| Show First Security economic outlook generally good goad Despite some problems of 01 inflation and the shortage of materials the economic outlook for the second half hall of 01 1974 1914 Is generally good for lor Utah This is the report of the Quarterly First Security News NewsLetter NewsLetter NewsLetter Letter being distributed this week according to Bill Gibson vice president and manager Vernal branch The publication Is edited by Dr ElRoy Nelson First Security Corporation vice president and economist UTAH'S EMPLOYMENT payrolls and construction continued to establish new high levels during the first half hall of the year reports First Security while retail trade increased at a somewhat lower rate than in 1973 Exploration for and production of fuels including oil coal and uranium all accelerated accelerated accelerated ac ac- ac- ac during the period Further increases are anticipated in development and production of mineral fuels metals and in to manufacturing The construction outlook is fair to good for the remainder of the year and employment should increase at a rate below that of one year ago says the News Letter NONAGRICULTURAL wage and salary employment in June totals an increase of or 36 percent above last year with increases being shown in all major categories Greatest increase was shown in durable manufacturing which was up percent according to First Security ty Mineral production In the state for the first half year ear was about the same as last year but values were considerably higher especially for the metals Copper production has continued a at t maximum operating levels with prices more nearly equaling the world price of 88 cents following the end of price controls Lead Lend and zinc production have been below last years year's levels as is output of gold and silver Steel production In Utah County continues a at t maximum operating levels and the outlook is excellent for lor demand for steel by both local and national fabricators COAL PRODUCTION for the first half hall year is estimated at somewhat above two million tons and is expected to further accelerate during the second half of the year Crude oil production for the first four months totaled barrels an increase of percent from last year Natural gas production was 27 ll million cubic feet an increase of more than a million cubic feet over 1973 Cash receipts from farm marketing for the first six months totaled approximately the same as one year ago Through April receipts were percent above last year but declines in prices especially livestock offset earlier increases in In creases The major problem is the rapid decline in prices of meat meal animals since earlier Inthe in inthe inthe the year when cattle flooded markets BASED ON taxable retail sales and service collections total trade in Utah for the first 11 months of the fiscal year were up 11 percent Construction contracts awarded in the Beehive state during the first four months totaled million or percent above that of one year ago There was an increase in new dwellings of percent mostly condominiums and apartments Nonresidential I construction contracts totaled million an Increase of J percent above last year |
