|Paper||Ogden Valley News|
|Rights||In Copyright (InC)|
|Rights Holder||SR Communications DBA, Eden, Utah|
|Publisher||Digitized by J. Willard Marriott Library, University of Utah|
|Paper||Ogden Valley News|
Page 12 The Ogden Valley news Volume XIV Issue XIII April 1, 2007 Strong Regional Economic Growth Benefits Weber County’s and Neighbors’ Small Businesses Highlights • Weber County experienced job growth of 2,300 jobs (2.5%) from a year ago. Joblessness registered 2.8%, down from the 4.3% unemployment rate one year ago. • The Zions Bank Small Business Index for Utah was 106.6 in February 2007, up from a revised 105.4 in January 2007. • Utah's unemployment rate was estimated at 2.7% in the latest month, up from the prior month's 2.5% rate. Total Utah employment is up an estimated 52,600 jobs during the past 12 months. • Strong regional economic growth benefits Utah's and neighboring states' small business sectors. • The U.S. economy added 97,000 net new jobs in February, matching expectations. December and January job gains were revised higher by 55,000 jobs. The U.S. unemployment rate declined to 4.5%. Regional Economic Strength As noted regularly in prior releases, Utah has been among the nation’s leaders in employment growth during the past 30 months. Strong Utah economic growth is emblematic of the Rocky Mountain Region, an area that leads U.S. job creation by a wide margin. The states of Arizona, Utah, Idaho, Nevada, and Wyoming rank as the nation’s top five job creation states as measured by percentage gains (excluding hurricane-impacted Louisiana). The 4.1% average employment gain within these five states (past 12 months) sharply outpaces the 2.7% annual growth pace of the next five strongest job growth states. Neighboring New Mexico, Montana, and Colorado currently rank 13th, 15th, and 18th respectively as measured by employment gains over the most recent 12-month period. Strong state and regional employment creation leads incomes and consumer spending higher, benefiting most small businesses. Regional economic performance is a component of the Utah Small Business Index. Utah Employment The Utah unemployment rate-the most heavily weighted component of the Zions Bank Small Business Index for Utah-was estimated at 2.7% in the latest month, up from the prior month’s rate. The 2.7% rate compares to a jobless rate of 4.1% during the same month one year ago. A jobless rate averaging 2.6% in recent months is the lowest ever recorded in the state and the lowest in the continental U.S. A low Utah unemployment rate is a negative contributor to the Index as it implies lesser access to Utah labor. Utah’s unemployment rate averaged 2.9% in 2006, 4.3% in 2005, 5.1% in 2004, 5.7% in 2003 and in 2002, and 4.4% in 2001. These rates compare to an average Utah unemployment rate of 3.5% between 1995 and 1999. Total Utah employment rose by an estimated 52,600 jobs (up 4.5%) over the past 12 months, one of the strongest annualized gains in more than 10 years, and one of the strongest job growth rates in the nation. This rise compares to a revised gain of 52,600 jobs in the prior year-over-year period. Utah added 55,200 jobs in 2006, 43,700 jobs in 2005, and 30,200 jobs in 2004. 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 better income creation and stronger retail spending, have a positive impact upon Utah’s small businesses...and therefore, the Index. The Zions Bank Small Business Index for Utah was 106.6 during February 2007, up from a revised 105.4 during January 2007. 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 includes revisions to various historical and new forecast components as they become available. Note: Because of national bankruptcy reform effective in October 2005, bankruptcies surged in 2005 and plunged in 2006. In order to minimize the impact of bankruptcy volatility on the Index, we have averaged 2004 to 2006 bankruptcy data and revised those years. Local Performance Weber County experienced job growth of 2,300 jobs (2.5%) from a year ago. Joblessness registered 2.8%, down from the 4.3% unemployment rate one year ago. Davis County payrolls expanded by 3,900 jobs (4.1%) in the past year. The unemployment rate was 2.2% in the latest month, down from 3.3% one year ago Cache County employment grew by 1,400 jobs (2.9%) in the latest 12-month period. The area’s jobless rate was 1.7%, down from the 2.7% rate of one year ago. Salt Lake County employment rose by 25,100 jobs (4.5%) over the year. The county’s unemployment rate fell to 2.3% in the latest month, down from 3.6% last year. Utah County employment grew by 8,800 jobs (5.1%) over the last 12 months. The area’s jobless rate was 2.0%, down from the 3.1% rate of one year ago. Washington County payrolls expanded by 3,700 jobs (7.6%) in the past year. The unemployment rate was 2.1% in the latest month, down from 2.9% one year ago. National Employment The U.S. Department of Labor reported a net gain of 97,000 jobs in February 2007, in line with expectations. In addition, combined December and January employment gains were revised higher by 55,000 jobs. The U.S. economy added an average CLEANUP cont. from page 1 enjoys the use of this beautiful river, is encouraged to bring their waders and show up on April 21. Those with waders will be assigned a portion of the river where they will specifically target the riverbanks. The Ogden Canyon Club has also enlisted the assistance of several kayakers to help with items that may have become embedded deeper within the riverbed. At noon, after the completion of the cleanup effort, there will be an outside BBQ lunch provided at The Oaks restaurant. There will also be a raffle with a chance to win many great prizes. The Canyon Club is asking everyone to come out and help with this cleanup effort. “How often do we do something that jeop- of 189,000 net new jobs monthly in 2006. The 2.26 million rise in net new jobs in 2006 roughly matched gains averaging 2.30 million jobs annually in 2004 and 2005. The U.S. unemployment rate was 4.5% in February, down from January’s 4.6% rate. October’s 4.4% jobless rate was the lowest in more than five years. The average hourly wage rose 0.4% (six cents) to $17.16 hourly, a rise of 4.1% over the past 12 months versus the 2.1% rise in consumer prices over the same 12-month period. Goods-producing employment was under severe pressure in February, with a net loss of 71,000 jobs. Construction employment fell by 62,000 jobs in February (the largest monthly decline in nearly 16 years), while manufacturing employment fell by 14,000 positions. Service-providing employment led the way in February with a rise of 168,000 net new jobs. Government employment grew by 39,000 net new jobs, while the education & health care sector added 31,000 positions. The leisure sector also added 31,000 net new jobs, while professional & business services employment rose by 29,000 jobs. Retail trade added 7,000 net new jobs. The March 2007 Zions Bank Small Business Index for Utah will be released on April 10, 2007. Zions Bank is Utah’s oldest financial institution, and is a leader in providing electronic banking services, including electronic municipal bond trading. Founded in 1873, Zions has been serving the communities of Utah for more than 130 years. Additional information is available at <www.zionsbank.com> Jeff Thredgold, Thredgold Economic Associates Economic Consultant to Zions Bank (801) 614-0403 (c)2007 Thredgold Economic Associates ardizes our environment? Everyday. We can at least come together as a community and spend three hours of our time to give something back,” states Rounkles. “If you’re not going to come out and help with the Canyon Cleanup, at least do something to participate in Earth Day. Combine efforts within your neighborhood, support the local Sierra Club, or involve your church groups in an environmental friendly project.” If you can not attend the Canyon Cleanup and would still like to contribute in some way, donations to help cover the cost of lunch, or prize donations for the raffle would be greatly appreciated. For additional information, or to contribute, contact Keith Rounkles by stopping by The Oaks or calling 394-2421.