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Show Page 30 - THE HERALD, Provo, Utah. Thursday, June 30, 1983 Business What Is happening on stock markets and the business world Indicators Still On Rise Pace Slowing Recovery - WASHINGTON (UPI) Leading economic indicators went up 1.2 percent in May, promising more months of economic recovery though at a slower pace than earlier in the year, the Commerce Department said Wednesday. Seven of the 11 indicators used as an economic barometer by the government contributed to the increase, the smallest monthly jump this year. The pace of new business formations helped the most. A slowdown in price increases e raw materifor als was the biggest negative influence. In a separate report released later in the day, the department said house sales reached a nearly recovery-sensitiv- high in May, an annual rate of 648,000 purchases. But the average price of a new house also showed a vigorous growth rate, reaching a record 390,700 in May. The new leading indicators supported President Reagan's hopes for an economic improvement that he now estimates will produce 5.5 percent growth this year in the nation's gross national product, rather than the previously forecast 4.7 percent. In his broadcast news conference Tuesday night, President Reagan said, "America's econ three-yea- r omy is beginning to sparkle." He revealed that the administration's revisions of its regular mid-yeeconomic forecast, to be delivered to Congress the middle of next month, will reflect higher hopes. Economists say growth of at least 4 percent is necessary to shrink unemployment. Martin Feldstein, chairman of the president's Council of Economic Advisers, told reporters the length of the recovery will depend on how successful Congress is in reducing projected future budget deficits in actual legislation as well as in its budget resolution. Worry over future budget deficits, Feldstein said, can cause financial markets to raise interest rates slowing investment and recovery, overvaluing the dollar and hurting U.S. competitiveness in world trade. White House spokesman Larry Speakes said the leading indicators report "indicates the recovery continues to lay a solid foundation for continued progress." And An accompanying index of coincident indicators, measuring the bedrock financial signs already generated by the current economy instead of trends, showed its third a 1.1 percent increase in a row gain. "The slowdown in the leading indicators is little cause for con- ar Commerce Secretary Malcolm Baldrige called the report "still another encouraging sign." The index of leading indicators in May was 154.5, compared to a 1967 average of 100, the department said. Meat Imports Won't Top Limit 8 - I Pa. (UPI) -Employees at Bethlehem Steel Corp.'s Johnstown plant Wednesday ratified a labor contract thought to be the first in the country to offer steelworkers lifetime job guarantees. The new pact, which trades work rule concessions for the job security clause, was to take effect Friday for 531 maintenance department workers from United Steelworkers Local 2644. Local president Raymond Jas-trza-b said the vote was 386-3- 2 in favor of the pact. He said 418 of 497 local members voted. The new pact gives 300 workers lifetime job guarantees of at least 32 hours a week as long as the American Agriculture Seems Good Investment best (UPI) investment NEW YORK I VI I A pounds. Last year, the U.S. signed agreements calling for voluntary limits on meats shipped to this country by Australia and New Zealand in order to help control import levels. No restrictions were imposed in 1980 or 1981. liv )m Hours: Prices Effective 9:00 a.m. -- 6:00 p.m. Thru July 13, 1983 Except Sunday Closed Monday July 4th. cern," economist Jerry said Wednesday, speaking for the National Association of Jasi-nows- ki 1145 North State, Orem Manufacturers. "This suggests that we will witness rapid growth through the end of the year although at a somewhat less robust pace than in April and May." - i sale Filbert SALE The strongest leading indicator, measuring business formations, was a sign that "the small businessman is doing better now," a department spokesman said. It measured more new businesses emerging than failing. The biggest negative, the slowdown in price increases for raw materials, was not unexpected, SALE Reg.SJ&es- - SALE where else in the nation today where employees are guaranteed a lifetime job commitment on paper," Jastrzab said. 2500Sq Ft RegSM Mad 12 8q.Ft$4 A7ft $C79 O fiegJJA IU Standard Fruit I I 25-3-- 5 nwwa lann luulter aaa Ecology battnead s15.95 Mli4.Fl $99 Beautiful All Shade ROSES and Flowering aomienon. 11 99 10.00.9. Ft toa.UUt From SALE SC49 Dwarf and Semi Dwarf Trees 8ALE Price 20 8595 C69 Small Fruit TREES Bloom 7 Fruit Trees Feed 21.95 In Full 40-ho- Potted 22 Lbs. wPE plant operates. Employees would work a week if the mill runs at 75 percent or more of capacity. & clow, knotwaad, wunja. and am Excellent Thin Shelled Hardy, English Walnut "Raw materials prices are way the heck out of line, too low," he said. "People just sold off the inventories to stay in business." any- $1 4.95 Manreg ion Walnut said economist William of the National Federation of Independent Business. 224-212- 1 Contains a combination of Idaho Walnut Dunkel-ber- g "I don't believe there's Weed Large, Thin Shelled English Walnut Reg. S2JSS Phone All Nut Trees Almond - Currants Gooseberries Grapes Blackberries Purple Raspberries Thornless Boysenberries off Loganberries Raspberries New Custom Design Certificate... Any Term From 3 to 72 Months life fifes Yta UllQTOtf The ODDortunities in Amer ica in the future may be farm land ana tarm mortgages, say two firms specializing in the field. 9 Ife Dfofec0 Iran? Etate They reason that agriculture is the one industry in which the United States is almost certain to be the world leader for a long time. They think hunger in the world will cause demand for American farm produce to double again in the next 10 to 15 years. Traditionally, insurance companies have been the big providers of farm mortgage money on terms of 25 years or more. But George Schwab, president of AgriVest, Inc., of Hartford, said changes in the growthe insurance market ing popularity of term life insurance at the expense of whole life, for example are forcing the IPta to to $100 casDa fcomuus when you open your account at Citicorp Person-to-Pers- on First, you select term... insurance companies to seek shorter-terinvestments to from 3 to 72 months, in monthly increments. You'll never again have to invest for a longer or shorter term than you want. m match the probable lifespans of the policies they sell. Schwab said this creates both a problem and an opportunity for Up your interest rate... individual funds and investors. He said pension funds farm ought to find long-termortgages attractive now. Schwab was for 20 years agricultural investment manager of Connecticut Mutual Life Insurance d based on the amount you invest, from 11,000 to $50,000 or more. For example: m Term How deposit amount Co. American Agricultural Management Co. of Oak Brook, 111., has been engaged for the past three years in persuading pension funds to participate in equity trust investments in farm lands. Schwab said there is a definite trend on the part of institutional investors to buy medium- - and Deposit Amount $1,000 11.11 60 months $5,000 11.31 rate $20,000 11.51 60 months Deposit Amount Cash Bonus 24-7- 3-- month term 1 $ 2,500 2 month term ,000 or more $ $ 5.00 or more 5,000 or more $ $ 12.50 $12.50 $ 25.00 $10,000 or more $2500 $ 50.00 $20,000 or more $50.00 $100.00 $ Rates shown effective 628 7583. Rates are subject to change very Tuesday IRA bonus cannot exceed 110 on deposits of 12,500 or more and 120 on deposits of 15,000 or more. PHONE FOR CURRENT RATES. d farms and lease them back to competent farmers, thus giving the farmer a big leg up in this most capital intensive of all American businesses. $100 cash bonus when Rate 60 months affects to you open your Custom Design Certificate account Then you determine financial institutions, pension well-heele- II IV Lifetime Steel Job Plan Inked JOHNSTOWN, pose no restrictions for the three months beginning July 1. Under a 1979 law, the department is required to make quarterly estimates of U.S. meat imports. This year, restrictions would be required if imports of beef and certain other meats were expected to exceed 1.23 billion WASHINGTON The (UPI) United States is expected to import 122 billion pounds of meat this year, less than the level that would require limits on overseas purchases, the Agriculture Department said Wednesday. The department's projection means the government will im large-size- for more information He said, however, the notion that corporations are taking over American agriculture is a myth. "A lot of farms are incorporated," he said, "but the most successful ones are family corporations. Many companies have ventured into farming on a huge scale but only a few stuck to it and succeeded at it," he told United Press International. "Good American farmers are entrepreneurial, independent business people who will work from 4 in the morning until dusk to get the job done. Other nations who don't have the same tradition just don't get our big harvests," he said. "It will pay us to maintain this tradition by providing this kind of farmer with the capital he must have." fl Visit soon Accounts insured to $150,000 Custom Design Certificate Account. Or phone for jN. by a major private insurance company You'll also feel or to open your secure knowing we're part of Citicorp, one ot the world s largest financial institutions. Citicorp Person-to-Perso- Financial Center of Utah more information. SALT LAKE CITY Downtown 1 10 W. First South Suite 532-338- 224-222- 178 Brickyard Rd. 486-226- 1 Fashion Square A 195 "'IMHU.likcirp U6 OREM Brickyard Plaza Available to Utah residents only. substantial interest penalty may be imposed for early withdrawal. Account size may be limited. n 262-543- 6 E. 6100 South 3 University Mall 2 2 Valley Fair Mall 3601 So. 2700 West OGDEN 969-721- 621-711- 1 2350 Washington Blvd 0 CITICORP |
