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Dr. Philip Swan, IBM, is Optimistic About the Economy; Presents His Findings to Utah Executives

"The main thing I want to emphasize is that our financial system did not collapse; it merely seized up," said Swan. "Although the current economic crisis has caused some serious problems, it is well on its way to recovery. Key economic indicators are beginning to show positive signs."

Two of the indicators Swan highlighted are:

• An increase in manufacturing - Inventory liquidation is helping to increase manufacturing. Manufacturing is the biggest and most important element in the economy. As inventory decreases, companies are able to manufacture more of their products.
• Employee hours produced are up - This illustrates companies are giving the employees they have more work hours. As these hours continue to grow, companies will need to hire more people to accommodate these additional hours, which will cause unemployment to decrease.

Swan also emphasized the important role IT companies will play in the economic recovery.

"As the economy improves, companies throughout the nation will see productivity increase," he continued. "IT companies will play the most important role in the recovery as they provide the lion's share of this increased productivity to the economy."

Swan is responsible for interpreting the global economic outlook and its risks, including implications for the rapidly-growing information technology industry. He assesses the capital investment environment with focus on IT hardware, software and services spending, including designing and conducting special studies to assess the impact of economic issues and events of significance to IBM.

Dr. Swan is currently a member of the industry economics panel of the President's Council of Economic Advisors and chairs the business and industry economic policy committee of the international Organization for Economic Co-operation and Development (OECD). He was recently a member of the U.S. Census Advisory Group representing the American Economic Association.

"It is very important for Utah technology companies to know that economic conditions are improving," said Richard Nelson, President and CEO of UTC.

"For the most part, Utah's tech industry has remained healthy and as a result has built a high level of confidence in our ability to leverage our recognized technology expertise to right the economy and increase future productivity."

For more information on UTC, including a complete listing of upcoming events, visit www.utahtechcouncil.org.

About Utah Technology Council

Utah's premier professional association, the Utah Technology Council, has become the essential business resource for life science and high-tech companies seeking to achieve greater success. At its core, UTC exists to foster the Growth of the state's more than 5,000 technology companies, ensure Utah develops the highest Quality Workforce in the nation and attract an ever-increasing array of Funding. Members join UTC to share insights with industry peers, counsel with government and academic leaders and receive help from professional service providers and funding resources. To become a member of this "must-join" organization, visit www.utahtechcouncil.org or call 801-568-3500 today.

Utah Technology Council
Judy Young, 801-568-3500
jyoung@utahtechcouncil.org
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