| OCR Text |
Show Foorth Quarter Business Outlook Gosc!, Bank Economist Says Business in Utah at the end of the third quarter of 1970 was slightly better than anticipated, and the outlook for the fourth quarter is fair to good. This is the report of the quarterly First Security Bank News Letter, being distributed this week, according ac-cording to Robert Dalton, Manager, Moab Branch. First Security reports that production and employment, em-ployment, as well as personal per-sonal income, are somewhat above 19G9 levels and the rate of increase over last year is apparently above the national average. During Dur-ing the final quarter of the. year a slight increase in the economic pace is expected. ex-pected. There are, however, pressures on prices of agricultural ag-ricultural products and some industrial products including lead and zinc. Mineral production in the state for the first nine months of the year, both in total volume and value, was almost equal to the previous year. Copper production pro-duction has continued at a 25 thousand tons per month average. The Bureau Bu-reau of Mines reports copper cop-per production was up 5 per cent from one year ago for the first time in seven months. Lead production for the first 77 months was reported repor-ted at about 27 thousand tons and Zinc at nearly 25 thousand tons, both approximately ap-proximately 12 per cent above 19G9. Gold production produc-tion for the period at 2-13. OPO ounces was down slightly while silver production pro-duction increased 12 percent per-cent over 19G9 levels. Steel operations during the summer continued be- low mill capacity. However, Howev-er, according to the News Letter, by the end of September Sep-tember output cf steel was somewhat higher than one year ago. Uranium and crude oil output was reported re-ported about the same a.s last year, while cord production pro-duction in the state was slightly above the previous year. Cash receipts from farm marketing in 1970 should approach the total of $209 million received in 19G9. Trices for both slaughter and feeder cattle have continued con-tinued generally above one year ago. Feed cattle prices pric-es should be about the same as last Fall and some decrease in weight of slaughter animals is expected ex-pected because of high feed prices, especially corn. Milk production is running about six per cent above last year but egg production produc-tion is down nine percent and prices are also lower. Total construction value in the Beehive state for the first seven months of 1970 totaled $19G.4 million, up nearly 25 per cent from the previous year. Residential Residen-tial construction was reported re-ported up from -10 per cent and non - residential building build-ing construction was double dou-ble that of one year earlier. The News Letter reports that total employment in Utah in mid - September was 422,900, an increase of more than 10 thousand or 2.4 per cent above 19G9. Major increases over the previous year were in primary pri-mary metals, coal, construction con-struction and all trade, finance, fi-nance, and service industries. indus-tries. The labor force in Sepl ember was estimated at 415,000 up 15.930 from one year earlier. Unemployment Unemploy-ment at 22,500 was 5.1 per cent of the labor force. |
