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Show Utah Business Improved In Third Quarter Business in Utah by the end of the third quarter was rated fair to good and was somewhat better than anticipated. anti-cipated. This is the report of the First Security Bank News Letter being distributed this week, it was reported by Robert Ro-bert Dalton, Manager. The News Letter is edited by Dr. EIRoy Nelson, First Security vice president and economist. The News Letter reports there has been a substantial increase in construction and trade and the outlook for the fourth quarter should follow national patterns. Some additional ad-ditional stability in prices and some decreases in the rate of inflation is anticipated, says First Security. Total personal income in Utah during 1971 is estimated at $3.7 billion, an increase of 5279 million or 8 per cent over ov-er that reported by the Department De-partment of Commerce for Jast year. After correction for decreasing purchasing power of the dollar, real income in-come should be 4 percent above 1970. Personal income in Utah was only slightly above last year because of the copper and railroad strikes affecting copper and most other nonferrous metals, i Wages and salaries are expected ex-pected to total $2.6 billion for an increase of $186 million. This type of income represents repre-sents approximately 70 percent per-cent of the total personal income in-come in the state. Net farm income is estimated esti-mated at approximately $51 million, slightly below the fo-tal fo-tal reported one year ago. Property income at $480 million mil-lion should be $35 million above last year. Non-farm properietors income, other tabor ta-bor income and transfer payments pay-ments should all be higher than last year. Total employment in Utah in mid-September was 425, 600, an increase of 5,500 or 1.3 percent over last year. Agricultural employment has continued to decline as is tha situation nationally. Non-agricultural Non-agricultural wage and salary employment was $1.7 percent higher, with increases shown in all major industries except mining, transportation and federal government. The to- tal labor force was shown at 449.100. Unemploymen tin September Septem-ber totaled 24,500, for an increase in-crease of 1.7 percent in the year. Peak unemployment was in July. From the mid-1950 s until 1964, the unemployment ratio in Utah continued well below the national average. This was during the expansion of the missile industry, when total employment in that industry in-dustry reached 18,000. A reduction re-duction in the missile industry indus-try was the major factor in an increase in the unemployment unemploy-ment ratio above the national nation-al average from 1964 until 1971. During the early months of 1971 the unemployment ratio ra-tio in Utah was below the national na-tional average. Total construction during the first eight months of 1971 totaled $219.6 million or nearly 25 percent above the corresponding period in 1970. Residential construction was reported up 45 percent from last year and was valued at almost $122 million or 59.3 percent above the same period per-iod last year. The News Letter reports that cash receipts from farm marketings this year are expected ex-pected to total around $225 million, about the same as last year. Mineral production will be somewhat below a year ago, due principally to the copper and raiiroad strikes last July. Retail trade reflected by the sales and use tax collections collect-ions in the first six months of 1971 was 13 percent above that of the first half of 1970. |