Utah business indicators rose in November

Utah's economy continued to show strength in November, according to a monthly report that tracks the local business climate.

The Utah Business Conditions Index, compiled by the Goss Institute for Economic Research based on a survey of the state's supply managers, jumped from 50.9 in October to 55.0 in November.

The latest figure is the highest for the index since 60.6 in October 2007.

The index ranges from zero to 100, with a figure above 50 indicating an expanding economy over the next three to six months.

Components of the overall Utah index for November were new orders at 66.4, production or sales at 59.6, delivery lead time at 48.8, inventories at 52.0, and employment at 48.0.

"Over the past year, Utah has lost 9.5 percent of its manufacturing employment, or almost 12,000 jobs," Ernie Goss, director of the institute and Creighton University's Economic Forecasting Group, said in a prepared statement. "A weaker U.S. dollar and an expanding global economy will assist the Utah economy in the months ahead."

Utah is one of a trio of states in the report's Mountain States business conditions index. The region's overall index climbed to 55.4 in November, up from 51.6 in October.

The index is pointing to improving economic conditions in the months ahead for the three-state region, the report stated.

"The global economic recession has resulted in the loss of almost 27,000 manufacturing jobs, for a 9.7 percent reduction for the region," Goss said. "Our surveys over the past several months indicate that the pace of these job losses will diminish significantly in the months ahead. I expect job losses in the region to cease in the first quarter of 2010."

Colorado's November index climbed to 70.0, up from 65.5 during the previous month, while the Wyoming index rose to 53.7 from 47.5 in October.

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