Utah's Index of Leading Economic Indicators was flat in September, virtually unchanged from its levels in August, reported First Security Bank.
Growth rates in the state's economy have narrowed in recent months and the index suggests the pattern will continue into next year, said Kelly K. Matthews, chief economist for the bank."New residential building permits, a longer manufacturing workweek and lower consumer loan delinquency rates were primary factors contributing positively to the September index," said Matthews. "The ongoing strength in residential construction is an important component in maintaining a healthy Utah business climate."
Compared to September 1990, the percentage increase noticeably improved as annual growth momentum was 2.4 percent, up from 0.6 percent in August and 1.1 percent in July, said Matthews. September's index was 159.8 from a base of 100 in 1978 when the index was begun.
Individual indicators in the index include auto loans, consumer loan delinquencies, initial claims for unemployment and valuation of commercial construction permits. Other factors analyzed include new dwelling unit permits, manufacturing-work week hours, nonfarm job placements, new auto sales and new Utah corporations.