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Show Expanded Economy Viewed By Bank Economist The general economic outlook in Utah in 1973 is expected to be comparable com-parable to that of the nation, with expansion seen in most segments. This is the report of the quarterly First Security Sec-urity Bank News Letter, which is being distributed this week according to Robert Dalton, branch manager. The publication is edited ed-ited by Dr. EIRoy Nelson, Nel-son, First Security Corp. vice president and economist. econo-mist. In 1973, there will be further expansion in production, pro-duction, trade, and personal per-sonal income. Production should increase in most segments, including fabricated fab-ricated metals, electronics elect-ronics industries and in most nondurable goods. Construction may decline slightly from the peak levels of 1972 and primary pri-mary metals will probably probab-ly decline, especially in lead and zinc output. Employment should be higher in almost all segments seg-ments and unemployment should further decrease, says First Security. Total To-tal employment in Utah expanded in 1972 by approximately ap-proximately 25,000-more than 2,000 jobs per month compared to monthly increases in-creases of 1,100 during 1971. As in 1971, last year's rate of increase at 6.7 per cent was almost al-most double the national average. Nonagriculture wage and salary employment employ-ment in December at 408,700 had increased by 25,600 over the year earlier. ear-lier. Manufacturing employment em-ployment was up 4,600, or 8.1 per cent. Decreases De-creases were in metal and coal mining, and in food processing. The civilian labor force was reported at 487,200 for an increase " of 15,200. Unemployment dropped from 6.5 per cent a year ago to 6.1 percent per-cent in December. Most , of, kthe. unemployed, says First Security, are new entrants into the labor market. s Total personal income for 1972 is estimated at $4,210 million for an increase in-crease of $442 million, or 11.7 per cent. Real income increased 7.9 per cent, inflation accounted for 3.8 per cent. Construction for the first ten months of 1972 totaled $414.8 million for an increase of 15 per cent. Nonresidential and nonbuilding construction, however, were lower than in the previous year when major contracts were awarded aw-arded for construction extending over more than a two-year period. Cash receipts from farm marketing in Utah last year exceeded by 8 per cent the total of $223 million in 1971. For the first half of 1973 cattle prices should continue relatively stable. Despite some decline from late summer, cattle prices averaged about $4 per cwt. above a year earlier. ear-lier. Increases in beef production were offset by declines in veal, lamb and pork. Milk production product-ion at 910 pounds per cow in November was the third largest in all the states, exceeded only by Washington and California. Califor-nia. Utah's mineral production pro-duction of $536.8 million mil-lion represented an increase in-crease of $11 million over ov-er 1971, but a decline of $60 million from the record of 1970. Copper, silver and uranium production pro-duction and prices were slightly below averages of 1971. Lead was down 44 per cent and zinc down 9.2 per cent. Gold production pro-duction was lower, but value was considerably higher. Steel production increased and coal at about ab-out 4,300 tons remained the same. |