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Show The National Enterprise, May 11, 1977 Page three Utahs economy looks brisk and stable, other states registered decreases in this category. While Utah's share of receipts from farm marketings is small compared to that of its neighbors, its growth in this category has been steady. In 1976 the state reported $188.4 million in farm receipts, building to $340.9 in according to figures compiled by the Federal Reserve Bank and published in its summary. Western Economic Indicators. Utahs unemployment rate is by far the lowest in the entire western region, which covers nine states: Alaska, Hawaii, Washington. Oregon. Idaho, California, Nevada, Arizona and Utah. In February, 1977, Utahs 5.4 rate compared w ith the regions highest, 10.9 in Alaska. 8.3 in Oregon, 8.0 in Washington and the next lowest, 6.9 in Idaho. ly 1976. Residential building activity in Utah has outstripped that of any other western state, growing from 4,187 private housing permits issued in 1967 to 18,433 issued in 1976. While in January 1976, 700 permits were issued, this year 1,116 permits were issued that same month . (See graph.) Nevada, too, seems in the midst of a housing boom, with issued permits growing from 1,640 The average hourly wage rate for manufacturing production workers in Utah rose from $3.01 in 1967 to $4.27 in 1976. By January, 1977 it had reached $5.07, which, although high for All Commercial Banks Private Housing Permits Issued selected states in 12th District (9 Western States) Jan., Feb. 1976, 1977 Jan 1976, -- 1977 Jobless rate marks upturn Utahs official unemployment rate for the month of April climbed a tenth of a point to 5.6 percent, after three consecutive months at 5.5. Aprils rate reflected the first upward movement of the indicator since July, 1975. Job Service pointed to severe domestic and international competition in the electrical equipment manufacturing industry as a major cuasc of the upturn, citing about 500 jobs lost in recent months. In addition, employment in meat packing and food processing industries are continuing a decline which began last summer. The department also pointed toanerosionofnew jobs at Brigham Young University, which recently established an enrollment ceiling. The new policy has caused the first decline in new jobs in the private education sector in years. The fastest growing sector of the state's economy during the last 12 months continued to be mining, which has growm at about a 10 percent annual rate. During the last 12 months, jobs in the manufacturing industry have risen by 6.2 percent, in spite of losses in electrical equipment manufacturing. And the trade industry is growing at a yearly rate of seven percent, reflecting store gains. Employment in departmainly ment stores remained steady this year, while other retail establishments have shown gains averaging 12 percent. Wholesale trade jobs have advanced by 7.5 percent. non-departme- Business Loans Real Estate Loans 1100 1000 900 800 700 600 500 400 1976i 'Weekly Unemployment Rate April, 1977 5.6 Trading at the Intermountain Stock Exchange declined during April, the second consecutive dip this year, forcing the ISE index down 2.4 percent from the previous month to 52.806. 16 23 30 the last week of the month, down from the official 5.6 to 5.5. in 1967 to 11,416 in 1976. During January 1976, 563 permits were issued compared to 879 issued this January. Summaries of commercial loans serviced by all commercial banks in the district show' business loan activity is sluggish and real estate borrowing is healthy. In the west, business loan volume grew from $13.1 billion in 1967 to $28.4 billion in 1974. (Figures reflect the total outstanding during the last Wednesday of the year.) But, since 1974, the total has declined to Idaho. declines 9 Week Ending the state, was the lowest in the region. Washington registered the highest rate, $6.60 while the next lowest, $5.29, was earned in ISE trading rate dropped slightly during 2 Source: Federal Rcsen'e Bank While Utah's official unemployment rate for the month of April stands at 5.6 percent, the weekly unemployment 5.5 5.4 5.3 V. The value of prime contracts awarded by the Department of Defense fell in Utah between 1966 and 1975, from $168.8 million to $152 In neighboring states, Idaho and million. Nevada, the value also dropped, but in Arizona it jumped from $236 million to $729.1 million. Washington registered a fast build up, from $603 million to $1.4 billion. Meanwhile the total value of contracts in the country gained only slightly, from $35.8 billion to $36.3 billion. Utah's share of procurement awards from the National Aeronautics and Space Administration, however, advanced rapidly between 1967 and 1976, from $1.9 million to $32.9 million, most of which occurred between 1973 when Utah had only $.9 million and 1974 when it reached $11.6 million. From $11.6 million it jumped to $31 .2 million the following year. No other western state showed such rapid escalation of award value during the same period. In fact, only Airzona showed an increase. All the nt $27.4 billion. , Real estate volume, on the other hand, has shown steady expansion, from $11.2 billion in 1967 to $25.2 billion in 1976. In February, 1977 the total reached an all time high of $26 billion, compared to $23.4 billion registered the same month last year. Consumer installment credit in the West also shows stable growth, from $5.2 billion outstanding in 1968 to $14.1 billion in 1976. This year the trend apparently has been continuing, with $14.2 billion outstanding in January of this year compared to $12.8 billion the same month last year. Real estate sales stable While the average home price jumped close to the years highest level last week, total real estate sales volume re- price last week jumped to $43,505, close to the years highest weekly figure regis- mained steady, compared that of the previous sales reflects million. $6.1 nearly with tered in March, $43,818. 140 totaling w'eek. According to figures compiled by the Salt Lake Board of Realtors, the average home Total real estate sales settled at $7.05 million last week, off slightly from $7.08 registered the previous week. Ads unseasonably high The number of help wranted ads running in Salt Lake City newspapers continued a steady incline during April, defying seasonal patterns. According to figures compiled by the Newspaper Agency Corp., 18.2 percent more help wanted ads were placed during April 1977, than during the same month last year. NAC reported 20,482 ads ran this April, compared to 17,400 during April, 1976 and 18,690 in March, 1977. Unlike the trend established last year, when a spurt in March was followed by a slow rise in April, this year the increase in number is gradual and stable, resulting in a total of 70,876 by April, 1977 compared to $60,800 by April last year. year-to-da- te (See graph.) The Exchange registered a volume of 435,476 shares traded during April, down by about 100,000 shares from February. No. of Help Wanted Ads in S.L.C. Newspapers Jan to Ernest Muth, Exchange president, value of According Apr (000) 22 totaled traded $117,506, less than the shares 20 18 16 $126,379 figure recorded the previous month. 14 12 Muth attributed the downward movement of the index to stocks of Midwest Energy and Mammoth Mining, both of which dropped sharply in April. It F J M Source: NAC 1976 1977 V A |