| Show Economic Economic- Analysis Given in 1 st Security Bank Banle News Letter Business In Utah by the end of ot the third quarter cr Was rated rater fair lair to good and was som somewhat what better than anticipated THIS IS THE report of oC the First See Sc- curtly flank Dank News New Letter being distributed ed this week it was Wa reported by Hill Bill Gibson manager The News Letter Is edited by Dr nr Nelson First Security Security Se Se- vice president and economist The News Letter tetter reports there has been beena a substantial Increase in construction and trade and the outlook for lor the fourth quarter quarter quarter ter should follow Collow national patterns Some additional stability in prices and some decreases In Jn the rate of ot inflation I Is anticipated says First Security TOTAL PERSONAL income In Utah during 1971 Is estimated at 37 billion an increase of oC million or 8 percent over that reported by the Department of ot Commerce for last year After Arter correction for decreasing purchasing power of oC the dollar real income should be 4 percent above 1970 1070 Personal income in Utah vi was s only slightly above above l last st ye yer year r b because be cause of oC the copper and railroad strikes affecting copper and most other nonferrous nonferrous rous roes metals Wages are arc expected to total to to- tal 26 billion billIOt tor for an an increase of oC million This type of income represents approximately 70 percent of oC the total total to to- tal personal income in the state NET FARM income is estimated e at nt approximately 5 54 4 million slightly below the total reported one year ago ngo Property Property Prop Prop- erty income at at million should be 35 million above last year Non farm proprietors s income other la labor or Income and transfer payments should all be higher higher high high- er than han la last t year Total empl employment ment in Utah in mid Sep t mb r an increase of oC or 13 percent over last year Agricultural al has employment continued to decline as is the situ nationally Non Non Non-agri- agri cultural t wager and nd salary employment v was s 17 percent higher her with with- Increases shown in all maior major industries except mining min min- ing transportation and federal gov govern government rn- rn ment ment Tho total labor force was shown al at J UNEMPLOYMENT IN September totaled totaled totaled to to- an increase ase of 17 percent in the ye year yearl r Peak unemployment was was in July Fr From m the mid until 1964 the unemployment ratio in Utah continued well below below- the ri national t onal nver average ge This was during the expansion of the missile industry when totaL employment in th that t ind industry try reached A A reduction in the missile industry was the major factor in inan Ian an so in the tte unemployment unemployment lo ment ratio above the national average from Crom 1964 until 1971 During the early months of 1971 the unemployment ratio rati in Utah was below the nati national n l average average 0 TOTAL TOTAL CONSTRUCTION CONSTRUCTION during daring the first eight months of 1971 totaled l 2196 6 million or or nearly 25 percent above the corresponding period in 1970 Residential construction was reported ld up 45 per percent per per- cent ernt from last vear year and was valued at almost million or percent above 0 the same same period last year e r. r The Ne News s Letter reports that ash receipts re- re from farm this ye year r rare are expected Jq t to total around about o the s same same me as last year MINERAL PRODUCTION will be somewhat some what below a year ago due principally to the copper and railroad strikes last July Retail trade reflected by the sales and andus us use use tax collections olle ti ns in hi the first six months of j 71 was 13 percent percenta bove that of oC the first half of 1970 the class of ot GS 68 Elder Merrell attended one year of college at Dixie in St. St George Georg prior to entering the mission field HE WAS SWORN into the local National Nation al at Guard Unit Sunday and expects to receive his basic training In the near future lie He is presently employed by Uintah Engineering and Survey Com Coma h pang hV |
