OCR Text |
Show Utah 73 economic outlook bright lion from the record of 1970. Coiior, silver and uranium production and price were slightly below averages of 1971. Lead was down 41 percent per-cent and zinc down 9.2 per. cent. Gold production was lower, but value was considerably con-siderably higher. Steel production pro-duction increased and coal at 4,300 itons remained the same, The general economic outlook out-look In Utah In 1973 is expected expect-ed to be comparable to that of the nation, with expansion soon in most segments. This Is the report of the quarterly First Security Bank News Letter, which ds being distributed this week according accord-ing to Francis Betcnson. The publication Is edited (by Dr, Elroy Nelson, First Secur. ity Corporation vice 'president and economist, In 1973 there will toe further expansion In production, trade and personal Income. Production Produc-tion should Increase In most segments Including fabricated metals, electronics Industries and In mtwt nonrluraWn owvls. crage. Nopagrlculture wage and salary rrvployment In December De-cember at 408,700 had Increased Increas-ed toy 25,000 over the year earlier. Manufacturing employment em-ployment was up 4,600, or 8.1 percent. Decreases were In metal and coal mining, and In food processing. The civilian labor force was reported at 487,200 for an Increase of 15,-200. 15,-200. Unemployment dropped from 6.5 percent a year ago to 6.1 percent In December. Most of the unemployed, says First Security, are new entrants into in-to the labor market. Total personal lnoome for 1972 Is estimated at 4,210 million mil-lion for an Increase of $142 million, or 11.7 percent. Heal Income Increased 7.9 percent, Inflation accounted for 3.8 percent. per-cent. Construction for the first ten months of 1972 totaled $414.8 million for an Increase of 15 percent over that of 1971. Residential construction was valued at $228.6 million, an Increase Ql 43.4 percent. Nonresidential Non-residential and nonbullding construction, however, were lower than In the previous year when major contracts were awarded for construction extending over more than a two-year period. Cash receipts from farm marketing In Utah last year exceeded by eight percent the total of 223 million In 1971. For the first half of 1973 cattle cat-tle prices should continue relatively re-latively stable. Despite some decline from late summer, cattle prices averaged about $1 per owt. above a year earlier. Increases In beef production pro-duction were offset by declines de-clines In veal, larmb and pork. Milk production at 910 pounds per cow in November was the third largest in all the states, exceeded only by Washington and California. Utah's mineral production of $536.8 million represented an Increase of $11 million over 1971, but a decline of $60 mil- Cons tructlon may decline slightly from the peak levels of 1972 and primary metals will probably decline, especially espec-ially In lead and zinc output Employment should be higher In almost all segments and unemployment should further decrease, says First Security. Total employment In Utah expanded In 1972 toy approximately ap-proximately 25,000 more than 2,000 Jobs per month compared to monthly Increases Increas-es of 1,100 during 1971. As In 1971, last years rate of Increase In-crease at 6.7 percent was almost al-most doulble the national ave- |