Posts for August 16, 2010

August 16, 2010

Last week's economic reports were slightly more positive than negative, with four of the seven major indicators improving. (To see all of last week's reports, see the Latest Economic Reports section below.) It is important to note that last week's improving indicators were in some cases only minor improvements following the large decreases of prior months or, in the case of retail sales, were concentrated in volatile components such as gasoline stations and motor vehicles. Outside of these areas, retail sales fell for the second time in three months in July (see blue bars in the chart above), bringing the three-month change (see red line in chart) to the slowest pace since the heart of the recession in January 2009. This is an ominous sign that after decelerating in the second quarter, the economy remains slow in the third quarter.

In general, the economic news continues to show that the recovery is weakening. Last week's most concerning report was initial claims for unemployment insurance - which rose during the first week of August to the highest level in six weeks. While this increase may have been driven in part by the end of temporary jobs to conduct the decennial Census, the underlying fundamentals still point to a very weak labor market with employers not confident enough to increase hiring to any significant degree.

Dave Huether

Chief Economist

National Association of Manufacturers

UMA MEMBER COMPANIES IN THE NEWS

XANGO DISTRIBUTORS FEED THE HUNGRY WITH 2 MILLIONTH MEAL DONATION
August 16, 2010 – UB Daily

Lehi-based XanGo, LLC has reached a historic milestone with the donation of its 2 millionth meal, through the XanGo Meal Pack program, to those suffering from malnutrition and related illness. Driven by XanGo's global distributor network, the Meal Pack program has thrived since its inception nearly three years ago. "Everyone at XanGo—from the founders and top executives to our distributors—is passionate about the Meal Pack program and contributing to the fight against world hunger," said XanGo Founder and Chairman Aaron Garrity.
View Full Article

GOVERNOR HERBERT ISSUES STATEMENT ON ILLEGAL IMMIGRATION REFORM IN UTAH

August 16, 2010 – UB Daily
Utah Governor Gary R. Herbert issued the following statement on Friday regarding the illegal immigration reform legislation released by Rep. Stephen Sandstrom: “In Utah, we will have strong and meaningful illegal immigration reform – a ‘Utah solution’ that focuses on security, public safety and protecting taxpayer interests, while also recognizing the very real human side of this issue.
View Full Article

CHINA BECOMES WORLD'S NO. 2 ECONOMY

August 16, 2010 – Today in Manufacturing.net
Japan lost its place as the world's No. 2 economy to China in the second quarter as receding global growth sapped momentum and stunted a shaky recovery ... continue