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Show Signs of Business Upsurge Noted by Bank Economist Signs of an upsurge in business are finally appearing appear-ing in leading economic indicators, in-dicators, according to the First Security Bank News Letter which is being distributed dis-tributed this week. Highlights of the News Letter were released this week by Glen M. Carlson, manager. The quarterly economic summary is edited by Dr. ElRoy Nelson, vice president pre-sident and economist of First Security Corporation. The gross national product pro-duct increased by only $4.4 billion in ttie first quarter of 1967, which was about equal to increases in prices. pric-es. The second quarter increase, in-crease, taking place mostly most-ly in May and June, is estimated est-imated at $10 billion. Personal income in the nation by June was up 5.7 per cent from a year ago, with most segments of the economy contributing to the increase, excepting net farm income and manufacturing manufac-turing wages and salaries. Employment nationally is at an all time high, with unemployment continuing at less than 4 per cent of the labor force. Business in Utah, according accord-ing to the bank publication, publica-tion, in the first half of 1967 reflected the national situation. Nonagrioultural employment was 4 percent above last year for an increase in-crease of 14,200 jobs, making mak-ing a total of 377,800 employed. em-ployed. The civilian labor force, however, has increased in-creased slightly faster than employment, to total 415,-500. 415,-500. Personal income, totaled jpproxirnately $1,340 mil- lion for the first six months of this year, an increase cf $120 million over the same period in 1966. The News Letter said that the agricultural outlook out-look in Utah is fair. It js expected that gross receipts from farming will total slightly less than last year, principally because of the lower livestock and products pro-ducts income for the first half of the year. Outlook for the latter half of 1967 is somewhat better. Mineral production should be about equal to the $400 million total of last year. Copper production, largely a result of completion of major capital expenditures at Kennecott, is running at about 10 per cent above year ago levels. Lead and zinc, and ' gold and silver production are slightly a-bove a-bove year ago levels. Coal production is below that of 1966 due in part to substitution sub-stitution of New Mexico coking coal in place of Utah's for steel operations in Southern California. Crude oil production for tlhe half year is slightly below be-low last year's level. Some resurgence in drilling for oil may follow the Middle East war with its attendant attend-ant reduction in oil from that area. The News Letter reports that fertilizer production is establishing new records for all three major plant foods, including nitrogen from Utah production at Geneva, potash from mines in the, Moab area, and phosphate from mines in Rich and Uintah counties. Potash ore production in Moab approaches the 4,000 ton per day level. Total manufacturing continues con-tinues above a year ago, botih in output and employment. employ-ment. This applies especially especi-ally to the nonferrous metal me-tal smelting and refining, fertilizer production, petroleum petro-leum fuels, machinery, apparel ap-parel and food. Steel production pro-duction is at 70 per cent of rated capacity, about the national level. Operations Opera-tions "errors zero" at the Geneva complex has proved prov-ed excellent in output improvement. im-provement. Construction contracts a-warded a-warded in Utah for the first four months at $72.3 million were down 4.6 per cent from a year earlier. However, preliminary data for May and June indicate activity then approached last year's totals. |