Show First Security's 1969 Economic Good Forecast Forecast Good The economic outlook In Utah for 1969 is good with increased production and employment anticipated in most industries This Is the report of the quarterly quarterly terly First Security Bank NewsLetter NewsLetter News NewsLetter Letter being distributed this week according to Harold R R. R Sargent vice president The News Letter Is s edited by Dr ElRoy Nelson First Security vice president and economist S SOME ME slackening of the pace of 1968 is anticipated a as well as a slowdown in the rate of inflation says First Security while some problems affecting the nation will be re rt reflected re- re fleeted in Utah's patterns of production I trade and For 1968 the value the value of mineral minerai production in Utah totaled million an increase of 19 5 per cent over overvalue value reported report report- ed In 1967 The total however is some 25 5 million below the record of 19 due to the strike against the major copper producers pro Production of most metals since last March was at level levels equal br hr above 1966 COPPER production in the Beehive state last year was reported reported re reo ported at tons or approximately approximately approximately ap ap- proximately 25 tons a month since reopening of the mines Production this year should approximate approximate approximate ap ap- proximate the World War II H peak levels Domestic prices during 1968 were higher although although al al- though still stin somewhat below world prices Lead production reported at 47 tons was some 12 per percent percent percent cent lower and value was down 17 per cent from that reported in 1967 but silver production at ounces and gold at at ounces were both considerably considerably considerably con con- higher than in strike plagued 1967 reports First Security Sec Sec- IRON ore production was up some five per cent at 1828 tons principally because of accelerated accelerated ac ac- demand by the the steel Industry through June The outlook outlook out out- loo look for steel teel in the first six months of 1969 is rated good to excellent Value added by manu manu- manufacturing in Utah during 1968 1068 Is estimated at about million considerably above 1967 totals Smelting and refining of nonferrous nonferrous non non- ferrous metals steel and oil refining refining re reo fining accounted for major shares of value added while value added by food processing metals fabrication apparel electronic and computer equipment equipment equip equip- ment were also higher ACCORDING to preliminary data cash receipts from farm marketing in Utah last year totaled approximately million million mil mil- lion some some five million dollars above 1967 Higher prices during during dur duro ing the last quarter of the year accounted for the increase Value of crops produced was estimated at 75 million down 12 million from the previous previous pre pre- year and reflecting lower production and prices for grain hay alfalfa seed and beans Livestock and livestock products pro pro- ducts accounted for more than 75 per cent of cash farm income income income in in- come as prices for livestock Inthe in inthe inthe the major marketing season averaged about eight per cent above 1967 prices THE NEWS letter says that cash receipts from farm marketing mar marr in the first three months of 1969 should be somewhat higher than last year Non Non agricultural wage and salary employment in Utah by mid mid December December totaled an Increase of 16 or five per percent percent percent cent above 1967 Increases were shown in virtually all economic sectors especially in metals food chemicals apparel trade electronics and most mining UNEMPLOYMENT by Mid Mid- December totaled a decrease of 1600 from last year and although the labor force had increased by nearly the ratio of unemployed to the labor force was 51 per percent percent percent cent compared with 5 56 6 per percent percent percent cent in December of 1967 |