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SALT LAKE CITY — The climate for small business in Utah was a little less conducive for growth in May, according to a new report.
The Zions Bank Small Business Index for Utah was 117.2 in May 2011, down from 118.6 in April 2011. The decline came despite improved unemployment figures, as the state’s jobless rate was estimated at 7.4 percent, down slightly from the 7.6 percent rate in the prior month.
The index measures business conditions from the viewpoint of the Utah small-business owner or manager. A lower index number is associated with less favorable business conditions for Utah’s small businesses. The index uses 100.0 for calendar year 1997 as its base year and includes revisions to various historical and new forecast components as they become available.
Overall, total Utah employment grew by an estimated 18,900 jobs during the past 12 months, the index stated.
Nationally, the U.S. economy added approximately 54,000 new jobs in May, far below analysts' expectations. In addition, estimated job gains of the two prior months were revised lower by 39,000 jobs.
The private sector’s addition of 83,000 jobs in May was the smallest gain in 11 months, the index said. The U.S. unemployment rate rose to 9.1 percent in May compared to April’s 9.0 percent rate.
