Economists have been predicting a minor recession for months, but Utah's diverse economy could help it withstand a contraction.
SALT LAKE CITY — Predicting when the next economic recession will hit or how bad it will be can be difficult, especially in the years since theSome economists have been warning of a looming recession for more than a year, and although
Gochnour's comments came during an economic report given to the Salt Lake County Council and Mayor Jenny Wilson during a work session Tuesday. In addition to her work with the institute, Gochnour also serves as the chief economist for the Salt Lake Chamber. The so-called yield curve — which measures the difference between short-term and long-term Treasury returns — recently inverted, meaning investors are more worried about the stability of short-term investments. Gochnour said an inverted yield curve has traditionally appeared 12 to 18 months before a recession.
Utah reported strong annual job growth of 2.6% in April, which is on pace with the national increase. Salt Lake County reported 2.5% growth, while Weber County saw 2.4% and Utah County had 2.3%. "But in this economy, if you lay people off over here, they get picked up over here and it will tend to soften any kind of blow," she said.
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