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UTAH’S INDEX OF INDICATORS DECLINES 2.2%

SHARE UTAH’S INDEX OF INDICATORS DECLINES 2.2%

Utah's Index of Leading Economic Indicators dropped a sharp 2.2 percent in May, according to First Security Corp., but remains above the level recorded in February.

The retreat follows two months of increases in the monthly rating of the state's economic health suggesting there is, for now, little to worry about, said Kelly K. Matthews, chief economist for the Salt Lake City-based bank holding company.Seven of the index's nine components were down in May while two, average manufacturing workweek and nonfarm job placements, showed gains.

The report also showed that Utah annual growth momentum remains on track. The figure, which measures year-to-date percentage change, was 3.8 percent in May compared with 1.6 percent nationally.

First Security's index also charts new car loans, consumer loan delinquency rate, initial claims for unemployment, valuation of nonresidential construction permits, new residential housing unit permits, new Utah corporations and the Utah stock prices index.

The indicators are adjusted for inflation and for seasonal variation.