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Show Page 8 The Ogden Valley news Volume XX Issue VIII May 15, 2012 Little U.S. Economic Growth Does Not Help Weber County’s Small Businesses Highlights sures business conditions from the viewpoint · The Zions Bank Small Business Index for of the Utah small business owner or manager. Utah was 113.0 in April 2012, up from a A higher Index number is associated with revised 112.6 in March 2012. more favorable business conditions for Utah’s · Utah’s unemployment rate was estimated at small businesses. The Index uses 100.0 for 5.8% in the latest month, up from the 5.7% rate of the prior month. Total Utah employment grew by Unemployment Rates an estimated 27,400 jobs during seasonally adjusted, selected counties the past 12 months. · Weber County gained 1,200 jobs (1.3%) in the latest 12-month 10.0 March 2011 period. Joblessness registered March 2012 6.9%, down from the 8.2% 8.0 unemployment rate one year ago. · The U.S. economy grew at a real 6.0 (inflation adjusted) annual rate of 2.2% during 2012’s first quarter, slightly below expectations. 4.0 Such growth was inferior to the 3.0% real annual growth pace in 2.0 the prior quarter. · The U.S. Department of Labor 0.0 reported a net gain of 115,000 Cache Weber Davis Salt Lake Utah jobs in April 2012, sharply less than a consensus expectation of 165,000 jobs. Estimated job gains of the two calendar year 1997 as its base year. The Index prior months were revised higher by 53,000 includes revisions to various historical and new jobs. The U.S. unemployment rate declined to forecast components as they become available. 8.1% in April, the lowest in nearly three years Utah Employment - The Utah unemployMeager Performance of U.S. Economy ment rate—the most heavily weighted compo- The U.S. economy grew at a real (inflation nent of the Zions Bank Small Business Index adjusted) annual rate of 2.2% during 2012’s for Utah—was estimated at 5.8% in the latest first quarter, slightly below expectations. Such month, up from the prior month’s 5.7% rate. growth was inferior to the 3.0% real annual The 5.8% rate compares to a 7.1% rate during the same month one year ago. A higher Utah growth pace in the prior quarter. During all of 2011, the American economy unemployment rate is a positive contributor to grew at a 1.7% real rate. Such modest growth the Index as it implies increased access to Utah was sharply below the 3.0% growth pace during labor. Other associated factors typically tied to 2010, but much better than the 3.5% real con- a higher unemployment rate, such as lesser job creation, lesser income gains, and softer retail traction in U.S. economic output during 2009. Most forecasting economists expect real sales pull the Index lower. Utah’s unemployment rate averaged 7.2% growth in 2012 near 2.5%. Such a modest growth pace is negatively impacted by ongo- during 2011, 7.7% during 2010, 7.1% during ing financial stress across Europe, high energy 2009, 3.7% in 2008, 2.7% in 2007, and 2.9% in prices, and major anxiety about the size and 2006. These rates compare to an average Utah direction of the U.S. government. Budget defi- unemployment rate of 5.0% during the 2001 to cits exceeding $1.2 trillion during each of the 2005 period, and an average 3.5% rate between past three years has also added to consumer and 1995 and 2000. Total Utah employment grew by an esticorporate anxiety. One could argue that the massive amount mated 27,400 jobs (up 2.3%) over the past 12 of fiscal and monetary stimulus thrown at the months. This increase compares to a revised American economy should have led to stronger gain of 29,500 jobs in the prior year-over-year performance. One change over the past eight period. Utah lost 7,800 jobs in 2010, lost 63,700 months is that the odds of another U.S. recession jobs in 2009, lost 800 jobs in 2008, and added have lessened. Modest U.S. economic growth 49,600 jobs in 2007, 55,700 jobs in 2006, 43,700 of the past 30 months is substantially better jobs in 2005, and 30,200 jobs in 2004. These totals compare to gains averaging than the economic weakness during the Great 38,000 new jobs annually during the 1994Recession. The performance of the U.S. economy is 2000 period and a net loss of 1,300 jobs in 2001 a component of the Small Business Index for through 2003. More recently, job gains leading Utah, as are the performances of the regional to greater income creation and stronger retail and the global economies. Stronger levels of spending, have a positive impact upon Utah’s small businesses…and therefore, the Index. performance boost the Index. The Zions Bank Small Business Index for Local Performance Cache County employment grew by 400 Utah was 113.0 in March 2012, up from a revised 112.6 in April 2012. The Index mea- jobs (0.8%) in the latest 12-month period. The area’s jobless rate was 4.4%, down from the 5.2% rate of one year ago. Weber County gained 1,200 jobs (1.3%) in the latest 12-month period. Joblessness registered 6.9%, down from the 8.2% unemployment rate one year ago. Davis County had payrolls increase by 3,600 jobs (3.6%) in the past year. The unemployment rate was 5.7% in the latest month, down from 6.8% one year ago. Salt Lake County employment rose by 16,400 jobs (2.8%) over the year. The county’s unemployment rate was 5.8% in the latest month, down from 7.0% last year. Utah County employment rose by 8,000 jobs (4.5%) over the last 12 months. The area’s jobless rate was 5.7%, down from the 7.0% rate of one year ago. Washington County payrolls increased by 600 jobs (1.3%) in Washington the past year. The unemployment rate was 7.6% in the latest month, down from 9.4% one year ago. National Employment - The U.S. Department of Labor reported a net gain of 115,000 jobs in April 2012, sharply less than a consensus expectation of 165,000 jobs. Estimated job gains of the two prior months were revised higher by 53,000 jobs. The U.S. unemployment rate declined to 8.1% in April, the lowest in nearly three years, versus the 8.2% rate of the prior month. The current 8.1% jobless rate compares to the 9.0% rate of one year ago, the 9.9% rate of April 2010, and the 8.9% rate during April 2009. Private-sector service providing employment rose by 116,000 jobs in April, led by an estimated 62,000 gain in professional & business service jobs. Education and health services added 23,000 jobs, while leisure & hospitality employment rose by an estimated 12,000 jobs. Goods producing employment rose by 14,000 jobs in April, led by an estimated 16,000 gain in manufacturing jobs. This gain was offset by a loss of 2,000 construction jobs, and no change in mining & logging employment. Overall government employment fell by another 15,000 jobs during the month. The U.S. economy suffered a net decline of 3.6 million jobs during 2008, the worst year since 1945. The net loss of 5.1 million jobs during 2009 easily surpassed the 2008 total. Annual revisions to more recent data now show the American economy added 1,027,000 net new jobs during 2010, or 86,000 per month. Job gains during 2011 totaled 1,820,000 jobs, or 152,000 per month. The May 2012 Zions Bank Small Business Index for Utah will be released June 11, 2012. Utah Universities Awarded $1 Million to Train Next Generation of Nuclear Energy Leaders, Advance University-Led Nuclear Innovations WASHINGTON, D.C. – Underscoring President Obama’s commitments to keep college affordable, expand opportunities for American families nationwide, and promote education in the areas of science, technology, engineering and math, Secretary of Energy Steven Chu announced in May that Utah universities have been awarded a total of $1 million in graduate fellowships and research grants to train and educate the next generation of leaders in America’s nuclear industry. These awards to Utah State University and the University of Utah are part of the Department’s Nuclear Energy University Program and Integrated University Program that will support nuclear energy R&D and student investment at 46 colleges and universities nationwide. “We must invest in the next generation of American scientists and engineers in order to fulfill our commitment to restarting America’s nuclear industry and making sure that America stays competitive in the 21st century,” said Secretary Chu. “The awards announced today— from scholarships and fellowships to universityled nuclear research projects—are part of the Obama Administration’s efforts to keep college affordable for students nationwide. These investments in Utah will help train and educate our future energy leaders, while developing the innovations we need to create new jobs and export opportunities for American-made nuclear technologies.” Awards under the Nuclear Energy University Program are divided into multiple categories, including undergraduate scholarships, graduate fellowships, university-led research and development projects, and upgrades at university research reactors. At Utah State University, researchers will receive $690,000 to conduct experiments that generate data on natural convection through a fuel assembly. The data will be used to validate the computational models being developed for nuclear safety and design. Through the Integrated University Program, the Department is also awarding two Utah State University students $310,000 in graduate fellowships, in addition to a summer internship at a Department of Energy (DOE) National Laboratory. Four students will also receive $5,000 each in scholarship awards. With the support of this program, the students will receive financial support to pursue a degree in the nuclear field and gain the skills and experiences needed to succeed in a nuclear science and engineering career. The selected students will study a breadth of critical nuclear energy issues, from fuel cycle sustainability to reactor efficiency and design. Jeff Thredgold , Thredgold Economic Associates For more information on the Nuclear Economic Consultant to Zions Bank (801) 614-0403 Energy University Programs and the Integrated ©2012 Thredgold Economic Associates University Program, visit <www.neup.gov> |