Utah's Index of Leading Economic Indicators moved up 0.8 percent in August, more than offsetting the 0.4 percent decline recorded in July.
The monthly index prepared by First Security Bank "points to further moderate narrowing in Utah's economic growth rate - a phenomenon evident in the third quarter," said Kelly K. Matthews, chief economist for First Security Corp.Matthews said new non-residential construction, the manufacturing workweek and a lower consumer-loan delinquency rate all contributed to the gain in the August index.
The index was 0.5 percent above last year, according to the report, the lowest annual growth momentum since last November. The August index was 159.8 (from a base of 100 in 1978 when the reports began).
Nationally, the August index was about the same as in July, but compared with a year ago its annual growth rate was positive for the first time since mid-1990.