From Deseret News archives:
Jobless rate drops
Economist says news may lift holiday spending
"It's good news, and it's a good time of the year to be having good news," said Mark Knold, senior economist with the department. "There is a psychological factor how people feel about the economy translates to how they spend at Christmas. And they should be feeling pretty good, despite hurricanes and other things we've had this year.
"Gas prices are down, jobs gains are good. We're getting some wage growth. There isn't anything immediately that should be telling consumers, 'Don't be buying that gift,' or making them feel gun-shy about unloading for Christmas this year."
Earlier this month, the U.S. Labor Department reported that the nation's unemployment rate for November was unchanged at 5 percent. About 7.6 million Americans were without work.
About 49,900 Utahns were unemployed last month, compared to 61,000 in November 2004, the Utah Department of Workforce Services reported. At this time last year, the state's jobless rate was 5.1 percent.
Construction and business services posted the strongest results, with construction adding 9,700 new jobs in the year-over period.
"The volume of growth (in the construction industry) has increased steadily as 2005 has progressed and is now the highest rate of construction growth 12.8 percent seen in 10 years," Knold wrote in the department's report. "Along with solid housing growth, there are commercial and industrial projects aplenty."
And while 2006 may not be able to keep up that kind of growth Knold said the nearly 13 percent rate is "unsustainable" Utahns can expect healthy growth in the industry.
"The investment activity (in the construction sector) shows the bullish nature that businesses have when they look at Utah," Knold said. "This building is being done in anticipation of future needs and future growth. They're looking at this as a very healthy environment, a healthy state, and they're building in response to that."
Meanwhile, the business services sector added 7,800 jobs over the past year, representing a 5.5 percent rate of growth. Knold noted in the department's report that November's findings show slight slowing in the sector, but that "is not an emerging sign of weakening in this industry."
Comments
- Soccer MVPs know how to win 1:56 a.m.
- Alta's Ohai is Ms. Soccer 2009 1:56 a.m.
- High school soccer: Past MVPs 1:37 a.m.
- Senators want food tax restored 1:27 a.m.
- Utah women lag in higher education 1:16 a.m.
- Hatch empathizes with Muslims 1:14 a.m.
- Matheson gets no thanks from GOP 1:13 a.m.
- Mitchell seeks to block witnesses 1:12 a.m.
- Party insiders may take on Bennett 1:11 a.m.
- Input sought on nondiscrimination 1:11 a.m.
- TCU showdown has big implications
- Seniors helped BYU regroup
- Lambert surprisingly tops news
- Bystanders framed for child porn
- Hope for single moms
- Soccer MVPs know how to win
- Korver and Miles to be evaluated
- Matheson gets no thanks from GOP
- Utah Jazz Extra: Whose hot/not
- Newhouse Hotel, an explosive end
- House passes health care bill
228 - TCU showdown has big implications
183 - Lobo suspended
182 - Cougars crush hapless Cowboys
154 - Utah Jazz fall apart against Kings
131 - TCU 4th in AP poll; U. 16th, Y. 22nd
118 - Thousands protest health bill
114 - RSL rallies to advance
103 - No 'backlash' for pioneers, gays analogy
97 - Utes pound winless Lobos
89
Sounds like a good option if you can't or won't switch to AT&T for the...
I worked with and around Bill Sederburg for 5 years while he was at...
hand. He needs to work on his moves to the basket and rebounding. Lateral...
play Fez or Koufos tonight. He went with a smaller line up and Boozer, Okur...
I've met Bennett before and he is a nice man. He also knows the Constitution...
That's never been a secret. Everyone will pay for it except those that don't...
I agree with NonMormon. I am active LDS, and I enjoy Ash's articles, and I...
I kept saying don't resign Milsap, especially after Portland offered that...
BYU is the slowest team that has ever been in the top 25. Utah will put up a...
i think u have the cowboys ranked too low! at least an A- LOL nice work!



You can be the first to comment on this story.