Federal Reserve Bank of San Francisco

Economic Research

Western Economic Developments December 1998

Date of Publication: 1998-12-01

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Executive Summary

  • Total nonfarm payroll employment in the Twelfth District grew by 2.6 percent at an annual rate from June to November, a solid pace that was above the corresponding national growth rate of 2.0 percent.
  • Due in part to an ongoing slowdown in manufacturing activity, employment growth in most of the District slowed somewhat as the year has progressed.
  • Although the rate of employment growth fell in most major sectors in the District this year, it increased in the finance, insurance, and real estate sector and the state and local government sector.
  • Residential construction activity and sales were robust this year. However, signs of cooling are evident in nonresidential construction activity in some areas.