Utah's economy slows down but still growing, report says
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Utah's economy is showing more signs of slowing down but is still strong, according to an economic report published Wednesday by Creighton University.

The Omaha-based university's monthly Business Conditions Index for Utah declined to 58.5 in March from 64.4 in February and 86.8 in January.

But even 58.5 is a healthy number, said Creighton professor Ernie Goss, whose monthly report is based on a survey of corporate purchasing managers. The index ranges from zero to 100; an index number greater than 50 indicates that there will be economic growth in the months ahead, while an index number less than 50 demonstrates economic weakness.

For the entire Mountain States region, which includes Utah, Colorado and Wyoming, the Business Conditions Index remained the same as February at 65.3, down from 73.8 in January.

Utah's economy, while shifting into a lower gear, grew at a rate three times the national rate in the first quarter, he noted. Utah's job growth is about 4.5 percent, one of the top three or four rates in the country on any given month.

"Our survey indicates that this brisk grow [for Utah] will continue well into the summer," Goss said.

But he said Utah's economy continues to be hampered by a shortage of available workers.

Utah's unemployment rate is a super-low 2.3 percent - the lowest in more than 50 years. "I didn't think we'd go that low," said Mark Knold, economist with the Utah Department of Workforce Services.

Utah is in a state of full employment, meaning most anyone who wants a job can find one. People who are looking for employment right now often already have jobs and are looking for better pay, working conditions or benefits.

When the unemployment rate is so low, employers who pay less than $10 an hour - especially those paying near minimum wage - struggle to find workers.

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