Federal Reserve Bank of San Francisco

Economic Research

Western Economic Developments June 1998

Date of Publication: 1998-06-01

1998-06-01

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Executive Summary

  • The level of economic activity in the District remained very high through May, and labor markets remained very tight in most areas.
  • Job growth in the District was strong in early 1998, but not as fast as the torrid 1997 pace.
  • Employment growth has slowed this year in California, Oregon, and Utah and in recent months has edged down in Idaho, Alaska, and Hawaii.
  • Rapid growth has continued in Arizona and Nevada, and Washington state employment growth has picked up since last year.
  • Overall consumer price inflation in the West continued to slow through early 1998, but there has been some pickup in regional wage inflation and emerging evidence of underlying price pressures in some markets.