For the first time since the recovery began in the early 1990s, regional employment and housing data are offering some signs that the expansion may be cooling. In all regions of the nation, the growth rate of employment in construction, manufacturing, and the transportation and utilities sectors has continued its downward trend. Although growth rates may decline from year to year, actual employment numbers still increase as long as the growth rate is positive.
Suggested citation: “Regional Conditions,” Federal Reserve Bank of Cleveland, Economic Trends, no. 95-11, pp. 12-13, 11.01.1995.