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Show The Ogden Valley news Page Volume XVII Issue XXIV June 1, 2010 UDOT Asks Travelers to Consider “Stay an Extra Day” During Holiday and Weekend Travel OGDEN-The Utah Department of Transportation (UDOT) is encouraging motorists to extend their weekend travel to minimize construction-related delays, as part of the “Stay an Extra Day” promotion. The “Stay an Extra Day” promotion, www. udot.utah.gov/stayanextraday, is supported by the Utah Office of Tourism and focuses on the Memorial Day, Fourth of July, Pioneer Day, and Labor Day holidays as well as on weekends throughout the summer. UDOT and the Utah Office of Tourism have collaborated with lodging properties and attractions across the state willing to offer discounts or other incentives exclusively on the Thursday or Tuesday surrounding each holiday weekend and/or on the Friday or Monday of any other weekend. With some of the busiest travel holidays approaching, beginning with Memorial Day, trav- elers can take advantage of the many incentives offered by lodging properties and other attractions to extend their summer travel and to reduce the number of vehicles traveling during peak holiday weekend times. The offers are posted on the UDOT “Stay an Extra Day” website as well as linked from the Utah Office of Tourism website, www.travel.utah.gov. Offers range from half-off a fourth night hotel stay over a summer weekend to a discount on a sunset cruise near Memorial Day, for example. Businesses interested in participating in the complimentary program can still submit offers or update existing offers already posted on the website. For questions or to submit an offer, contact Christina Davis at 1-888-I15Core or e-mail her at <christinadavis@utah.gov> For information on summer construction projects and to plan ahead to avoid delays, visit <www.udot.utah.gov/knowwhereknowwhy> Weber County’s Small Business Sector Will Benefit from Ongoing U.S. Economic Growth & Stronger U.S. Job Gains Highlights • Weber County experienced a decrease of 3,100 jobs (-3.4%) from a year ago. Joblessness registered 8.1%, up from the 7.9% unemployment rate one year ago. • The Zions Bank Small Business Index for Utah was 97.8 in April 2010, up from 95.9 in March 2010. • Utah's unemployment rate was estimated at 7.2% in the latest month, up from the 7.1% rate of the prior month. Total Utah employment fell an estimated 22,500 jobs during the past 12 months. • Ongoing U.S. economic growth and the strongest American job gains in four years are positive developments for Utah's small businesses. • The U.S. economy gained an estimated 290,000 net new jobs in April, more than the 185,000 gain expected. In addition, job gains of the two prior months were revised sharply higher. The U.S. unemployment rate rose to 9.9% in April, as more than 800,000 people returned to the labor force. U.S. Economic Growth . . . & More Jobs The U.S. economy recorded a third consecutive quarter of economic growth during the January to March 2010 quarter, with a 3.2% real (inflation adjusted) annual growth pace. The 3.2% annual growth rate was in line with economists’ expectations. In addition, U.S. job gains during April were the strongest in four years (see National Employment section). The 3.2% growth pace was sharply below the 5.6% real annual growth rate of the prior quarter-the strongest quarterly growth rate in six years. However, various components of the first quarter report were favorable. In addition, the 5.6% number had some one-time factors which overstated the rate of growth. Perhaps the most favorable nugget of data was stronger performance by the consumer. Consumer spending—70% of the American economy— rose at a 3.6% real annual rate, the strongest performance in three years. Such spending rose at a modest 1.6% real annual rate during 2009’s final quarter. Consumers in general have felt better in recent months about their own prospects for the future, tied to greater job availability, a rising stock market, and more signs that the worst recession in our lifetimes is behind us. Still, a painful unemployment rate of 9.9% and 15 million people currently unemployed clearly limits the consumer spending upside. Spending by businesses on equipment and software rose at a solid 13.4% annual pace, although down from the 19.0% fourth quarter pace. Investment in residential real estate declined at an 11% annual rate, following two quarters of modest gains. Federal government spending rose at a 1.4% real annual pace, but was more than offset by a 3.8% spending reduction by state and local governments. State and local spending is likely to remain weak in coming quarters as tax revenues remain under pressure. The 3.2% real annual growth pace of the first quarter is likely to be followed by similar growth in coming quarters (see chart). As usual, economic forecasters on the fringes include those seeing a double-dip recession later this year or early in 2011, as well as those seeing much stronger economic growth in coming quarters. U.S. economic performance is a component of the Utah Small Business Index. U.S. employment gains and losses are key factors relative to U.S. economic growth or periods of recession. The Zions Bank Small Business Index for Utah was 97.8 during April 2010, up from 95.9 during March 2010. 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. Utah Employment The Utah unemployment rate-the most heavily weighted component of the Zions Bank Small Business Index for Utah-was estimated at 7.2% in the latest month, up from 7.1% during the prior month. The 7.2% rate compares to a 5.2% rate 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 6.6% during 2009, 3.7% in 2008, 2.8% in 2007, and 3.0% in 2006. These rates compare to an average Utah unemployment rate of 5.0% during the 2001 to 2005 period, and an average 3.5% rate between 1995 and 2000. Total Utah employment fell by an estimated 22,500 jobs (down 1.9%) over the past 12 months. This decrease compares to a revised loss of 27,800 jobs in the prior year-over-year period. Utah lost 60,700 jobs in 2009, lost 800 jobs in 2008, and added 49,600 jobs in 2007, 55,700 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. More recently, job losses, leading to lesser income creation and softer retail spending, have a negative impact upon Utah’s small businesses . . . and therefore, the Index. Local Performance Weber County experienced a decrease of 3,100 jobs (-3.4%) from a year ago. Joblessness registered 8.1%, up from the 7.9% unemployment rate one year ago. Utah County employment declined by 4,700 jobs (-2.6%) over the last 12 months. The area’s jobless rate was 7.2%, up from the 6.5% rate of one year ago. Cache County employment decreased by 700 jobs (-1.4%) in the latest 12-month period. The area’s jobless rate was 5.4%, down from the 5.5% rate of one year ago. Davis County payrolls decreased by 100 jobs (-0.1%) in the past year. The unemployment rate was 6.7% in the latest month, up from 6.1% one year ago. Salt Lake County employment fell by 12,200 jobs (-2.1%) over the year. The county’s unemployment rate was 7.0% in the latest month, up from 6.4% last year. Washington County payrolls declined by 1,600 jobs (-3.3%) in the past year. The unemployment rate was 9.7% in the latest month, up from 9.1% one year ago. National Employment The U.S. Department of Labor reported a net gain of 290,000 jobs in April 2010, roughly 100,000 more than economists’ expectations. The gain was the best in four years. In addition, job gains of the two prior months were revised higher by 121,000 jobs. The U.S. unemployment rate rose to 9.9% in April 2010, following three consecutive months at 9.7%. The rise resulted primarily from more than 800,000 people-more optimistic about finding a jobreentering the labor force. The current 9.9% jobless rate compares to the 8.9% rate of one year ago and is nearly double the 5.0% rate of April 2008. Goods-producing employment rose in April for the second month in a row, with a rise of 65,000 jobs. Manufacturing employment rose by 44,000 positions—the strongest monthly gain in nearly 12 years-while construction added 14,000 jobs. Private sector service-providing employment rose in April by 166,000 positions. The professional & business services sector gained 80,000 jobs (including 26,000 “temp” jobs), while the retail trade sector added 12,000 jobs. The education & health services sector added 45,000 positions in April. In addition, the government sector added 65,000 jobs during the month, essentially all temporary Census jobs. The U.S. economy suffered a net decline of 3.6 million jobs during 2008, the worst year since 1945. The loss of 4.8 million jobs during 2009 easily surpassed the 2008 total. The net decline of 8.4 million jobs is a painful contrast to the average gain of 1.9 million net new jobs annually during 2005 to 2007. Revised data now shows the U.S. economy added 573,000 jobs during 2010’s first four months. Solid job gains should be reported in coming months as the U.S. economy continues to emerge from the worst recession in the postDepression period. The May 2010 Zions Bank Small Business Index for Utah will be released on June 8, 2010. Additional information is available at <www. zionsbank.com> ARE YOU A “NEWCOMER” TO OGDEN VALLEY? If so, order your FREE Welcome Package at www.ovba.org >EC; H;<?D7D9; BE7D ?C7=?D; =;JJ?D= 7 BE7D M>;H; J>; 87DA F7OI OEK 879A <?HIJ$ Gold Checking Online Bill Pay Ultimate Savings Give us your loan. We’ll give you a $50 Gift Card. A compelling story needs a great beginning. And Zions Bank can help you get started with a compelling offer. For a limited time, close any personal home loan at Zions Bank and receive a $50 Visa Gift Card. It’s just our way of saying thanks for closing a loan with us. To learn more about our personal, auto and mortgage loans—as well as home refinances and credit lines—simply drop by your local Zions Bank branch, visit zionsbank.com, or call 1-800-789-BANK. Ask about our home refinance loans with no closing costs. Visit our o^dchWVc`#Xdb EdEn branch today, or call EilEEn sawyEr at 801-745-0835. BZbWZg ;9>8 All loans are subject to approval. Restrictions apply. Ask branch for details. Loans are limited to first deed lien on owner-occupied property with a maximum loan-to-value ratio of 80%. Minimum loan amount is $10,000. Prepayment penalty of $350 is applied if the outstanding balance is paid off within 36 months of the note date. Other restrictions may apply. Receive a $50 Visa Gift Card at loan closing. One Gift Card per loan closed. Contact bank for loan types eligible for the offer. Offer expires July 2, 2010. Offer does not apply to all personal home loans. Terms, conditions and restrictions apply. Contact branch for details. |
