Utah's Index of Leading Economic Indicators dipped 0.4 percent in July to offset the 0.1 percent gain in June. The index was 1.0 percent higher than the same month last year.
The local index, formulated monthly by First Security Bank, was at 158.5 for July, virtually unchanged over the past four months, from a base of 100 in 1978 when the reports began.Kelly K. Matthews, senior vice president and chief economist for the bank, said adverse changes in the manufacturing workweek, the consumer loan delinquency rate and initial unemployment claims more than offset contributions to growth from residential building permits and new car loans.
Matthews said the index, an inflation-adjusted measure of annual growth momentum, has ranged between 1-2 percent for the first seven months of 1991. By comparison, the national index in July was 0.4 percent below a year ago, after increasing for seven months in a row.