Output continues slide in Utah, although rate healthy
Manufacturing in Utah slipped again in December as falling numbers for new orders failed to offset job growth, the Goss Institute for Economic Research said Wednesday,
The institute's Business Conditions Index fell to 54.2, the lowest reading of 2012, from November's 57.3. A reading of 50 or more indicates growth. Readings above 57 are considered robust.
Nationally, the Institute for Supply Management said its index of manufacturing activity rose in December, to 50.7. That's up from a reading of 49.5 in November, which was the lowest reading since July 2009, one month after the recession ended.
In Utah, the Goss index has declined three consecutive months. Even so, manufacturing economy is performing well, although at a slower pace than earlier in the year, economist Ernie Goss said.
"Durable and nondurable goods producers in the state continue to expand at a healthy pace. Technology firms are adding employment at a solid pace. Utah's economy will expand at a positive but somewhat slower pace over the next three to six months," Goss said.
Activity across the three-state region of Colorado, Utah and Wyoming also fell to a "still solid" 54.4 from 55.9 in November.
In Colorado, business conditions declined to 53.8 in December from 54.9 in the previous month. Wyoming's business conditions index slipped to 55.5 last month from November's reading of 55.9.
See more about comments here.