Utah's financial outlook on an upswing

(Deseret News) Utah's economy showed strength in October, according to a monthly report gauging the business climate.

The Utah Business Conditions Index, produced by the Goss Institute for Economic Research based on a survey of the state's supply managers, increased to 50.9 from 48.5 in September.

The index ranges from zero to 100, with a figure above 50 indicating an expansionary economy over the next three to six months.

Components of Utah's overall index for October were new orders at 62.9, production or sales at 56.4, delivery lead time at 80.7, inventories at 47.3 and employment at 80.4.

"Surveys of supply managers in the state continue to display excessive volatility," Ernie Goss, director of the institute and Creighton University's Economic Forecasting Group, said in a prepared statement. "Even though the state's unemployment rate has declined over the past few months, I expect little improvement in the state's job market until early 2010."

Utah is among three states in the report's Mountain States business conditions index. The overall index climbed to 51.6 from September's 48.5 and 47.0 in August.

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