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Show Bank Newsletter Says Economic Outlook Good m Fourth Quarter residential construction. Metal production for the first seven months was considerably below levels of last year. Copper Cop-per production at 144,000 tons was the same as last year. Gold production was up slightly by 2.8 per cent, but silver production pro-duction was down 14.6 per cent Steel output is above the 1971 levels which were seriously handicapped by decreased demand, de-mand, especially in the last half of the year. Since May, steel operations in Utah have approached optimum levels. all-time high peak. For the first seven months, total construction construc-tion value was $280.9 million, an increase of nearly 18 per cent over a very excellent corresponding corres-ponding period last year. Residential construction was valued at $154 million, a phenomenal phen-omenal increase of 163 per cent. Nonresidential construction construc-tion at $165.9 million was slightly slight-ly lower than the previous year. All-time records will be exceeded ex-ceeded this year for both residential res-idential construction and non- The economic outlook in Utah for the fourth quarter of 1972 is rated good to excellent, especially es-pecially when compared to last year when there were some problems in the metals industry. indus-try. This is the report of the quarterly First Security Bank News Letter which is being distributed this week, according accord-ing to Donna W. Dearden. The publication is edited by Dr. EIRoy Nelson, First Security Sec-urity Corporation vice president pres-ident and economist. The major- boost in the economy is in the construction area, and its impact on other segments, including steel, metals, building materials, trade and personal income. Production and employment should all be considerably higher high-er than last year. Total employment in Utah in mid-September was reported at 453,400, an increase of 20,000 or 5.4 per cent above lastyear. Agricultural employment has continued to decline, but non-agricultural non-agricultural wage and salary employment at 402,000 was 6.4 per cent over one year ago. Construction employment has accounted for a numerical increase in-crease of almost 4,000 or 19.7 per cent, according to First Security.. The civilian labor force was reported at 475,700, an increase of 4.5 per cent. Because of increased employment em-ployment at 22,300 was down by 10.8 per cent from one year ago. Most of the unemployed, says First Security, are new entrants into the labor market. Construction for the first nine months of 1972 continued at an |