Show Outlook Good Eco Economically Bank Reports The economic outlook in Ut Utah h for 1969 is good with increased production and employment anticipated in most industries This is the report of the quarterly First Security Bank News Letter Jetter being distributed this week according to Donna W. W Dearden Assistant Man Man- ager The News New s Letter is edited by Dr ElRoy Nelson First Security vice president and economist Some slacking of of the feverish fever feverish fever fever- ish pace of 1968 is anticipated as well as a slowdown in the rate of inflation says First Security while some problems affecting the nation will be re reflected reflected re- re fleeted in Utah's patterns of production trade and finance For 1968 the value of mineral pro production d u c ti 0 n in Utah totaled million an increase of per cent over value re reported reported reported re- re ported in 1967 The total however however however how how- ever is some 25 million below the record of 1966 due to the strike against the major copper copper cop cop- per producers Production of most metals since last March was at levels equal or above 1966 Copper production in the Beehive Beehive Beehive Bee Bee- hive state last year was re reported reported reported re- re ported at tons or ap approximately approximately approximately ap- ap proximately tons a month since reopening of the mines Production this year should approximate the World War II peak levels Domestic prices during 1968 were higher al although although although al- al though still somewhat below world prices Lead production Lead production reported at tons was some 12 per percent percent cent ent lower and value was down 17 per cent from that reported report report- ed in 1967 but silver production production production tion at Ounces Junces and gold at ounces were both considerably higher than in strike plagued 1967 reports First Security Iron ore production was up some five per cent at tons principally because of ac accelerated accelerated accelerated ac- ac demand by the steel industry through June The outlook outlook outlook out out- look for steel in the first six months of 1969 is rated good to excellent Value added by manufacturing ing in Utah during 1968 is estimated at about million considerably above 1967 totals Smelting and refining of nonferrous nonferrous nonferrous non- non ferrous metals steel and oil refining accounted for major shares of value added while value added by food processing met metals a 1 s fabrication apparel electronic and computer equipment were also higher According to preliminary data cash receipts from from farm marketing in in Utah la last t year year totaled approximately million million million mil mil- lion some five million dollars above 1967 Higher pric prices s during during during dur dur- ing the last quarter of pf the year accounted for the Increase Value of crops produced was estimated at 75 million down 12 million from the previous year and reflecting lower production production production pro pro- and prices for grain hay alfalfa seed and beans Livestock and Liv products products products pro pro- ducts accounted for more more than 75 per cent of f cash far farm n in income income income in- in come as prices for livestock in the major marketing s season ason averaged about eight per cent above 1967 prices The News Letter says that cash cah receipts from farm marketing marketing mar mar- in the first three months of 1969 should be somewhat higher than last year Non-agricultural Non w wage wag a g e and salary employment in Utah by mid-December mid totaled 3 an increase of or or five per cent cent increases were shown in virtually all aU economic sectors especially in metals food chemicals ap apparel apparel apparel ap- ap parel t trade r a de electronics and most mining Unemployment ment by mid- mid December totaled a ade- ade de decrease crease of 1600 from last y year yr ear r and although the labor force had increased by nearly 70 0 the ratio of unemployed to the labor force was 51 per cent compared with 56 per cent in December of 1967 |