Show State Economic Outlook Given By y Bun dank Bank Official Business In Utah during the first quarter quarter ter ler of oC 1971 was good by hy most measurements measure ments mends with wilh increase In total wages salaries and personal income THIS IS the report of the First Security Hank quarterly News Letter teller being distributed this week according to toBit TIm Bit Gibson Vernal manager The publication pub is edited by Dr Jk Nelson First Security Corporation vice Ice president dent lent and economist The states state's economy in the second quarter will probably reflect a general upswing nationally reports First Security fly ity but there is a possibility of oC strikes affecting t the copper ropper and steel industries PERSONAL INCOME Is estimated at nt approximately fiGO million for the first quarter of oC the year ear an eight per ler cent increase over 1 the corresponding period of oC 1970 1070 Afler After correction for consumer price increases real income was approximately approximately m 25 per pcr cen cent higher Copper production In Utah in the first quarter was slightly below last years year's totals and below optimum operating levies les Prices for refined copper ropper were 50 cents per pound pond last year but had reduced to 50 cents in the tIe first quarter of this year However in late March l prices increased to 53 cents because of lower production and ship ship- ments from South America and Africa to world markets LEAD AND zinc production levels are arc below those of last year as was production of oC gold and silver Steel production pro in the state has been ben running about the same as 1970 while national stockpiling in anticipation of oC a strike against a number of major producers Such a strike would affect United Stales States Steel operations in Utah Coal production for the first three months totalled approximately 12 million mil lion lien tons Ions a slight increase over last year Crude Cruda oil production also increased ed slightly while fertilizer output despite despite de de- de spite low prices was about the same as asIt asit asit it was during the tho first quarter of last year TOTAL MANUFACTURING as shown sho by output and employment in the first quarter declined slightly from one year ago es especially in materials ordnance electrical equipment and food Those decreases will be offset in part by increases increases increases in in- creases in fabrication materials machinery machin machin- ery cry chemicals and apparel The general outlook in the state slate for both crops and livestock in 1971 is fair During the first quarter of the year cash receipts from the sale of farm products was slightly below the total of million reported for the first quarter quarter quarter ter of 1970 DECREASES WERE occasioned by lower ower prices for eggs poultry sheep and lamb Prices of cattle were lower in January but increased in February to levels above e last year Inventory of cattle caUle in the state on the first of January January January Jan Jan- uary was an increase of 55 per percent percent percent cent above one year earlier Milk production for the first two months of this year totalled million pounds establishing an all time record Egg production for the first two months showed showed showed show show- ed an increase of 26 million eggs but prices were down a third TOTAL EMPLOYMENT in the Beehive Beehive Bee Bee- hive State by mid March stood at an increase of or 23 per cent from last year The civilian labor force at has increased by As recently recently recently re re- as five years ears ago an annual increase increase increase in in- crease of employed was adequate to absorb the increased labor force the News Letter LeUer explained However this no longer applies since the tie large number number num num- ber bel of post World post World War II babies have reached the employment age and have ha entered the labor market UTAH EMPLOYMENT patterns by March differed considerably from national na na- na patterns where total employment was approximately the same sama as one year ago and the increase in the labor force was approximately the same as the if in in- increase increase crease in unemployed Retail trade in Utah in the first quarter quarter ter was approximately eight per cent above last year ear With correction for price increases the increase was approximately approximately ap ap- ap- ap proximately 25 per cent New car sales in January increased by 53 per cent from Corn January of oC 1970 part of which is accounted for by General Motors strike which dela delayed ed sales one year ago |