Federal Reserve Bank of San Francisco

Economic Research

Western Economic Developments September 1998

Date of Publication: 1998-09-01

1998-09-01

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Executive Summary

  • The Twelfth District economy grew at a solid pace in recent months, although growth has slowed from earlier in the year.
  • Payroll employment expanded by 2.3 percent at an annual rate during June through August, well below the 3.7 percent annual pace for 1997.
  • Despite the recent slowdown, employment in the district is growing more rapidly than nationally. In addition, the District contains four of the eight fastest growing states in the nation.
  • Slackening demand for exports and a downturn in high-tech manufacturing have combined to damp growth in manufacturing employment in many District states. However, rapid growth in construction and services employment have helped keep the District’s expansion on track.