Despite the lack of the normal amount of data in public release due to the federal government shutdown, Zions Bank has released its November “Economic Snapshot,” a monthly service that highlights the most recent data on labor markets, interest rates, construction activity and other indicators of business activity in Utah.
Among the effects from the shutdown is a cloudy picture for upcoming monetary policy decisions by the Federal Reserve, Zions Bank report authors said. However, the bank could report that interest rates show signs of easing after the Federal Reserve lowered its short-term rate by 25 basis points in September and another 25 basis points in October as it balances the risk of recession and the risk of inflation.
The snapshot also reported that Utah’s economy ranks first in the nation, according to the Federal Reserve Bank of Philadelphia’s State Coincident Indexes.
“Despite a lack of recent data releases, Utah’s economy appears well positioned from a longer-term perspective given its economic and demographic fundamentals,” Zions Bank Senior Economist Robert Spendlove, said in a statement accompanying the snapshot’s release.
The full snapshot can be viewed at https://www.zionsbank.com/business/economics/economic-snapshots/.