Show Utah Still Rising Outlook Good Personal income in Utah dur- dur during during ing the first three months of 1965 totaled approximately million and the outlook for the second quarter is generally excellent ex- ex excellent This is the report of o First News letter which will be dis- dis distributed distributed this week it was an- an announced announced by Harold R Sargent The News Letter is edited by Dr ElRoy Nelson First Security Security ity Corporation vice president and economist ACCORDING to data from employment payrolls and other sources personal income dur- dur during during ing the first quarter of the year increased 18 million or 35 per cent above that reported for forthe forthe the corresponding period in 1964 However because of increased increased ed state personal income tax withholding from 9 to 14 per percent percent cent of the federal income tax disposable personal income will increase at a rate somewhat below that of total personal in- in income in come during the remainder of the year Significant increases w ere e r e shown during the first quarter in the metals and the outlook for the rest of the year is ex- ex excellent excellent The total value of min eral production in the state is expected to exceed the previous record of million STEEL production is at cap cap- capacity levels with an excellent market indicated throughout the second quarter unless a down continuing Copper production is continuing on a seven day operating basis lead and zinc production ar are ex- ex expected expected to increase above 1964 levels and coal oil shale and bituminous sand development and phosphate output all have improved outlooks Phosphate output in 1965 the News Letter reports should es- es establish establish new records as will potash production Oil production in Utah con con- continues to decline and is approximately approximately 14 per cent below a year ago New fields are not yet connected to pipelines and the Greater Aneth field production lion tion continues downward with age Crude oil delivered to re- re refineries refineries fineries however is approximately three per cent above 1964 ANTICIPATED ca cash h receipts from farm marketing in the Beehive state during 1965 should be slightly above the mil lion reported for 1964 The livestock marketing outlook has improved somewhat with the beef cattle inventory three per percent percent cent above that of a year ago TURKEY growers expect to produce 24 million birds this year a big crop but the smal- smal smallest smallest lest in the state since 1953 Milk production is somewhat lower but prices are approximately the same as 1964 Both egg prices and production are lower while lamb prices continue well above last years year's levels Total nonagricultural employ employ- employment ment by mid March was al al- al almost most ost above that reported in 1964 a one per cent increase Although employment in the missiles industry had ed by 1500 all other segments showed significant increases especially mining and UNEMPLOYMENT in March 1 was slightly above the totals for last year primarily because the total work force had mere i ased at a rate slightly above that of jobs says the News NewsLetter NewsLetter Letter Department store sales in major Utah cities for the first two months of oC the year showed a six to eight per cent increase over 1964 while new car sales were up five per cent Increased industrial demand was reflected in a four per cent increase in inthe inthe the utilization of electricity dur- dur during fag ing the first quarter The News Letter shows in creases in bank loans reported by Federal Reserve member banks in the state Deposits with the banks both demand and time savings showed in- in increases increases creases during the period over overa a year ago |