Show Economic outlook good says newsletter Utah's economic outlook for forthe forthe forthe the second half of 1975 is generally good and some improvement improvement im im- im provement in the employment picture is expected This is the report of the quarterly First Security Bank Newsletter being distributed this week according to Bill Gibson Vernal vice president and manager The publication is edited by Dr ElRoy Nelson First Security senior vice president and economist TILE THE CONSTRUCTION outlook is generally good and there is no significant shortage in raw materials for either the tile manufacturing or the construction construction construction con con- industries Employment Employment Employment Em Em- should increase but at a rate below that of a year ago Utah's employment payrolls and personal income continued to establish new high levels in inthe inthe inthe the first half of 1975 However the rates of increase have slowed considerably since January Trade has increased along with production of fuels and fertilizers but cash farm income and metals production were down compared to last years year's figures Cash receipts from farming for the first six months totaled considerably less than a year ago Through April receipts were down 15 percent but higher prices particularly for livestock in May and June offset some of the earlier decline Mineral production in Utah for the first half year was considerably below that of a year ago in quantity and far farbelow farbelow farbelow below that in values However most cement brick block and cast stone plants continue to operate at capacity Fertilizer production has been at maximum plant capacities for some time now Steel production in Utah County increased in late February with reactivation of one blast furnace However order cancellations in May and June caused a reduction in output noted the Newsletter f PRODUCTION OF W copper lead gold and silver were all b below low last years year's totals for the first three months of 1975 Zinc production was higher and output of lead zinc and silver are expected to increase substantially substantially substantially sub sub- in the last six months of this year The Newsletter reports coal production in the Beehive e State Stale for the the- first six months was somewhat higher than a year earlier exceeding three million tons l For or the first three months of the year crude oil production totaled more than 10 ho million barrels Jarrels an increase of approximately approximately approximately ap ap- ap- ap proximately five percent from a year earlier CONSTRUCTION contracts awarded for th the first four months were nine percent below the total of a year earlier Nonresidential construction was up 59 percent but non non- building construction including highways and utilities was down percent Total employment in Utah InJune in inJune inJune June was an increase of or 14 percent from a year earlier earlier- Although employment has continued above yea years ago levels the rate of increase on a month lo-month basis declined month month to in each of the first six months of the year Utah's litah's seasonally adjusted unemployment rate in inJune inJune inJune June was 76 percent noted the Newsletter Based on taxable retail sales total trade fn in Utah for the first 11 months of the fiscal year were up percent from a year earlier The rate of increase increase increase in in- crease over the previous year has been increasing since March and is considerably above the increase in consumer prices says First Security |