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Show Page 8 The Ogden Valley news Volume XX Issue V April 1, 2012 Ninth International Art Competition Exhibition Opens: General Conference begins March 31 Artwork by Latter-day Saint artists from around the world are featured in a new three-gallery exhibition at the LDS Church History Museum. The 198 pieces of art on display were selected from 1,155 entries submitted to the museum’s Ninth International Art Competition, which will be open to the public now through October 14, 2012. The exhibition includes paintings, sculpture, textiles, carvings, photographs, ceramics, and others. The LDS Church History Museum is located at 45 North West Temple Street in Salt Lake City. General Conference - The LDS church will hold their 182 Annual Session of General Conference on Saturday, March 31 and Sunday, April 1. Members of The Church of Jesus Christ of Latter-day Saints worldwide gather twice yearly for what they call “general conference.” This is in addition to their weekly worship services each Sunday. General conferences are conducted each April and October and comprise five two-hour meetings held over two days. The April meetings are called annual conferences and those in October, semiannual. The sessions on Saturday morning, Saturday afternoon, Sunday morning and Sunday afternoon are open to everyone, while a session on Saturday evening is for Latter-day Saint men and young men who hold the priesthood. Latter-day Saints travel from all over the world to attend general conferences, which originate in the 21,000-seat Conference Center in Salt Lake City, Utah. Free tickets are distributed for each session, with standby lines available for those without tickets. Overflow facilities on nearby Temple Square accommodate those who cannot fit in the Conference Center. Since the vast majority of the Church’s 14 million members are unable to attend general conference in person, the meetings are broadcast via satellite to over 7,400 church buildings in 102 countries. Members can also watch conference on television through Salt Lake Citybased station KSL or BYU-TV. In addition, the Church streams the meetings live on the LDS. org website and on the Mormon Channel. During the conference, Church leaders speak on a variety of spiritual topics. They address Latter-day Saints as well as government, faith and community representatives and other conference guests. Speakers include the worldwide leader of the Church, President Thomas S. Monson, and his counselors in the First Presidency, the governing body of the Church. Talks are also given by the members of the Quorum of Twelve Apostles and other leaders. General conference talks vary in length from about 5 to 20 minutes. Topics are not assigned; each speaker chooses his or her own subject matter. Talks usually cover basic gospel principles or address significant issues of the day, with speakers encouraging individuals and families in their efforts to follow Jesus Christ. After the conference is over, the talks are published on the LDS.org website and reprinted in the Church’s Ensign and Liahona magazines so members can read and study them. Music for the conference sessions is provided by the Mormon Tabernacle Choir and organists, other Church choirs and the congregation. The music emphasizes gospel themes. Church leaders have conducted general conferences since 1830, when the Church was organized by Joseph Smith. According to historian Glen M. Leonard, “about 30 baptized members attended the first conference along with others who were interested in the Church.” Today, the conferences are simultaneously interpreted into 92 languages ranging from Albanian to Yapese to serve a large and growing international membership. American Sign Language interpretation and closed captioning are also available. Weber County’s Small Business Sector Will Benefit from Stronger U.S. Job Gains matched by the estimated 476,000 rise in the of the U.S. Business Index. small businesses and, therefore, the Index. Highlights • The Zions Bank Small Business Index for Utah was 112.8 in February 2012, down from a revised 115.9 in January 2012. • Utah’s unemployment rate was estimated at 5.7% in the latest month, down from the 6.0% rate of the prior month. Total Utah employment grew by an estimated 30,300 jobs during the past 12 months. • Weber County gained 1,100 jobs (1.2%) in the latest 12-month period. Joblessness registered 7.0%, down from the 8.6% unemployment rate one year ago. • Solid American employment gains of the past six months will lead to stronger personal income gains across the nation, bolstering Utah’s small businesses. • The U.S. economy saw a net rise of 227,000 jobs during February, slightly exceeding consensus expectations of a 210,000 rise. Estimated job gains of the two prior months were revised higher by 61,000 jobs. The U.S. unemployment rate remained at 8.3% in February, the lowest level in three years. It’s All About Stronger U.S. Job Gains - The U.S. economy’s net addition of 227,000 jobs during February 2012 was one more sign of an American job creation machine finally shifting into a higher gear. The 227,000 net job gain slightly exceeded forecasting economists’ view of a 210,000 job rise. In addition, estimated job gains of the two prior months were revised higher by 61,000 jobs. February’s rise capped the best six-month streak of job growth since 2006 (bloomberg.com). As expected, the nation’s unemployment rate remained at 8.3% in February, a three-year low. The nation’s unemployment, or jobless rate, is derived from a survey of households that is different from the “official” job creation survey data. The estimated 428,000 rise in employment as measured in the household survey was largely nation’s civilian labor force. We have long suggested that if and when U.S. employment gains were stronger, hundreds of thousands of people who had formerly left the labor force as discouraged workers would return to seek more readily available jobs. Such was the case in February. We expect more of the same in coming months, leading to no major downward move in the nation’s jobless rate prior to year-end. More than 1.2 million net new jobs have been added in the U.S. economy over the past six months, with a gain of nearly 3.4 million net new jobs since the end of 2009. However, such gains represent only 40% of the 8.5 million net jobs lost during the Great Recession, which ran from December 2007 to June 2009. In addition, U.S economic growth since the recovery officially began in July 2009 has been the weakest since the 1940s. It remains to be seen whether solid job gains, which lead to stronger consumer spending, will be able to lead U.S. economic growth higher. The American economy grew at a 3.0% real (after inflation) annual rate during 2010, only to see growth slow to a 1.7% real pace in 2011. Most forecasts see real U.S. economic growth during 2012 near 2.2%-2.5%, better than the prior year, but substandard as it relates to prior economic recoveries. The long-in-place economic headwinds of weak American home values; anxiety about European financial strife getting worse; fear of Iran’s nuclear ambitions leading to a Middle Eastern conflict, with even higher oil prices; and consumer anxiety about the size, growth and direction of the U.S. government, leading to four years of $1.3 trillion annual budget deficits; limits American economic growth opportunities. U.S. and global economic performance are components of the Zions Bank Small Business Index for Utah. U.S. job gains and U.S. and global economic performance are components The performance of the U.S. economy is a component of the Small Business Index for Utah, as is the performance of the regional and the global economies. Stronger levels of performance boost 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 5.7% in the latest month, down from the prior month’s 6.0% rate. The 5.7% rate compares to a 7.6% 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 stronger retail sales pull the Index higher. Utah’s unemployment rate averaged 7.2% during 2011, 7.7% during 2010, 7.1% during 2009, 3.7% in 2008, 2.7% in 2007, and 2.9% 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 30,300 jobs (up 2.6%) over the past 12 months. This increase compares to a gain of 36,300 jobs in the prior year-over-year period. Utah gained 26,000 jobs in 2011, lost 7,800 jobs in 2010, lost 63,700 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 The Zions Bank Small Business Index for Utah was 112.8 in February 2012, down from a revised 115.9 in January 2012. 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 includes revisions to various historical and new forecast components as they become available. Local Performance Cache County employment fell by 500 jobs (-1.0%) in the latest 12-month period. The area’s jobless rate was 4.6%, down from the 5.8% rate of one year ago. Weber County gained 1,100 jobs (1.2%) in the latest 12-month period. Joblessness registered 7.0%, down from the 8.6% unemployment rate one year ago. Davis County had payrolls increase by 3,100 jobs (3.1%) in the past year. The unemployment rate was 5.7% in the latest month, down from 7.0% one year ago. Salt Lake County employment rose by 15,600 jobs (2.7%) over the year. The county’s unemployment rate was 5.9% in the latest month, down from 7.4% last year. Utah County employment rose by 8,200 jobs (4.7%) over the last 12 months. The area’s jobless rate was 6.1%, down from the 7.7% rate of one year ago. Washington County payrolls increased by 600 jobs (1.3%) in the past year. The unemployment rate was 7.9% in the latest month, down from 9.8% one year ago. The March 2012 Zions Bank Small Business Index for Utah will be released April 10. Jeff Thredgold, Thredgold Economic Associates, Economic Consultant to Zions Bank ©2012 Thredgold Economic Associates |