Monthly gauge of Utah's economy rose in April

SALT LAKE CITY (Deseret News) — A monthly gauge of Utah's economy rose in April, boosted by improved national conditions.

The Zions Bank Small Business Index for April, released Tuesday, was 97.8, up from 95.9 in March.

The index measures business conditions from the viewpoint of the Utah small-business owner or manager. It uses 100.0 for calendar year 1997 as its base, with a higher figure associated with more favorable business conditions for Utah's small businesses.

The national economy, a component of the Utah index, had a third consecutive quarter of growth in the first three months of this year, with a 3.2 percent inflation-adjusted annual growth rate. And U.S. job gains during April were the highest in four years.

"Perhaps the most favorable nugget of data was stronger performance by the consumer," Jeff Thredgold, president of Thredgold Economic Associates and economic consultant to Zions Bank, said in a prepared statement issued with the index release. "Consumer spending — 70 percent of the American economy — rose at a 3.6 percent real annual rate, the strongest performance in three years. Such spending rose at a modest 1.6 percent real annual rate during 2009's final quarter.

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