Some doom and gloom still swirls around the struggling world economy. Europe is reeling from the after effects of Grecian formula fiscal mismanagement – now coming home to roost. As the Icelandic volcano spews toxic ash across the world, business disruption is dropping financial hardship on airlines, affected companies, and countries. The emerging Gulf oil disaster is sending out waves of financial loses yet counted.
In the midst of such disruption, there is good news for the economy, especially in Utah. While a recent Wall Street Journal poll indicates most Americans think the recession is not over, the Kiplinger Letter just raised its 2010 GDP growth forecast to 3.5%. Consumer spending was up 3.6% in the first quarter. Other leading indicators like manufacturing orders, inventories, and key sectors like food, chemicals, apparel, autos, etc. are on the move again.
On the same May day that the stock market took a steep one-day dive, investors heard from Utah-based REIC that the company had upgraded their five-year forecast, doubling estimates for growth and income. With expansion into 15 other states and new real estate education products, they heard that the company hired 35 people in 2009 and plans similar new jobs in 2010.
Read more on the Utah Business Blog.