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Show A REPORT from YOUR GOVERNOR By George D. Clyde Someone has very aptly said that when your neighbor loses his Job, we are in a recession. When you lose your own Job, we are in a real depression. There have been some definite defin-ite indications of an economic slow-down, or recession, In the nation within the last several weeks. The prevalent belief In informed in-formed sources Is that It will not turn Into a genuine depression depres-sion on the national level. To Individuals who may have lost their jobs owing to the temporary tem-porary recession or owing to the fluctuations or seasonal employment or for some other cause the situation is dead serious. But the seriousness of the situation is largely dependent depend-ent on the outlook for the immediate im-mediate and long-range future. That is to say, whether or not job opportunities will be more freely available again soon. To get a clearer and more accurate ac-curate view of the outlook fo: Utau, ! invited a number of outstanding out-standing economists and finan- cial experts, from the public and private universities in the state and from private business, to m office for a discussion. The results re-sults of that discussion were basically ba-sically reassurii z, although the) pointed up some definite problems prob-lems we must face. It confirmed my belief that we should not try to be overly-optimistic in the face of changing conditions, nor should we become panicky. We should be realistic in our appraisals, ap-praisals, and maintain confidence confi-dence in the strength of our basic ba-sic resources. We may have to tighten our belts, but we are going go-ing to make out all right. Here are some of the special factors that will have a bearing on Utah's economic future: To look at the dark side of the picture first, production of copiHT is not likely to return to normal levels for sometime, production pro-duction of lead and zinc even longer, owing to depressed prices and foreign Imports. Offseting these economic weak spots, however, how-ever, are these favorable factors: fac-tors: Steel production is likely to return re-turn towards normal soon, as much of the steel used over the past three or four months has been drawn from inventory. Spending for highway construction con-struction in 1938 will be about double the 1957 figure, and will g, still higher in 1959. This should have a wide effect In assisting as-sisting Utah prosperity. Stimulus to Utah business of reclamation construction at Glen Canyon and Flaming Gorge should be helpful. Employment is holding up better bet-ter than was anticipated under the circumstances, and Utan Is I now passing the low point In seasonal employment cycle. National emphasis on the missiles mis-siles program should provide a marked stimulus to Utah's eco rrmv a w havo a number nf ! installations directly concerned with this program. Military Installations In Utah are not expected to retract and may even expand somewhat In the immediate future. with "easier" money policies, home construction and other private pri-vate builings should be stimulated. stimu-lated. And it may be an excellent excel-lent time for cities and counties to undertake long-range Improvement Improve-ment programs. j All In all, not a frightening picture, though a sobering on.- If we keep our heads, we should come through with flying colors. Let me assure you that I shall be keeping a close watch on the situation and that the state will do everything It can t o keep economy on an even course. |