Reading over the latest Utah headlines it's obvious that although we have been somewhat sheltered from the overall economic climate, we are not unaffected. According to the Utah Department of Workforce Services, although Utah has led the nation in employment growth in the past, "from Oct to Nov 2008 alone, the statewide job-loss rate accelerated from 0.4 percent to 0.9 percent, a difference of more than 6,000 jobs." - Standard-Examiner.
After all is said and done, it is quite obvious that a fair portion of the current climate is based on fear. On top of real issues, the fear that has been induced by all the constant media gloom and doom coverage of the subject is adding to the crisis. Consumers are holding back from making that "big purchase" out of fear which affects businesses and adds to the overall slump we are experiencing.
"We've swung from one extreme to the other," states Rees Petersen, vice president and regional investment manager of Wells Fargo's private bank division, "from being a culture that uses debt to being debt averse. And that's a dangerous reaction because not all debt is bad. The government has been good at addressing fiscal policies but they also need to address the fear that consumers and investors now have." - The Daily Herald.
Are we through the worst of this crisis in Utah? Or merely experiencing a delayed reaction? With job growth stagnating it will be a while before the excess inventory of housing is absorbed. What are your thoughts?
Sources:
http://www.standard.net/live/news/160660
http://www.heraldextra.com/content/view/294903/18/
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