EMPLOYMENT QUICK FACTS September 2017

JOBS ADDED: -33,000

EMPLOYMENT GROWTH: 1.2%

UNEMPLOYMENT: 4.2%

Sources: Bureau of Labor Statistics

NATURAL RESOURCES SECTOR TOPS GROWTH

September 2016 - September 2017

INDUSTRY12-Month

Total Change12-Month% Change

Professional & Business Services 528,000 2.6%

Education & Health Services 472,000 2.1%

Leisure & Hospitality 189,000 1.2%

Construction 184,000 2.7%

Financial Activities 149,000 1.8%

Manufacturing 117,000 0.9%

Trade, Trans., Utilities 83,000 1.5%

Natural Resources & Mining 80,000 9.1%

Other Services 53,000 0.9%

Government 21,000 0.1%

Information -79,000 -2.8%

Source: Bureau of Labor Statistics

UNEMPLOYMENT CONTINUES TO IMPROVESeptember 2017 = 4.2%

Target Effective Federal Funds Rate (Oct. 2017)1.00%-1.25%

Prime Rate (Oct. 2017) 4.25%

10 Year U.S. Treasury (As of Oct. 6, 2017) 2.37%

30 Year Mortgage Rate Fixed (As of Oct. 6, 2017) 3.90%

Personal Consumption Expenditures Change (August 2016 - August 2017)

+1.4%

Consumer Price Index Change(August 2016 - August 2017)

+1.9%

Producer Price Index (August 2016 - August 2017) +2.4%

Sources: U.S. Federal Reserve, Wall Street Journal, Bureau of Economic Analysis, Bureau of Labor Statistics

LABOR MARKET SUFFERS FIRST JOB LOSS IN 7 YEARSSeptember 2017

INTEREST RATES AND INFLATION

UNITED STATES 0CT 2017

Source: Bureau of Labor StatisticsNote: Shaded area represents recession

Source: Bureau of Labor Statistics

In September, the U.S. labor market suffered its first monthly job loss in seven years. However, even as Hurricanes Harvey and Irma put a damper on hiring, the underlying employment data remained strong. While year-over-year employment growth fell slightly, it still grew at 1.2 percent. Over the last year, the professional and business services sector added the most jobs with 528,000, and the natural resources and mining sector had the largest percent growth at 9.1 percent. The only sector to see a decline in employment was Information, which lost 79,000 jobs. The unemployment rate also dropped from 4.4 percent in August to 4.2 percent in September. In addition to the strength in the labormarket, second quarter economic growth rose to 3.1 percent – the highest rate in two years.

ROBERT SPENDLOVEEconomic and Public Policy Officer

Contact our team for more information or to schedule a speaking engagement.

robert.spendlove@zionsbank.com (801) 560-5394

joseph.mayans@zionsbank.com (801) 844-7887www.zionsbank.com/economy

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A division of ZB, N.A. Member FDIC As of October 6, 2017

ECONOMIC GROWTH IMPROVING Q2 2017 Gross Domestic Product= 3.1%

Source: Bureau of Economic Analysis

INFLATION STRUGGLES TO REACH 2.0% TARGETAugust 2017 Core CPI: 1.7% Core PCE: 1.3%

DEMOGRAPHICSU.S. Population Growth by State: 2015 - 2016

CONSUMER CONFIDENCE REMAINS STRONGU.S. Consumer Confidence Index

Source: The Conference Board

September 2017 Consumer Confidence Index: 119.8August 2017 to September 2017 CCI Change: -0.6

• Population Growth Rate: 0.7% (2016: 323,127,513)

• Total Fertility Rate: 1.86 (2013)

• Median Age: 37.9 (2016)

• Household Size: 2.65 (2015)

• Median Household Income: $59,039 (2016)

• Annual Mean Wages & Salaries: $48,320 (2015)

• Per Capita Personal Income: $49,571 (2016)

• Personal Income(% Change): 3.6% (2015-2016)Source: U.S. Census Bureau, Bureau of Economic Analysis, U.S. Bureau of Labor Statistics,

National Center for Health Statistics, statista.com.

QUICK FACTS

U.S.: 0.7%

Source: U.S. Census Bureau

Sources: Bureau of Labor Statistics, Bureau of Economic AnalysisNote: Shaded area represents recession