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BUSINESS & ECONOMY
Jobs & Training
Trends pointing up for Utah's economy
By Steven Oberbeck
The Salt Lake Tribune
††† Utah's business conditions index improved markedly
in August and September and now at its highest level in more than
seven years.
††† Creighton University economics professor Ernie
Goss said Wednesday that while Utah's nonfarm payrolls remained flat
during the first half of this year, recent numbers point to an improving
job market in the state for the remainder of 2003.
††† Goss conducts a monthly survey of supply chain
managers and business leaders in Utah, Wyoming and Colorado -- many
of whom are associated with the National Association of Purchasing
Management -- to determine the general direction and the strengths
and weaknesses of the region's economy. Employment, new merchandise
orders, production and inventory data are compiled to derive the index,
which ranges from zero to 100. A reading greater than 50 suggests
economic expansion in the months ahead.
††† Utah's business conditions index climbed to
66.2 in September, from August's 65.8 and July's 61.2.
††† For the three-state Mountain region overall,
the business conditions index for September stood at 64.8, down slightly
from August's 66.5.
††† Businesses in the Mountain region, which lost
8,000 jobs during the first half of this year, continue to report
upturns in hiring, though, with employment measures in September remaining
above the neutral level for the fourth straight month.
††† In Wyoming, businesses continue to hold the
line on costs with higher productivity and reduced inventories, Goss
said. "While this has improved the profitability of Wyoming businesses,
it has contributed to lower job growth," he said.
††† In Colorado, the rate of job losses has slowed
significantly this year. "I expect an outright reversal in the
labor market for the rest of 2003 with job gains for most sectors
of the state," Goss said.
††† Goss' observations concerning Utah's economy
are supported by information in the latest edition of Zions Bank's
quarterly Insight newsletter.
††† Zions Bank economic consultant Jeff Thredgold,
of Salt Lake City-based Thredgold Economic Associates, said Utah's
economy after the past three years of economic weakness is expected
to return to its tra- ditional role as a job creator in 2004.
††† "We're still down about 3,500 jobs from
a year ago, but if you go back to April of last year compared with
April of this year, we were flat. When you look at May 2002's job
numbers compared with May 2003 we show about 800 new jobs," Thredgold
said. "So we're getting teased a little bit, but we're ready
to head in the right direction."
††† In addition, Thredgold suggested a combination
of stronger U.S. economic growth and more solid global performance
will bode well for the state.
††† Goss concurs.
††† Despite economic weaknesses among U.S. trading
partners, new export orders for the Mountain region rose in September
from August's already solid level, he said.
††† "We are seeing improving economic conditions
among Asian trading partners, especially Japan," Goss said. "This
will have important and positive impacts on the region."
Source: www.adquest3d.com
Utah Employment Trends
Here is a quick glance at some of job
market statistics reported by the U.S. Department of Labor
and Statistics. This wage and employment trend information
can prove useful in planning your career direction. These
figures also serve as useful benchmarks during the salary
negotiation process.
1996 National Occupational Employment
and Wage Data |
Employment by major industry division,average
annual rate of change
| Industry |
Average
annual rate of change
|
| |
1996-2006 |
| Nonfarm
wage and salary |
1.4
|
| Goods
producing |
0.0
|
| Mining |
-2.5
|
| Construction |
0.9
|
| Manufacturing |
-0.2
|
| Durable |
-0.2
|
| Nondurable |
-0.1
|
| |
|
| Service
producing |
1.7
|
| Transportation,
communications, utilities |
1.3
|
| Wholesale
trade |
1.1
|
| Retail
trade |
1.0
|
| Finance,
insurance, and real estate |
1.0
|
| Services
|
2.9
|
| Federal
government |
0.3
|
| State
and local government |
1.0
|
| |
|
| Agriculture
|
-0.1
|
| Private
household wage and salary |
-1.8
|
| Nonagricultural
self-employed and unpaid family workers |
1.2
|
The ten industries with the fastest employment
growth, 1996-2006
Numbers in thousands of jobs
| Industry
description |
Employment |
Change,
1996-2006 |
| 1996 |
2006 |
Number |
Percent |
| Computer and
data processing services |
1,208
|
2,509
|
1,301
|
108 |
| Health services,
nec. |
1,172
|
1,968
|
796
|
68 |
| Management and
public relations |
873
|
1,400
|
527
|
60 |
| Miscellaneous
transportation services |
204
|
327
|
123
|
60 |
| Residential care
|
672
|
1,070 |
398 |
59 |
| Personnel supply
services |
2,646
|
4,039
|
1,393 |
53 |
| Water and sanitation
|
231
|
349
|
118
|
51
|
| Individual and
miscellaneous social services |
846
|
1,266 |
420 |
50 |
| Offices of health
practitioners |
2,751
|
4,046
|
1,295 |
47 |
| Amusement and
recreation services, nec. |
1,109
|
1,565
|
457 |
41 |
|
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