OCR Text |
Show Utah economy shows increase in all phases report indicates Production In many Industrial Indust-rial plants In the state Is at capacity levels. This applies to steel copper, other metals and to petroleum refining, but to a lessor extent to building materials. mat-erials. Construction put Into place will probably equal or exceed slightly the levels of a year ago. Trade outlook is affected, af-fected, especially that of automobiles, auto-mobiles, by shortages of fuel. Mineral production In Utah for the first half-year Is considerably con-siderably above that of a year earlier. Crude oil production In Utah for the first three months at 6.8 million barrels was 6 percent per-cent above a year earlier. By May and June, all five refineries refiner-ies in the Salt Lake area were operating at maximum capacities. capa-cities. On the employment scene, nonagricultural wage and salary sal-ary employment in June totaled 419,000, an increase of 22,000 or 5.5 percent from a year earlier. earl-ier. Agricultural employment Employment, payrolls, production, pro-duction, construction and trade In the second quarter accelerated accelerat-ed in most Industries and in most areas of Utah with rates of increase apparently above the national average. This is the report of the quarterly First Security Bank News Letter being distributed this week, according to Francis W. Betenson, Vice President-Manager. President-Manager. The publication is edited by Dr. EIRoy Nelson, First Security vice president and economist. Total personal income for the first half year Is estimated at $2.4 billion, some $350 million or 20 percent above that report-. report-. ed at the first half of 1972. The rate of Increase continues above the national average. The outlook for production and employment for the third quarter of 1973 must be rated good to excellent despite the problems associated with inflation infla-tion and environmental controls con-trols and the 60-day price freeze, fre-eze, continues the report. No duty is more urgent than that of returning thanks. St. Ambrose totaled 10.2 thousand, the same as a year earlier. Increases in employment were In all major categories with manufacturing totaling 65. 1 thousand, up 8 percent with greatest Increases in fabricated metal and electric equipment. Employment In all the service Industries was higher, high-er, but federal government, both defense and nondefense, was below a year ago, says First Security. The civilian work force was reported at 500.000, which Is up 20,000 from a year ago. Retail trade, as indicated by sales and use tax collections, is continuing at more than 14 percent per-cent above a year earlier, with Increases in most general categories, cate-gories, concludes the report |