OCR Text |
Show First Security Letter Forecasts Declining Inflation, Real Growth The economic outlook for Utah in 1971 is rated fair, but the rate of inflation will decline and real growth will become more apparent. This is the report of the quarterly First Security Bank News Letter being distributed this week according to Donna W. Dearden. The News Letter is edited by Dr. EIRoy Nelson, First Security economist. According to First Security, overall increases are expected in production, construction, employment, and personal income. in-come. There is, however, possible pos-sible labor difficulties ahead in the steel and copper industries which could affect the overall outlook. The value of mineral production produc-tion in Utah last year totaled $629.6 million as reported by the United States Bureau of Mines. This is an increase of $86.2 million or almost 16 per cent over the value reported in 1969 when an all-time record was established. Most of the" increase occurred in non-ferrous non-ferrous metals, although there were some increases in the petroleum pet-roleum and coal industries. Copper production in Utah last year was reported at $358.8 million, an increase of 9,000 tons and $76 million over the previous year. Domestic prices of copper increased from March to mid-summer to equal world prices but declined in the latter part of the year. Lead production was valued at $14.1 million, an increase of 8.3 per cent, while silver output was listed at 6.1 million ounces, an increase of $11 million, or 2 per cent. Gold production was estimated es-timated at 420,000 ounces and valued at $15 million. . Value added by manufacturing during 1970 was estimated at somewhat more than $1.2 billion, considerably above last year's totals. Smelting and refining re-fining of nonferrous metals, steel production and oil refining refin-ing accounted for most of the value added. |