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Show Reports Show Utah Business Makes Steady Advancement Business in Utah at mid-year had established new records In production, employment and trade, and additional expansion in production and payrolls is anticipated. an-ticipated. This is the report contained in First Security Bank's quarterly News Letter, which will be distributed dis-tributed during the next few days, it was announced by Francis Fran-cis W. Betenson, manager, First Security Bank of Utah, N. A., Cedar City Office. The News Letter is edited by Dr. EIRoy Nelson, First Security Corporation vice president and economist. According to First Security, there is no "boom" as such, but a rather steady rate of expansion expan-sion in a number of economic segments, including metals, machinery, ma-chinery, electronic equipment, and apparel. Personal income in the state for the first six months of 1966 is estimated at $1,188 million, an increase of some $63 million or nearlv six ner cent over the first six months of 1965. Outlook for the third quarter is generally general-ly excellent, especially wage and salary income from meltal related relat-ed industries, manufacturing, wholesale trade and service industries. in-dustries. Metal production for the first half of the year was considerably consider-ably above last year's levels, with increases shown in the production pro-duction of steel, copper, lead and zinc. Steel production continues at optimum levels, reports the News Letter, and should establish estab-lish new records. Copper production produc-tion continues on a seven-day operating basis and output is higher than one year ago. Precious metal production gold, and silver has increased proportionately with their base metals, copper, lead and zinc, with which they are mined. Coal production is almost equal to year ago totals, while fertilizer output is considerably higher to satisfy national and international demands. Total employment at 377,400 was up 10,000, approximately 3 per cent, above last year. Import-I Import-I ant increases are shown in metal mining, phosphate and potash mining, metal smelting and refining, re-fining, steel fabrication, and machine manufacturing. Federal government employment is also up 8,000, most of which represents repre-sents a buildup at defense installations in-stallations in the Ogden and Tooele areas. Unemployment, reported in June at 18,900, represented a reduction re-duction of 2r,'o from one year ago. The seasonally adjusted unemployed un-employed ratio was below four per cent, the lowest in five years. First Security terms the Utah agricultural outlook as "fair." Gross receipts from farming for the year are anticipated to total about the same as 1965, at $170 million. Increased cash receipts for the first quarter have been offset silghtly with price declines since April, and weather variations varia-tions have created some deterioration deteri-oration of ranges and pastures, and reduced output of hay and some grain. Turkey production is higher, and price is about the same as last year, reports the News Letter, Let-ter, while milk production is about the same. Total fruit production pro-duction is expected to reach last year's levels when the t rop was also reduced by late frosts. |