First-Quarter Mineral Industry Performance And Trade-Related Employment In Mining - The U.S. Economy

Real gross national product increased at a larger-than- expected annual rate of 8.3 percent in the first quarter of 1984, with both consumption and investment spending increasing significantly in real terms (table 1). Residential and nonresidential fixed investment increased at annual rates of 25.7 and 14.6 percent during the first quarter of 1984, and investment in nonresidential structures, which declined in 1983, also increased during the first quarter of 1984, nearly attaining its 1982 level. The annual level of personal savings increased $27.7 billion, while the personal savings rate (the ratio of personal savings to disposable income) increased to 5.8 percent during the first quarter. The increase in the personal savings rate comes as welcome news to analysts concerned over the flow of loanable funds to the private sector and the impact on interest rates in 1984 of increased private and Government demands. U.S. Minerals Industry Performance A major upswing in the performance of the metal mining sector occurred during the first quarter of 1984, with production increasing almost 11.2 percent from January to March, The recovery of the metal sector is also reflected in the performance of primary metal industry profits, which were positive during fourth quarter 1983 following seven consecutive quarterly losses (table 1). Two thousand nine hundred more metal mining production workers were employed in February 1984 than in February 1983.