Posts for December 1, 2010

THE SALT LAKE BOARD OF REALTORS REPORTS FALLING HOME SALES IN OCTOBER

Utah Business
The Salt Lake Board of REALTORS® reported that existing home sales (all housing types) in Salt Lake County in October were down 34 percent compared to the same month last year (723 sales compared to 1,092 sales last year). Home sales in October were down 2 percent compared to September. Home sales from January through October were down 5 percent compared to the same 10-month period in 2009 (8,747 sales compared to 9,176 sales last year).
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UTAH'S TAX REVENUES IMPROVE

Utah Business
Commerce Real Estate Solutions reports tax revenues are very sensitive to changes in spending and investment, and therefore are a key indicator of local economic conditions. It’s welcomed news that revenues are up for both Salt Lake County and the State of Utah. Increased sales tax revenues will help the county avoid any budget cuts this year.
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PAY FREEZE ISN'T ENOUGH TO ICE SPENDING GROWTH

Congressman Jason Chaffetz – Third District Utah
“During a Presidential term in which 141,000 new federal positions were created, it's hard to get too excited about President Obama's two-year freeze on federal government salaries. However, this proposal represents a step in the right direction, potentially saving $2 billion in fiscal 2011. Unfortunately, the Administration estimates another 125,000 new positions will be created next year. This unrestrained growth of government threatens to dwarf any savings from a federal pay freeze.

Today, the federal payroll eats up $447 billion a year. What would happen if we cut just $47 billion from that number? Could we survive on just a $400 billion payroll? I believe we could and we should. I'm concerned that the Presdient's largely-symbolic proposal will do nothing to cap the number of new hires or to limit step increases for federal employees. I appreciate the hard working people who comprise the federal workforce. But we cannot simultaneously grow government and cut spending. We must begin to make the hard choices. I will continue to fight to reduce the federal payroll by reducing the size and scope of the federal government.”

U.S. PRODUCTIVITY REVISED UPWARD IN 3Q

Today in Manufacturing
Despite the revision, efficiency of U.S. workers is increasing at a much slower pace than last year and economists say that could signal more hiring in near future ... continue

CHINESE MANUFACTURING ACCELERATES IN NOVEMBER

Today in Manufacturing
China's manufacturing boom picked up pace, shrugging off weakness in U.S. and other export markets that slowed production in Japan and Australia ... continue

ENGLER PRESSES WASHINGTON TO ACT ON VITAL ISSUES

National Association of Manufacturers President John Engler speaking before a gathering of business leaders in Washington earlier this in November expounded the virtues of US manufacturing and called for business leaders to press Washington to act on the sector's most vital issues. Engler urged the 250 area business leaders to push for extension of the Bush tax cuts and to encourage more young people to train for skilled manufacturing jobs in light of global competitors.

Engler noted, “The US is still the number one manufacturing nation in the world, but it will take hard work to stay at the top as global competition increases. We are responsible for all of the research and development that creates so much wealth. Our workers and our industries are the most productive in the world. That is how we have been able to survive and even prosper in an increasingly competitive world."

U.S. MANUFACTURING EXPANDS IN NOVEMBER

Today in Manufacturing
Factory output grew for the 16th straight month as consumers and businesses spent more on autos, computers and other goods ... continue

USGS REPORTS ABUNDANT SUPPLY OF RARE EARTHS IN U.S.

USGS- National Mining Association

The U.S. Geological Survey (USGS) released a report last week revealing that the U.S. is home to 10 million metric tons of rare earth elements (REE) in 14 states. The largest deposits exist in Mountain Pass, Calif.; Bokan Mountain, Alaska; and the Bear Lodge Mountains, Wyo. Additional REE deposits were found in Colorado, Florida, Georgia, Idaho, Illinois, Missouri, Nebraska, New Mexico, New York, North Carolina and South Carolina. “This is the first detailed assessment of rare earth elements for the entire nation, describing deposits throughout the United States,” said USGS Director Marcia McNutt. “Although many of these deposits have yet to be proven, at recent domestic consumption rates of about 10,000 metric tons annually, the U.S. deposits have the potential to meet our needs for years to come.” China currently supplies 96 percent of the world’s REE needs, which are vital for the high-technology, clean energy and defense industries.

A copy of the report can be obtained thru this hyperlink.
http://nma.org/pdf/tmp/112210_USGS_report.pdf