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Show Page 8 The Ogden Valley news Volume XVIII Issue XXIV March 15, 2011 Zions Bank’s Pays for Stronger U.S. Job Gains Will Pay Dividends For Weber County’s Small Business Sector comparison, the larger “establishment” survey ing months. At the same time, external events “A’s” Winners Announced Highlights · Weber County added 200 jobs (up 0.3%) in has reported the addition of 407,000 net new such as Middle Eastern and Northern African Getting good grades in school pays off— literally. You’ve worked hard for your grades; it’s time to get paid for it! Hardworking 7th through 12th-grade teens—students between the ages of 13 and 18—in Utah and Idaho can earn $1 for every “A” they receive on their 2010-2011 report cards. Plus, for each “A,” students are automatically entered into drawings to win one of 152 scholarship savings accounts, worth up to $1,000. On Wednesday, February 23, Melanie Eyres from Eden’s Zions Bank branch presented Snowcrest students Emily Summers and Julianne Lewis a one-hundred-dollar check each, whose names were chosen from the Zions Bank’s Pays for A’s drawing. Community Drawings - One-hundred-fifty students from different geographic regions in Utah and Idaho will win scholarship savings accounts throughout the school year. The next deadline to submit your most current report card is March 25, 2011 for the spring drawing. Year-End Grand Prize Drawing - Entries from all community drawings will be pooled into the grand prize drawing. One Utah student and one Idaho student will each win a grand prize—a $1,000 scholarship savings account. The deadline to turn in final report cards for the year-end drawing is July 8, 2011. For more information about the program, e-mail pays4as@zionsbank.com or contact Andrea Standing, Zions Bank Public Relations at 801-844-7934. the latest 12-month period. Joblessness registered 8.5%, up from the 7.6% unemployment rate one year ago. · The Zions Bank Small Business Index for Utah was 118.5 in February 2011, up from a revised 116.5 in January 2011. · Utah’s unemployment rate was estimated at 7.6% in the latest month, up from the 7.5% rate of the prior month. Total Utah employment grew by an estimated 18,000 jobs during the past 12 months. · Stronger American employment gains reported for February, should they continue, will provide support for more impressive small business performance in Utah and across the nation. · The U.S. economy added an estimated 192,000 net new jobs in February, matching economists’ consensus forecast. In addition, previously reported job gains in December and January were revised to show 58,000 more jobs. The U.S. unemployment rate dropped to 8.9%% in February, versus January’s 9.0% rate, and rates of 9.4% in December and 9.8% in November. Solid employment gains as measured within the household survey accounted for much of the decline. Stronger U.S. Job Gains - Economic data of the past six months including resurgence in U.S. manufacturing, rising confidence levels, improving retail and auto sales, declining claims for unemployment insurance, and more impressive performance of the nation’s serviceproviding sector have been met with substandard job gains. Not so in February. The American economy added 192,000 net new jobs during February, matching economists’ consensus forecast. In addition, previously reported job gains during December and January were revised to show 58,000 more people at work. Just over two-thirds of the industries measured by the U.S. Labor Department added jobs in February—the most widespread gain in 13 years. Declining Unemployment - The nation’s unemployment rate unexpectedly declined again from January’s 9.0% level to 8.9% in February, the lowest level in nearly two years. The nation’s unemployment rate—as high as 9.8% last November—has now fallen nearly a full percent in the past three months, the most rapid decline in nearly 28 years (cnnmoney.com). Such a rapid decline, however, could partially reverse itself in coming months, especially now that solid job data has been reported. Tens and hundreds of thousands of former workers who left the labor market during the past 12-24 months because of bleak job prospects—and were no longer counted as unemployed—could now re-emerge. Unless and until they find a job, they will now be counted as unemployed. Another reason for the sharp decline in the jobless rate has been more impressive job gains as derived from the “household” survey…the source of the unemployment rate. This smaller Melanie Eyres of Zions Bank with $100 check survey has reported the addition of 664,000 recipients Julianne Lewis and Emily Summers. additional jobs over the past three months. By jobs over the past three months. The smaller survey can be more accurate at times of transition to stronger, or weaker, job gains as it has a greater focus as to what is happening with small business startups and shutdowns. Trends - Two trends continued in February, with the likelihood that such trends will be noteworthy during much of 2011 and perhaps 2012. The nation’s private sector employers added 222,000 net new jobs during February, while state and local government employment fell by another 30,000 positions. Private companies will likely continue to add to payrolls at more impressive rates than has been the case during the past two years. Corporate profit levels have risen significantly, while productivity gains tied to solid investments into technology have largely run their course. In summary, more bodies are simply needed. The second is that employment within the state and local government sector will continue to decline, a result of severe weakness in state and local tax revenues of the past three years. State and local governments have now eliminated 377,000 jobs since peaking in September 2008 (nytimes.com). Payments to state and local governments as part of the massive $850,000,000,000 stimulus program of roughly two years ago are now gone. Funds to maintain employment levels are nowhere to be found. The Construction Ticket - An expected offset to state and local employment weakness later this year and in 2012 should be a modest resurgence in residential and commercial real estate construction employment. Widespread weakness of the past four years in both sectors should finally give way to rising new construction activity. Such gains will be most welcome as the unemployment rate in the construction sector is estimated at 21.8%, the highest of any industry. The construction sector actually added 33,000 net new jobs during February, the largest onemonth gain in nearly four years. Other Details - The nation’s goods producing sector added 70,000 net new jobs in February, led by the 33,000 rise in construction employment. The manufacturing sector added an identical total, with the rise of 97,000 net new manufacturing jobs the strongest threemonth gain in 16 years. Manufacturing sector unemployment is now estimated at 9.9%. Mining and logging added another 4,000 jobs. The nation’s much larger service providing sector added 152,000 net new jobs in February, led by the addition of 47,000 new jobs in the professional & business services arena. Education & health services added 40,000 net new jobs, while transportation and warehousing added 22,000 jobs. Leisure & hospitality added 21,000 net new positions, while other services added 14,000 jobs. As noted earlier, government loss 30,000 jobs, all in the state and local sector. Looking Forward - One good month does not a trend make; however, there is reason to believe that more solid job gains should become the norm—rather than the exception—in com- political instability, rising oil prices, European debt issues, and political developments in the nation’s capital could damage confidence and the economy, and lead to softer job gains. The pace of U.S. employment growth is a component of the U.S. Business Index. Stronger American employment growth contributes to stronger U.S. economic performance, which is a component of the Small Business Index for Utah. Regional and global economic performances are also components of the Small Business Index. The Zions Bank Small Business Index for Utah was 118.5 during February 2011, up from a revised 116.5 during January 2011. 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 7.6% in the latest month, up from the prior month. The 7.6% rate compares to a 8.0% rate 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. Other associated factors typically tied to a lower unemployment rate, such as greater job creation, greater income gains and higher retail sales pull the Index higher. Utah’s unemployment rate averaged 7.7 during 2010, 7.1% 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 grew by an estimated 18,000 jobs (up 1.5%) over the past 12 months. This increase compares to a revised gain of 12,800 jobs in the prior year-over-year period. Utah lost 6,200 jobs in 2010, 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 gains leading to greater income creation and stronger retail spending, have a positive impact upon Utah’s small businesses…and therefore, the Index. Local Performance - Weber County added 200 jobs (up 0.3%) in the latest 12-month period. Joblessness registered 8.5%, up from the 7.6% unemployment rate one year ago. Davis County payrolls increased by 1,500 jobs (1.5%) in the past year. The unemployment rate was 6.9% in the latest month, up from 6.3% one year ago. Salt Lake County employment rose by 5,800 jobs (1.0 %) over the year. The county’s unemployment rate was 7.3% in the latest month, up from 6.7% last year. Cache County employment rose by 1,900 jobs (3.9%) in the latest 12-month period. The area’s jobless rate was 5.8%, up from the 4.9% rate of one year ago. Utah County employment rose by 3,000 jobs (1.8%) over the last 12 months. The area’s jobless rate was 7.7%, up from the 6.7% rate of one year ago. Washington County payrolls increased by 400 jobs (1.0%) in the past year. The unemployment rate was 10.2% in the latest month, up from 9.0% one year ago. The March 2011 Zions Bank Small Business Index for Utah will be released on April 5, 2011. Additional information is available at <www. zionsbank.com> OIL AND GAS cont. from page 3 resources and values. The BLM is responsible for conducting lease sales, and monitoring subsurface activities related to exploration and development. This decision is subject to administrative review (appeal) pursuant to 36 CFR Part 215. The appeal must be filed (regular mail, fax, email, hand-delivery, or express delivery) with the Appeal Deciding Officer: APPEAL DECIDING OFFICER HARV FORSGREN REGIONAL FORESTER 324 25TH STREET OGDEN UT 84401 Appeals, including attachments, must be filed within 45 days from the publication date of this notice in the Provo Daily Herald. The Notice of Availability will be published in the Federal Register on March 4. All documents regarding this decision may be obtained at <www.fs.usda.gov/uwcnf> |