Zions Bank makes economic forecast

OGDEN -- Utah business owners expect the state's recovery from the effects of the national recession to be slow, according to Zions Bank's latest quarterly economic forecast released Thursday.
The second quarter 2009 study shows that 52 percent of Utah's executives predict it will take their companies at least a year to rebound.
Another 31 percent of business leaders believe it will take six months to a year to recover, while only 8 percent believe it can be done in less than six months, the forecast indicates.
Conducted by independent research firm Dan Jones & Associates, the study has gauged the health of Utah's economy from the perspective of high-level executives since 2006.
The aim of the forecast is to enable business leaders to see how other executives are reacting to tough economic conditions, said Julie Olsen, project manager for Dan Jones.
"It helps them make sound business decisions," she said Thursday.
Dan Jones recruited 1,169 business executives in 2006 on behalf of Zions Bank to form a study panel and to complete quarterly surveys.
Most business leaders surveyed for the latest forecast indicated they are more optimistic about the long-term futures of their companies.
When asked what adjustments their companies have had to make to cope with the downturn, 31 percent of the executives said they have either reduced the size of their work force or stopped hiring new employees.
About 58 percent of the executives predict their work force will remain about the same size in the next three months compared to the previous quarter.