SALT LAKE CITY — The Salt Lake Chamber of Commerce releases a month-to-month Street to Prosperity Financial Dashboard along side the Kem C. Gardner Institute; it’s comprised of metrics that time to how our financial system is doing and the way customers are responding.
It’s one option to arm enterprise leaders with data they will use to tell their enterprise choices.
“Utah’s financial system continues to be very sturdy, particularly in relation to our nationwide financial system, and there are just a few indicators that time us to that and the primary that I might point out is our employment progress,” mentioned Derek Miller, the president and CEO of the Salt Lake Chamber.
Final month’s numbers present Utah’s employment grew 2.3 p.c year-over-year in June, higher than the nation’s 1 p.c progress.
“I actually like to see when our job numbers are rising as a result of it drives a lot,” mentioned Miller. “It’s clearly essential for people to have jobs and it signifies that they will deal with themselves and their household. It additionally signifies that they’re creating wealth.”
Miller famous that two job sectors did see some loss: commerce, and what’s known as “different companies.” The latter, he says, noticed a dip because of crackdowns on immigration as a result of these are jobs immigrants sometimes fill.
“As a result of our financial system is numerous, we don’t have all of our so-to-speak ‘financial eggs in a single basket,’ we are able to stand up to downturns in some industries,” mentioned Miller. “By and huge what we noticed in our job progress is that these have been throughout the board and virtually all besides these two industries, we noticed job progress.”
The inventory market reacts to month-to-month job numbers and inflation numbers.
The market went up due to the widespread perception that the Federal Reserve would scale back rates of interest.
Miller mentioned so long as Utah traits towards the Fed’s two p.c goal, the higher probabilities of a fee minimize, which is able to add extra gasoline to the state’s financial engine.
“We did see a slight uptick in inflation. It’s nonetheless beneath 3 p.c, which is nice,” he mentioned. “It went from 2.3% to 2.7% and we by no means need to see an uptick in that inflation as a result of that actually impacts the financial system in numerous damaging methods, however we’re clearly very grateful that we’re not the place we have been at your and a half in the past, the place we have been approaching double-digit inflation.”
You may view the dashboard on the Chamber’s web site HERE.
