Utah index falls to its lowest level in 5 years
The Utah Business Conditions Index for November fell to its lowest point in at least 5 1/2 years, according to a Goss Institute for Economic Research report released Monday. Utah's index was 44.4, down from 46.0 in October.
Utah's index was based on a survey of members of the Utah chapter of the National Association of Purchasing Management. The Goss Institute uses the same methodology as a national Institute for Supply Management survey, using a range between zero and 100, with an index over 50 indicating an expansionary economy during the next three to six months.
The national index fell to 36.2 in November, a 26-year low. That was a steeper-than-expected drop from the October reading of 38.9 and underscored that the hard economic times were beginning to have a major effect on manufacturing.
Among the components of the Utah index was a new-orders figure, which was 42.5 in November. Production was at 50.1, delivery lead time was 52.3, the inventories component was 36.1 and employment was 41.3.
"In March of this year, there were more Utahns working in the state than ever before," he said in a prepared statement. "Each month since then, the state has lost jobs. I expect the job losses to continue well into 2009, especially for firms with linkages to the automobile industry and for firms that depend heavily on sales to Great Britain."
Utah is part of a three-state region along with Wyoming and Colorado that saw its index fall to 46.2 in November, down from October's 53.2 and September's 56.3.
"The national economic recession combined with a pullback in business activity in the region's large mining and natural resources was responsible for November's much weaker readings," said Goss, who previously conducted the surveys for Creighton University.
Dragging down the regional index was an employment index at 43.3, despite it rising from October's 42.3. "A much less healthy job market was reported by durable goods manufacturers, especially those firms with connections to the waning vehicle-manufacturing industry," Goss said.
Colorado's index was 44.3, down from October's 45.0 and September's 58.5. Wyoming's figure was 51.4, down from October's 73.4 and September's 75.2.
Contributing: Associated Press.
E-mail: bwallace@desnews.com
Comments
- Lawyers earn fees from own laws 1:36 p.m.
- No. 2 fugitive mob boss nabbed 1:35 p.m.
- Frustrated Palestinians appeal to UN 1:25 p.m.
- 'Tweeters' to report on shuttle launch 1:24 p.m.
- Pet cemetery reflects dedication 12:58 p.m.
- Film honors NYC defense attorney 12:57 p.m.
- Redgraves recreates grandma in play 12:21 p.m.
- Can 65 be considered young now? 12:14 p.m.
- Marriage: having each other's back 12:13 p.m.
- Presidential libraries open history 12:04 p.m.
- SLC council OKs gay rights policies
360 - BYU happy to escape with victory
217 - TCU creams U.
203 - Editorial: Mormons and gay rights
200 - Will state consider gay rights law?
148 - Letters: Strange breed in Utah
132 - Can BYU root for (ick) Utah Utes?
130 - Utes remain silent about BCS
120 - RSL heads to MLS title game
107 - Celtics crush Jazz
104
Sears is holding a special VIP night Sunday, Nov. 15, in stores and online.
Maybe someone out there can help me understand how raising the state...
Where in recorded history - anywhere - has a government based on dogma and...
Nobody cares about soccer. Will RSL please reimburse the Utah taxpayers now?
Maynor Miles Matthews Koufos Fesenko Milsap If I were the coach these...
If only! Beating BSU is unlikely, but look at the other upsets this year. If...
Ute fans are hanging their hats on "we scored more points than BYU, so...
Examples of effective summits please?
Why not make a trip to Romney stadium on Friday and cheer the locals "AGGIES"...
It used to be that some people were bigots. Today,as many of thexe postings...
and Utah's pathetic defense gave up 55 to TCU, and it could have been worse ...
I am a Utah fan and my hope is that we will get to the point where our...


You can be the first to comment on this story.