| Show PEr Personal onal income t rise lii jd m In 76 I I I 76 says Dan Bank t. t 4 k I letter etter letter 2 vv f 1 Y t r 11 I T Total personal Income will have a strong rise In Utah in 1976 according to the quarterly First Security Bank Dank News NewsLetter NewsLetter Letter r being distributed this weeks says Dill Bill Gibson vice president and manager Dr Kelly K K Matthews vice president and economist is editor bf the News Letter j l WILL enjoy an estimated total personal Income income income in In- come of million in 1976 an Increase of million or 12 percent above the 1975 total reported by the US U.S. Department Department Department Depart Depart- ment of Commerce This forecast is based on data available through the first nine months of the year plus an estimate for the last three months in total wages and salaries net farm income and proprietors proprietor's and property in in- come After correction for inflation and the decreased pU purchasing chasing power of the dollar real personal personal personal per per- income in Utah in 1976 will have increased approximately approximately approximately ap ap- ap- ap proximately 6 percent An employment increase of about 5 percent and an average increase in wage rates of approximately the same amount account for an increase of million or 11 percent in wages and salaries and other labor income Net farm income is expected to show a substantial improvement improvement improvement im im- im- im provement following a sharp drop in 1975 Some increase is expected in other proprietors proprietor's income property income and transfer payments I NATIONALLY ECONOMIC activity after a sluggish summer began to improve near the end of the third quarter Retail sales and residential construction showed marked improvement while production and employment continued to to expand at a a respectable rate Favorable business conditions conditions conditions con con- are expected to persist throughout the fourth quarter and into 1977 Real Gross National Product the value of all an final goods and services purchased after the impact of inflation has been removed increased at an estimated annual rate of 4 41 percent in the third quarter t ri 8 I Improved levels of ot consumer and business spending are expected to strengthen the tempo of economic activity inthe in In Inthe the fourth quarter and into 1977 Other business indicators reported in the News Letter Include Industrial production which increased at a moderate pace In the third quarter Consumer and business spending have experienced a pause but consumer spending began to rise again In August Although the lackluster trend in business spending has not followed suit a recent capital spending survey indicates that there will be a rather solid expansion late this year or early in 1977 TilE THE BASIC rate of Inflation at the retail level remained generally stable in the third quarter increasing about 6 percent at an annual rate rat Little change in the current Inflationary inflationary In in- pattern is anticipated in the fourth quarter or into the early months of 1977 Wholesale prices slipped downward in August as sharply declining food prices continued to check relatively big gains inthe in inthe inthe the wholesale price or industrial industrial industrial in in- commodities |
