economic Associates RULE 3: You will NOT make 40 thousand dollars a year right out of high school. You won’t be a vice president with a car phone, until you earn both. RULE 4: If you think your teacher is tough, wait till you get a boss. S/he doesn’t have tenure. RULE 5: Flipping burgers is not beneath your dignity. Your grandparents had a different word for burger flipping, they called it opportunity. RULE 6: If you mess up, it’s not your parents’ fault, so don’t whine about your mistakes, learn from them. RULE 7: Before you were born, your parents weren’t as boring as they are now. They got that way from paying your bills, cleaning your clothes and listening to you talk about how cool you are. So before you save the rain forest from the parasites of your parent’s generation, try delousing the closet in your own room. RULE 8: Your school may have done away with winners and losers, but life has not. In some schools they have abolished failing grades and they’ll give you as many times as you want to get the right answer. This doesn’t bear the slightest resemblance to ANYTHING in real life. RULE 9: Life ters. You don’t few employers find yourself. is not divided into semesget summers off and ve are interested in helping you Do that on your own time. RULE 10: Television is NOT real life. In real life people actually have to leave the coffee shop and go to jobs. RULE 11: Be nice to nerds. Chances are you’ll end up working for one. Celeste C. Canning PLLC Attorney at Law 2590 ae Boulevard, a Ogden, Utah 8440 200 Local: 801 791-1092 Office: 801 612-9299 Email: ccanninglaw@aol.com Business NorthernUtahRealEstate.com Selling. Utah County employment grew by 6,600 jobs (4.1%) over the last 12 months. The area’s jobless rate was 4.7%, down from the 4.8% rate of one year ago. Washington County payrolls expanded by 4,300 jobs (10.0%) in the past year. The unemployment rate was 4.2% in the latest month, down from 4.6% one year Meeting the Legal Needs of Small UT 84310 Resort Living Buying. Eleven Things Students Didn’t Learn In School But Should Know Land. Investment and Their Owners FREE Initial Thirty Minute Consultation. Appointments in Ogden Valley upon request. Properties 4718 E. Patio Springs Circle Relax in one of the two master suites. Vaulted ceilings, walkout basement, and an open floorplan that is excellent for entertaining. 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