Show Business Above 1963 Levels Report Shows Total business activity In Utah by early October had reached a point considerably above 1963 levels but because of missile industry cutbacks the average This is the report of First Se Se- Se Security Banks Bank's quarterly News NewsLetter NewsLetter Letter which will be distributed this week it was announced Monday by Harold R Sargent manager of First Security Bank BankIn Bankin In Vernal The News Letter is edited by Dr ElRoy Nelson vice press dent and economist of First Security Corporation I ACCORDING to the News NewsLetter NewsLetter Letter the reduction in missile industry payrolls for the year will amount to 25 million and the copper strike cost 10 mil lion in direct wages and pay rolls at and other af aft companies Employment c t Ion l lo o n nand and trade In the fourth quarter are arc expected to be well above 1963 levels however tile the News NewsLetter NewsLetter Letter reported i Total nonagricultural employ ment in September mid was some below totals After settlement of the copper strike however employ I merit ment rose above year ago levels and approached In In creases by early October were in primary metal production and other durable goods public utilities retail trade finance and service industries the News Letter said I THERE IS A slight decrease In federal government employ employ- employment ment but it is more than offset by the increase in state and lo 10 cal government employment First Security reports an In in- increase crease of 1000 over 1963 In manufacturing employment in industries other than missiles which are lower Increases are reflected In most industrial electronics food processing and apparel Primary metal industries especially copper and steel are operating at near capacity lev lev- levels levels els and reflect the direct de mand for such metals by the nations nation's industries The News Letter notes that total of all mineral pro pro- production in the Beehive state in 1964 will approach the plus I million reported in each of the four preceding years Output of copper and other metals how bow ever was curtailed by the month strike during the third quarter which in turn affected the output of phosphate products THIS MEANT a loss of ap approximately proximately 31 million in mineral values Except for the summer mid loss output of most metals on a month to month basis is some 2 to 25 per percent percent cent over that in 1963 First Security says Crude oil is some 12 per cent below 1963 levels due pally to excess quantities of crude from the nations nation's oil wells and from that imported Cash receipts from farm mar in Utah for 1964 may be slightly below that total of million reported last year Dc crease in income from the sale of cattle cattie however will be offset by more receipts from lamb wool and turkey sales Food production although early frost has curtailed somewhat the canS can ning industry should equal figures and fruit and grain production is considerably higher FIRST SECURITY reports that take home pay increases will total almost 45 million in inthe inthe the state as a direct result of the tax cut means at least 13 million addition addi- addi addition tion over that of 1963 for the purchase of goods and services and for savings the News NewsLetter NewsLetter Letter said Total anticipated disposable personal income for forthe forthe the last three months of the year is expected to total almost million up 35 million from the corresponding period last year Increased total and dispo- dispo able personal income are reflected ted In increased retail trade Department store sales were re- re reI reported I ported up four per cent for the I first eight months and new car sales totaled up from froma a year ago An excellent fourth quarter is expected in car and truck sales if cars are avail able DEMAND FOR bank credit continues to increase e reports First Security and bank debits to demand deposits for the first eight months were up mil mU lion in Salt Lake and mil lion in Ogden Deposits in utah banks totaling million were up 43 million from last year Thirty nine million of the in in- in increase crease was in savings and time deposits I |