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.