EMPLOYMENT QUICK FACTS January 2017

JOBS ADDED: 227,000

EMPLOYMENT GROWTH: 1.6%

UNEMPLOYMENT: 4.8%

Sources: U.S. Bureau of Labor Statistics

EMPLOYMENT CHANGES BY INDUSTRY

January 2016 - January 2017

INDUSTRYGrowth

RateTotal

Change

Natural Resources & Mining -7.7% -56,000

Construction 2.6% 170,000

Manufacturing -0.4% -46,000

Trade, Trans., Utilities 1.4% 372,000

Information 0.1% 4,000

Financial Activity 2.3% 190,000

Professional & Business Services 2.9% 574,000

Education & Health Services 2.5% 556,000

Leisure & Hospitality 2.2% 347,000

Other Services 1.2% 70,000

Government 0.7% 162,000

Source: Bureau of Economic Analysis

UNEMPLOYMENTJanuary 2017

Source: U.S. Bureau of Labor StatisticsNote: Jobs added in thousands

Target Effective Federal Funds Rate (Jan 2017) 0.75%

Prime Rate (Jan 2017) 3.75%

10 Year U.S. Treasury (As of Jan 31, 2017) 2.46%

30 Year Mortgage Rate Fixed (As of Jan 31, 2017) 4.16%

Personal Consumption Expenditures Change (Dec 2015-Dec 2016)

+1.6%

Consumer Price Index Change (Dec 2015-Dec 2016) +2.1%

Producer Price Index (Dec 2015-Dec 2016) +1.6%Sources: U.S. Federal Reserve, Wall Street Journal, Bureau of

Economic Analysis, Bureau of Labor Statistics

YEAR-OVER-YEAR AVERAGE HOURLY WAGE GROWTH

Source: U.S. Bureau of Labor Statistics

+2.5% Jan 2017

2007 - 2016 Average = 2.4%

The United States economy is growing modestly and is consistent with a mature economic environment. Employment grew by 227,000 jobs in January, a 1.6 percent yearly growth rate. The nation’s unemployment slightly increased to 4.8 percent in January. Yearly wage growth decreased from December 2016 to January 2017 at 2.5 percent. Home prices continued to climb with median home sale prices coming in just over $218K for November 2016. Inflation was also on the rise with the Consumer Price Index increasing to 2.1 percent in December 2016, its highest level in over two years. Gross Domestic Product was reported at 1.9 percent for fourth quarter of last year, which was lower than third quarter’s 3.5 percent, but higher than both first and second quarters in 2016.

INTEREST RATES AND INFLATION

76 Months of Jobs Added

Highlights UNITED STATES | FEB 2017

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

deborah.speed@zionsbank.com (801) 844-7887www.zionsbank.com/economy

Content is offered for informational purposes only and should not be construed as tax, legal, financial or business advice. Please contact a professional about your specific needs and advice. Content may contain trademarks or trade names owned by parties who are not affiliated with ZB, N.A. Use of such marks does not imply any any sponsorship by or affiliation with third parties, and ZB, N.A. does not claim any ownership of or make representations about products and services offered under or associated with such marks.

A division of ZB, N.A. Member FDIC As of February 3, 2017

GROSS DOMESTIC PRODUCT 4Q 2016 GDP= 1.9%

Source: American Bankers Association Analysis of Data from Bureau of Economic Analysis

HOUSINGMedian Home Sale Price

Source: Graphiq.com reporting of data from CoreLogic

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

CONSUMER CONFIDENCEU.S. Consumer Confidence Index

Source: The Conference Board

Above 110 indicates economic prosperity

Jan 2017 Consumer Confidence Index: 111.8Jan 2016 to Jan 2017 CCI Change: -1.5 points

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

• Total Fertility Rate: 1.86 (2013)

• Median Age: 37.8 (2015)

• Household Size: 2.65 (2015)

• Median Household Income: $56,516 (2015)

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

• Per Capita Personal Income: $47,669 (2015)

• Personal Income(% Change): 4.4% (2014-2015)Source: U.S. Census Bureau, Bureau of Economic Analysis, U.S. Bureau of Labor Statistics,

National Center for Health Statistics, statista.com.

QUICK FACTS

$218,175 Nov 2016

Fixed Investment

Inventories Net Exports

Government

Personal Consumption

U.S.: 0.7%

Source: U.S. Census Bureau

1.5% or more

0.7% to 1.4%

0.0% to 0.1%

Population Loss

0.2% to 0.6%