| Show First Security Report Copper Strike Dampened An Otherwise Good Year Business In Utah for the first firstI I six months of 1967 was rated good to excellent The copper strike however and its impact on related industries put a damper on economic develop ment for the last half of the year This Is the thc report of First Security Banks Bank's quarterly News Newsletter Newsletter letter which will be distributed soon It was announced by liar Hal old R Sargent vice president of Vernal The News Letter Is edited by Dr ElRoy Nelson First Se Se- Se Corporation vice pro pre and economist THE MAJOR question facing the economic picture in Utah in 1968 1068 is the termination date for the strike affecting the thc non non- nonferrous ferrous metals industry The general outlook once the strike is settled Is good to excellent according according to First Security Value Vahle of mineral production in Utah In 1967 1961 totaled mil mu lion as reported by the US Bureau of Mines This is 20 I per cent below the record of million in 1966 1906 and is the I oj lowest since 1957 The strike against the major copper pro beginning July 15 stopped not only copper output but also other metal production facilities ties operated by the major majoL copper producing companies The general reaction also clos- clos closed ed some lead and zinc mines because there were no smelting facilities The News Letter further pointed out that the strike affected fertilizer pro and other mineral pro I including natural gas gasa and a nd coal COPP COPPER E R production for 1967 was reported at tons almo almost t all of which was ed before July 15 This was tons below 1966 and the outlook for 1968 Is obviously de pendent on settlement of the Lead production at tons zinc output at tons silver at 48 million ounces arId and gold production at oun es were aU all considerably below 1966 levels Continued on page 8 I Business Report Continued from page 1 CASH receipts from farm marketing in 1967 exceeded million according to pre pre pre- preliminary data almost 5 per cent above 1966 The increase was related directly to higher crop production and better livestock prices during the last three months of the year Cattle pric pric- prices es had been under pressure for more than a year but for forthe forthe the last three months of 1967 averaged two dollars higher than in late 1966 Prices should hold at present levels at least through January The outlook for agriculture In Utah In 1968 is generally good with increases expected from both crops and livestock reo re- re ports First Security ty TOTAL nonagricultural non em em- employment In Utah by late De De- De cember of 1967 totaled an increase of over a year ago This compares unfavorably ly with the increase of in 1966 due to major decreases in metal mining smelting and refining caused by the copper strike However increases in employment are r reported in such manufacturing industries as fabricated metals electrical equipment apparel and other electronics Contract construction in the state is estimated at mil mU- lion for the first ten months of 1967 Residential construction low in the first six months in in- in increased creased substantially after June JuneI and the outlook for this year is I good to excellent if mortgage funds are available |
