Regional President Speech

Selected Charts to Accompany Remarks by Cathy E. Minehan President, Federal Reserve Bank of Boston September 11, 1995 Chart 1 Nonfarm Payroll Employment by Census Region Index, Each Region's Employment Peak = 1 1.25 1.20 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - :-: :.:-,- Mountain _ . ., ., ------------------------------------------------------------~-" -------------------------- 1.15 ,· ,, ,. West So. Central . , . ~. . --:: .... East So. Central :-.;;i ..... ;,..:.·~:.. - West No. Central 1.10 _____________________ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ;, L. - - - - - - ·-· >,., ,··-··-··-··-paclflcexc.CA 1 • , ' ..... ' .. - ... /.,, ,, ,,· . , · · , . - . , · - · - South Atlantic ; . ·-· ...•. ·:,:..,, -;-., .. ,·· ... · .•..... •·········· East No.Central - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -,"T·-- - ~• .- :.7-~ ......... - . .,...:.•_-' ,-.-:.:.!"".;;•.,_ - - - - - - - - - - - - - - - - - - - - - - - 1.05 -··' ;:.::::.:.~-- ,,;.:-,:•···· ·•:t:" - . ~--··· .• ., .• - •• - ·:•'!:;,,. .. , ..•.. - •. ::_: .-....-, ·. -_ . -::.::-♦·-~• •-'!". ....... ,.:.-..·. ... •• _ . _ . - Pacific 1.00 - - .... ,.,., •• -~.::·:·:· •• - - - ~ .~.~.::.:-~~-":;'.":;"·- - - - - - - - - - - - - - ~: ;-.-.-~ c-'- - - - - - - - - - - - - - - - - - - - - ..._ \ ~ . : • - . ::..: s ..- • • . w-·'~·- " .... • . ·:- •. -• , •: - . - ...... - ...... - . - - . , · , ·········· California . - _ . '•········•·........... ,•;:.·•;.:·-·-··-·-· - - -Middle Atlantic ' - - .... • .. .::··• .. ··.:.:·-.:.:.. . •,:.. ............4 ! 0.95 - - - - - - - - - - - - - -.Q......,... ~-,.#' - - e_ - - - - - - - - - - - - - - - - - - - - - - N - e - w - - E - n g - l - a n - d - - - - - - - - -· . ,, ,. 0.90 ---------------------------------------------------------------------------------------- 0.85 Jul 88 Jan 89 Jul 89 Jan 90 Jul 90 Jan 91 Jul 91 Jan 92 Jul 92 Jan 93 Jul 93 Jan 94 Jul 94 Jan 95 Jul 95 Jan 96 Jul 96 Jan 97 Source: U.S. Bureau of Labor Statistics. Chart 2 Nonfarm Payroll Employment in New England and the United States Index, Each State's Employment Peak= 1 1.08 United States 1.05 1.02 . . ,· ' .. \ ,·· -·\. ·' · Vermont .. ,·· - .. - .' ,..,.:-. •• -.,New Hampshire .................................... , - •. -. . 'Jf ,.~--,---·-··--. ···----··----········ .. ••······•··-····-······ 0.99 ~·· •. _.' •• Maine ~,. .--· ····· ,. , -·~· -·· . ..-·;'•-;· , ,. .• 0.96 ........ - . .. . .. .. . -··--· ---·. - "T .. ·-· ·- - ·-· • ,, . -·-· -·--·-·· ---- --· -·-· ---- ---·-----· --- _,_ ·- ·----- .. .. -·········· .,· ., , ·. ,· .. , --- · .. ... : ,. Massachusetts 0.93 0.90 0.87 Jul 88 Jan 89 Jul 89 Jan 90 Jul 90 Jan 91 Jul 91 Jan 92 Jul 92 Jan 93 Jul 93 Jan 94 Jul 94 Jan 95 Jul 95 Jan 96 Jul 96 Source: U.S. Bureau of Labor Statistics. Chart3 Nonfarm Payroll Employment Index, 1989 Q1 = 1 1.10 1.05 United States .. 1.00 . .. . . . . •···• ··. ··· ... . 0.95 ---· · .-···••_.,• ._\ Massachusetts ... \ ,..-··· .···· .... '· -- .··· 0.90 ·•.. ., ,. - .............................................. _. 0.85 Jan 88 Jan 89 Jan 90 Jan 91 Jan 92 Jan 93 Jan 94 Jan 95 Source: U.S. Bureau of Labor Statistics. Chart4 Unemployment Rate Percent 10.0 -.. -. . .. :: : ··-. l 9.0 . .i :. .:. . ~. . :: :.. . : :: ~ : ~. : \ :.. : ~ ~ :: f --•\ • :: I ...·...-.. ;: \~ j: ~: 8.0 ~ '· • • • I Massachusetts 7.0 . .. ... .. . .. . . . i ". ' 6.0 ... ,; . 5.0 ... . .. . -. :. ... .. 4.0 :: .. : !... .•.. :·· : : I· . . ... i• ,• I. :I 3.0 2.0 Jan 88 Jan 89 Jan 90 Jan 91 Jan 92 Jan 93 Jan 94 Jan 95 Note: Data beginning January 1994 reflect the redesigned CPS survey and are not strictly comparable to data for 1993 and eartier years. Source: U.S. Bureau of Labor Statistics. Chart 5 Nonfarm Payroll Employment in Northern MA Labor Market Areas and NH Index, 1989 01 = 1 1.05 .. ... •··• ...... ...... / ······.,... : New Hampshire 1.00 .:.i;--· ··-;-·····. ./- - - - - - - - - - .. .,•··· ,.. ····. .·· . . ----:. •.... ,.· \ . ~ ·. ~. •· • · ···..• . .:··· · · ·· .. _. , Lawrence 0.95 ------- : - ' • \ . . , ~.. \ - ~ : .'. , L . . , ·, . - .. " - . . - ' - . - -· ----------- \ ~ ..-.. . ... · - ·,. - -------------- . - . · . - .··· - ·· - .. . - ·'• - .,,/ ~ .. - -·· - / ~ • . - , . - . - - .. - ' - •.' - --- B - os - t - on - ------ :··· ....... .. '. ··....... . :·· ·········..: ., .. - . _ . - .. ~. .,. ; ,.. , '. ,·:. ·, -··, Lowell 0.90 - - - - - - - - - - - - - - - - - - ''T • • ,~ - - w w - - w w w - - - w -,•- w w w w - w - w - - - - w w w • II' ._' ,_,,,,,,.~ - w - w -• w w w w - - w w w - - • \ ,,.,, ~ I I •:- ..-,.~~ I• ' • '- I • \ •.', •_ .. •:;" '• , • -., • I ·., '\.. , - . . . ' . ·;,. " .. ' . , . ' .. \, ' 0.85 . ; Jan 89 Jul 89 Jan 90 Jul 90 Jan 91 Jul 91 Jan 92 Jul 92 Jan 93 Jul 93 Jan "94 Jul 94 Jan 95 Jul 95 Jan 96 Jul 96 Source: U.S. Bureau of Labor Statistics. Chart 6 Unemployment Rates in July 1995 - North Seasonally Adjusted United States Massachusetts Boston Lawrence 6.3 Lowell Manchester Nashua Portsmouth 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 Percent Source: U.S. Bureau of Labor Statistics and New England Economic Indicators, Federal Reserve Bank of Boston. . ' Chart 7 Sources of Employment Growth by Sector Index, 1989 Q1 = 1 Index, 1989 Q1 = 1 1.30 1.10 .-------------------------. Services Retell and Wholesale Trade 1.25 1.05 1.20 .. .. 1.00 , 1.15 • United States •,. • •, . 1.10 .. -,.•·· 0.95 • ., .. ... ,. . 1 1. .0 05 0 .....•.. . , .. ...... , , .. , . M .. a . . s . s . a chusetts 0.90 • .\ ' ·. .... .... .... ... -.., .. ,•· . . .. •· ... · ,•······-' •, , 0.85 0.95 0.90 L.L.--..J-_ _. .,___ _. .,__ _ _.._ _.._ __ .__ _ _, 0.80 '-'----L---..L---.L---...JL..--......L-----'-----'---.J Jan 88 Jan 89 · Jan 90 Jan 91 Jan 92 Jan 93 Jan 94 Jan 95 Jan 88 Jan 89 Jan 90 Jan 91 Jan 92 Jan 93 Jan 94 Jan 95 Index, 1989 Q1 = 1 Index, 1989 Q1 = 1 1.20 1.05 ------------------------, . ···-- .... ,-.· .. . Construction .. Manufacturing 1.10 . ... 1.00 .. . . • 1.00 \ . '• • . . 0.95 •, I • .. • • 0.90 • \• , . 0.90 • • . • I 0.80 • • . • I '·•, . ... ...... 0.85 I • .,. ... 0,70 I •,. , ··- .... '· . . . .. ·•··· , ., / ······- ... ... - 0.80 0.80 _ ..... ., ' ··-·· ., , ••-·· ······-········•-., 0.50 LL--..L..--...1----'----'---___._ __ .._ _. ....,__ _ _, 0.75 '-'----L----'-----'----'------'-----'---.....,__ _ _, Jan 88 Jan 89 Jan 90 Jan 91 Jan 92 Jan 93 Jan 94 Jan 95 Jan 88 Jan 89 Jan 90 Jan 91 Jan 92 Jan 93 Jan 94 Jan 95 Source: U.S. Bureau of Labor Statistics. ' Chart 8 Current Economic Indicators Consumer Confidence Help Wanted Advertising Index Index 1986 = 100 Index 1967 = 100 180 ,-------------------, 180 ,---------------------, 160 ·.- .·,, ,.-,. . - . ---------------------1 160 ·-·-·--··l.•.1\-;- .... 140 ' \ 140 120 ··-· 80 . 60 ... New England\. .... . ... 80 , 40 New England \ .·~ --------~- -------------i 60 1----------•,.~--••·;;·····~•Jt.,_,'._::.. --j 20 "-l"•-' Retail Sales Housing Permits Index 1984 Q4 = 1 Index 1984 Q4 = 1 1.9 ,----------------------, 1.6 ,---------------------, 1.8 1-------------------- 1.4 t-,...-.., ---- ... .. .., 1.2 ·l·~·t--------------------------1 1.6 --- .. l .. -- .. -- . r !'.!l " : \ . L ! : : : :: : United States i .. ,. 1.0 -+~ ·-· --------------·-----------, 1.5 ~--------------- . --J·····-·-.·.-.·- ·· :-•;'.------1 ... '- ,,l 0.8 1.4 1--------,--,.. ...~ ----· · ········:·-,..,,/-\•~:.-·-!-l-·-·&··--------1 ••- ..}• • ~ :·· :; Massachusetts 1.3 ,,,_,,.__ ., __/_1,_ _l "'iI- ·------·-·-------------i 1.1 ......... 0.2 .......... Jan-88 Jan-89 Jan-90 Jan-91 Jan-92 Jan-93 Jan-94 Jan-95 Jan-88 Jan-89 Jan-90 Jan-91 Jan-92 Jan-93 Jan-94 Jan-95 Average Hourly Earnings Consumer Price Index Percent Change from Year Earlier Percent Change from Year Earlier 10 8 7 ... ... 8 6 Boston 6 6 4 3 2 2 United States 1 0 ..... 0 .... Jan-88 Jan-89 Jan-90 Jan-91 Jan-92 Jan-93 Jan-94 Jan-95 Jan.SB Jan-89 Jan-90 Jan-91 Jan-92 Jan-93 Jan-94 Jan-95 Source: New England Economic Indicators, Federal Reserve Bank of Boston. 4

Cathy E. Minehan (1995, September 10). Regional President Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/regional_speeche_19950911_cathy_e_minehan

@misc{wtfs_regional_speeche_19950911_cathy_e_minehan,
  author = {Cathy E. Minehan},
  title = {Regional President Speech},
  year = {1995},
  month = {Sep},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/regional_speeche_19950911_cathy_e_minehan},
  note = {Retrieved via When the Fed Speaks corpus}
}