Regional President Speech

New England Economic Update Greater Boston Chamber of Commerce Federal Reserve Bank of Boston November 8, 2000 Page 1 Employment Growth Percent Change from Year Earlier 4.5 4.0 1--------------------~-------------------t 0.5 L-L.J..L..J...U...u.J..J..I..J...U.......U..J...L..1...U.......U..U.....U.....U...U-.i-.U.....U.....I..I..J...L..I. ........ ....U..U.....U........i..J...U...u...i-.....i..J..I..I..J...L..1.....U....U..u.J..J..L..J...U......U..J..L..J........., Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Employment Growth Rates (percent) Long-term Last 12 trend Months United States 2.1 1.8 New England 1.4 1.4 Connecticut 1.2 1.4 Maine 2.0 1.1 Massachusetts 1.3 1.4 New Hampshire 3.0 1.0 Rhode Island 1.1 1.0 Vermont 2.4 2.3 Note: Long-term trend is average annual employment growth rate from 1970 to 1999; last 12 months ends in October 2000 for the U.S. and September 2000 for New England and the states. Source: U.S. Bureau of Labor Statistics Page 2a Employment Growth by Industry Percent Change from Year Earlier Manufacturing Construction 10.0 10.0 [;]I] 8.0 8.0 6.0 . 6.0 4.0 4.0 2.0 2.0 0.0 - - 0.0 ·-- ' -2.0 -- -2.0 -4.0 -4.0 Jan-99 May-99 Sep-99 Jan-00 May-00 Sep-00 Jan-99 May-99 Sep-99 Jan-00 May-00 Sep-00 Transportation and Public Utilities Retail Trade 10.0 8.0 6.0 - 4.0 4.0 ~ -- 2.0 2.0 - ~ 0.0 -2.0 -4.0 Jan-99 Jul-99 Jan-00 Jul-00 Jan-99 Jul-99 Jan-00 Jul-00 Wholesale Trade Finance, Insurance, and Real Estate 10.0 10.0 ,----------------------. 8.0 8.0 i---------------------1 6.0 6.0 i---------------------1 4.0 - 4.0 1---------------------1 2.0 _ 2.0 o.o 0.01--------------~!!=....,,=~ -2.0 t-------------------1 -2.0 -4.0 1-----------------------1 -4.0 Jan-99 Jul-99 Jan-00 Jul-00 Jan-99 Jul-99 Jan-00 Jul-00 Services Government 10.0 10.0 8.0 8.0 6.0 6.0 .... 4.0 - 4.0 - J'-.. ~ 2.0 2.0 - ~ o.o 0.0 -2.0 -2.0 -4.0 -4.0 Jan-99 Jul-99 Jan-00 Jul-00 Jan-99 Jul-99 Jan-00 Jul-00 Source: U.S. Bureau of Labor Statistics Page 2b Industry Mix in the United States and New England, 1999 United States New England Government Manufacturing 14.9% anufacturing 14.2% Construction 3 .8 % 5.9% FIRE•• Construction 4.9% 5.5% Wholesale Trade 17.7% Retail Trade Retail Trade 17.8% **Finance, Insurance, and Real Estate *Transportation and Public Utilities Source: Bureau of Labor Statistics Page 3 Unemployment Rates Percent 9 8 7 6 5 4 ---------------------------------------------------------- 3 ----------------------------------------------------------------------- 2 ----------------------------------------------------------------------- 1 0 Jan-88 Jan-89 Jan-90 Jan-91 Jan-92 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Note: Data beginning January 1994 reflect the redesigned CPS survey and are not strictly comparable to data for 1993 and earlier years. Unemployment Rates (percent) Sep-00 Sep-99 United States 3.9* 4.2 New England 2.6 3.3 Connecticut 2.4 3.1 Maine 3.4 4.1 Massachusetts 2.4 3.2 New Hampshire 2.4 2.5 Rhode Island 3.7 4.1 Vermont 2.8 3.0 *U.S. unemployment rate was also 3.9 in Oct-00. Source: U.S. Bureau of Labor Statistics Page 4 Civilian Labor Force Index, 1991 annual average = 1 1.14 1.12 1.10 1.()8 1.06 1.04 1.02 1.00 0.98 0.96 Jan-88 Jan-89 Jan-90 Jan-91 Jan-92 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Source: U.S. Bureau of Labor Statistics Page 5 Consumer Price Index Percent Change from Year Earlier 7 6 s Boston Area 4 3 2 1 0 Jan-90 Jan-91 Jan-92 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Components Percent Change from Year Earlier May 20 -----------------. • United States 15 • Boston Area 10 5 0 Food Fuel Medical Care Shelter Transportation Source: Bureau of Labor Statistics Page 6 House Prices Percent Change from Year Earlier 30.0 ,---------------------------, 20.0 10.0 Percent Change from Year Earlier Q2 14 12 10 8 6 4 2 0 US NE CT ME MA NH RI VT Source: Fannie Mae and Freddie Mac Page 7 Housing Permits Authorized Index, 1984 annual average= 1 l Total 2.5 ...-----------------------, 2.0 - - - - - - - - - - - - 1.5 1.0 0.5 0.0 '-'-----"----''---...___....._ _ ___._ _ ___._ _ ____. __ ..___. Jan-83 Jan-85 Jan-87 Jan-89 Jan-91 Jan-93 Jan-95 Jan-97 Jan-99 Single Unit 2.5 ~-------------------- 2.0 -- United States 1.5 1.0 0.5 0.0 '-"--~------------'--....,___---'---'---1.--'------' Jan-83 Jan-85 Jan-87 Jan-89 Jan-91 Jan-93 Jan-95 Jan-97 Jan-99 Source: U.S. Department of Commerce

Cathy E. Minehan (2000, November 7). Regional President Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/regional_speeche_20001108_cathy_e_minehan

@misc{wtfs_regional_speeche_20001108_cathy_e_minehan,
  author = {Cathy E. Minehan},
  title = {Regional President Speech},
  year = {2000},
  month = {Nov},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/regional_speeche_20001108_cathy_e_minehan},
  note = {Retrieved via When the Fed Speaks corpus}
}