| OCR Text |
Show April 1 03.qxd 12/7/2021 3:50 PM Page 11 THE OGDEN VALLEY NEWS Volume VII Issue XII Page 11 April 1, 2003 Utah’s Small Business News HIGHLIGHTS cont. from page 10 age over-consumption, and to curb underage drinking (SB 153). Alcohol Enforcement and Treatment Funding - Increases the tax on barrels of beer from $11.00 to $12.80. Creates a restricted fund called the “Alcoholic Beverage Enforcement and Treatment Restricted Account” into which revenues from the “beer tax” and any other legislative appropriations will be deposited. Those monies will then be distributed to municipalities and counties to be used for programs related to the prevention, treatment, detection, and prosecution of offenses in which alcohol is a factor (SB 66). Underage Drinking Prevention - Requires driver’s license certificates to be issued to individuals under 21 years, and all identification cards to be in a portrait-style format. This is done to aid enforcement efforts against underage drinking (SB 127). Created Task Forces Public Education Legislative Task Force - Creates a twelve member legislative task force that will work in cooperation with the public education community, business, industry, employers, and parents to study and make recommendations for public education on the following: — School choice, including the enhance ment of charter schools — Combining authority with accountability — Setting education priorities — Strengthening financial viability of our education system — Effects of incorporating the “No Child Left Behind” Legislation — Educational governance structure Financial Institutions Task Force - This will be a twelve member legislative task force charged with extensively reviewing the following major issues: — Structural differences between credit unions and other financial institutions — Activities of credit unions and banks — Credit union fields of membership — Policies of taxation or non-taxation of nonexempt credit unions — Competitive equity fees — Branching — Judicial Review process of decisions made by the Commissioner of Financial Institutions — Powers and duties of the Commissioner of Financial Institutions to regulate — Effect of state charted credit unions switching to national charters Hill Air Force Base Resolution of Support — Expresses support for Hill Air Force Base and its employees for their support of the nation’s defense, their positive impact on the state’s economy, and their influence in Utah’s communities (HCR 8). Economic Help for Hill — Appropriates $2 Million to extend the runway at Dugway Army Base to enable the continued use of the runway by Hill Air Force Base aircraft. Without the appropriation, the runway would be constructed inadequately for the needs of Hill’s pilots, and would compromise the integrity of the base’s mission. With another round of BRAC closures set for 2005, it is imperative that the community demonstrate their support for HAFB (Appropriations Act, HB 1). The Zions Bank Small Business Index for Utah declined to 90.9 in February 2003 versus 92.1 in January. Utah’s unemployment rate was 5.3% in February 2003, unchanged from January’s rate (revised down from 5.6%). Total Utah employment fell by 10,500 jobs during the past 12 months, a comparison that is distorted because of the temporary hiring of 10,000 workers during the February 2002 Olympic Winter Games. Ongoing economic weakness suggests the Federal Reserve could reduce its key shortterm interest rate again before midyear. The nation’s unemployment rate was 5.8% in February, up slightly from January’s 5.7% rate, while net U.S. employment declined by a surprising 308,000 jobs. A FINAL RATE CUT? The Federal Reserve cut its key rate 11 times in 2001, taking its federal funds target rate from 6.50% at yearend 2000 to 1.75% at yearend 2001. The Fed then cut the rate by a further one-half percent on November 6, 2002. The Fed has made no move in policy since that time. UTAH EMPLOYMENT The Utah unemployment rate—the most heavily weighted component of the Zions Bank Small Business Index for Utah—was 5.3% in February 2003, unchanged from January’s revised rate. February’s 5.3% rate compared to a jobless rate of 6.1% during February 2002. A lower Utah unemployment rate is a negative contributor to the Index, as it implies decreased access to Utah labor. Utah’s unemployment rate averaged 5.4% in 2002 and 4.4% in 2001. By comparison, the 3.2% average during 2000 was one of the lowest annual rates since the early 1950s. These rates compare to average Utah unem- ployment rates of 3.7% during 1999, 3.8% in 1998, and 3.1% during 1997. Total Utah employment declined by 10,500 jobs (down 1.0%) over the past 12 months. This drop compares to the revised 5,000 jobs lost in the prior year-over-year period. The current year-over-year comparison is distorted because of 10,000 part-time jobs added during the Olympic Games. More accurate data will be available in coming months. These totals compare to gains averaging 38,300 new jobs annually during the 1994-2000 period. Weak job growth or actual employment declines, leading to lesser income creation and weaker retail spending, has a negative impact upon Utah’s small businesses—and therefore, the Index. The Zions Bank Small Business Index for Utah declined to 90.9 during February 2003 from a revised 92.1 during January 2003. 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 also includes revisions to various historical or forecast components, including a one-time adjustment to all Index data to better reflect the impact of year-over-year employment declines. New projections for 2003 are also included. NATIONAL EMPLOYMENT February, up one-tenth from January’s 5.7% rate. Partially offsetting the ugly February employment report was a 42,000 rise in January’s estimated employment gain to 185,000 jobs. December’s estimated loss was revised 9,000 fewer to 147,000 jobs. The nation’s goods-producing sector (now 18% of U.S. non-farm payrolls) lost 104,000 jobs in February, led by the loss of another 53,000 manufacturing jobs. The manufacturing sector has now lost jobs for 31 consecutive months. Construction employment fell by 48,000 jobs in February, after rising by 26,000 jobs in the three prior months. The mining sector lost another 3,000 jobs. Service-providing jobs (the centerpiece of U.S. job creation in the postWWII period, and now comprising 82% of all non-farm employment) dropped by an estimated 204,000 jobs in February. The retail trade sector lost an estimated 92,000 jobs in the month. The transportation and public utilities sector lost 41,000 jobs during the month, while the broad services sector lost 86,000 positions. Government added 13,000 jobs during the month. Zions Bank is Utah’s oldest financial institution, and is the only local bank with a statewide distribution of branches, operating 127 full service branches throughout Utah. Zions Bank also operates 23 full service branches in Idaho, and more than 200 ATMs throughout Utah and Idaho. Founded in 1873, Zions has been serving the communities of Utah for nearly 130 years. For more information, contact Zions Bank’s Eden office at (801) 745-0835. Additional information on Zions Bank is available at www.zionsbank.com. The U.S. Department of Labor reported the loss of a net 308,000 jobs in February, greatly below the financial markets’ expectation of a very slight employment gain. The February employment plunge was the worst performance since Jeff Thredgold, Thredgold Economic Associates November 2001. The U.S. unemploy- Economic Consultant to Zions Bank (801) 533-9663 ment rate, as expected, rose to 5.8% in Tranquil mountain living with million dollar views of Snowbasin & Golf Course. Fabulous floor plan, 5 bedrooms and theater room. River rock, log, and lodge pole throughout. $675,000 Call Deborah 745-1538 Custom built home with quality and style. Large open floor plan with vaulted & 9 ft. ceilings throughout. Entertain while you cook. 40 x 40 shop. $549,900 Call Joan 675-0444 REDUCED $31,000. $359,900. 4 bdrms. 2 baths Call Joan 675-0444 Peaceful setting, large trees, 5 bdrm. 20x30 shop. $185,500 Call Deborah 745-1538 Designed for Today, Tomorrow and Beyond. 4bdrms. 2baths. $279,900 Call Joan 675-0444 5 Classes Weekly Tuesday & Thurday evevings 7:00 to 8:15p.m. Wednesday & Friday mornings 10:00 - 11:15 Saturday mornings 9:00 - 10:15 Price Schedule 6 Class Pass ($8/class) $48.00 Drop-In Class $12.00 Private lessons $20.00/per hour Call to register for classes Get fit for Spring! Sale Pending!!! 4bdrm.2 ½ bth $184,900. Call Joan 675-0444 5 LOTS FOR SALE! FOR INFO. Call Joan 675-0444 Warm & cozy log home with wood burning stove. 4bdrms. Call Deborah 745-1538 Spoil yourself with a condo away from home. 2bdrms, 2bth $115,500 Call Tom 589-9990 |
