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1998 Economic Trends

  • The Economy in Perspective


    Pump up the volume…The Bureau of Labor Statistics’ report on November employment, released December 4, indicated that nonfarm payroll employment expanded by 267,000 people, more than double analysts’ typical estimate. Read More

  • Ohio’s Budget


    In 1997, Ohio’s state government collected $16 billion in tax revenues. This came to $1,468 per person, a little less than the national average of $1,660, and put Ohio in 35th place among the states. Read More

  • Money Growth and Stock Market Volatility


    Rapid money-supply growth in recent years has received scant attention in the financial press. Read More

  • Monetary Policy


    On November 17, the Federal Open Market Committee (FOMC) again lowered its target for the federal funds rate. Read More

  • Labor Markets


    Labor markets showed renewed signs of strength in November. Read More

  • International Unemployment Rates


    The imminent European currency unification has focused more attention on the relative performance of various countries’ economies. Read More

  • International Developments


    It is tempting to apply lessons from the Mexican currency crisis of 1994–95 to the Asian crises of 1997. Read More

  • Interest Rates


    Over the past month, interest rates on Treasury securities have shifted higher across the board. Read More

  • Inflation and Prices


    The Consumer Price Index (CPI) increased at an annualized 3% rate in October, twice its average pace for the past year. Read More

  • Fourth District Unemployment


    Over the last year, unemployment has been dropping steadily in most of the Fourth Federal Reserve District. Read More

  • Economic Activity


    Real gross domestic product increased at a 3.9% annual rate in 1998:IIIQ, according to preliminary estimates released in late November. Read More

  • Banking Conditions


    Balance sheets of insured banks show continued health. During the first half of 1998, bank profitability remained strong, with the net interest margin hovering above 4% and return on equity exceeding 14.8%. Read More

  • The Japanese Economy


    In its seventh year of economic malaise, Japan is poised to experience its first annual decline in real GDP since the 1974 oil crisis. Read More

  • The Economy in Perspective


    Market liquidity dominates the financial news these days, and for good reason. Read More

  • The Business Cycle


    It is widely recognized that most sectors of the economy move up and down together over the business cycle, a trait known as comovement. Read More

  • Monetary Policy


    At its September 29 meeting, the Federal Open Market Committee (FOMC) lowered the federal funds rate target to 5.25%, a decline of 25 basis points. Read More

  • Labor Markets


    Most employment indicators held steady in October, but employment costs implied labor-market tightness in the third quarter. Read More

  • International Trade


    The U.S. posted a record $16.8 billion trade deficit in August. Read More

  • Interest Rates, Spreads, and Volatility


    In the bond market, at least, the last few months provide strong reasons for calling 1998 “the year of the spread.” Read More

  • Inflation and Prices


    The Consumer Price Index (CPI) remained unchanged on average in September and has increased a mere 1.4% over the past 12 months. Read More

  • Housing Finance


    The recent turmoil set off by uncertainty in world financial markets has proven a great boon to people seeking to buy homes or refinance their mortgages. Nevertheless, it has been a wild ride. Read More

  • Economic Activity


    GDP growth was surprisingly strong in the third quarter of this year, at least if the 3.3% advance estimate is compared with the October Blue Chip consensus forecast of only 2%. Read More

  • Earnings Inequality


    Policymakers are concerned not only with achieving rapid economic growth but also with how the fruits of growth are distributed across the population. Read More

  • Age and Earnings


    Earnings inequality — both for women compared to men and for blacks compared to whites — has decreased substantially since the 1960s, but different age groups have had widely differing experiences. Read More

  • The Federal Budget


    In his State of the Union address, President Clinton urged that prospective budget surpluses be reserved for rescuing Social Security. Read More

  • The Economy in Perspective


    Two thumbs up ... Judging by the pandemonium breaking loose in financial markets and the headline coverage it is receiving, one would think the world as we knew it had come to an end. Read More

  • National Saving and International Trade


    The pattern of capital flows and international asset ownership is intimately related to international saving patterns and investment opportunities. Read More

  • Monetary Policy


    The monetary base continues to grow at a rate slightly higher than its FOMC-determined provisional growth range of 5%. Read More

  • Latin American Economies


    Successive Asian and Russian crises have focused attention on the economies of Latin America. Read More

  • Labor Markets


    Evidence of a moderating labor market continued to mount in September. Job growth was at its lowest level since January 1996. The unemployment rate crept upward, while weekly hours worked declined. Read More

  • Job Tenure


    During an economic expansion, new job opportunities appear, not only for the unemployed but also for those who already have jobs. Read More

  • Interest Rates


    The yield curve has continued to move down and flatten, showing an inversion at some rates. Read More

  • Inflation and Prices


    Consumer prices increased an annualized 2.2% in August, yielding a 12-month percent change that continues to hover just under the lower bound of the Federal Open Market Committee’s (FOMC) central tendency range for the year (1.75%). Read More

  • Home Ownership: The American Dream


    Despite recent setbacks in the stock market, low mortgage rates and high consumer demand continue to make 1998 a banner year for home sales. Read More

  • Foreign Lending Exposure


    Economic and financial distress abroad raise questions about foreign exposure of U.S. banks. Read More

  • Economic Activity


    The revised estimate of real gross domestic product (GDP) for the second quarter was only 0.2 percentage point higher than last month’s preliminary estimate. Read More

  • Banking Conditions


    Commercial banks continued to post strong performances in 1998:IIQ as earnings rose for the eighth consecutive quarter, topping $16 billion and setting their sixth consecutive quarterly record. Read More

  • Banking and the Stock Market


    The Dow industrial average dropped 512.61 points on August 31 and has been volatile since then. Read More

  • The Economy in Perspective


    The Federal Reserve Bank of Cleveland moved to its present location 75 years ago, in September 1923. Read More

  • Small Business Lending


    Since 1994, banks have been required to report the volume of their small business loans (defined as loans of less than $1 million). Read More

  • Savings Rates


    Since the beginning of the 1980s, the personal savings rate (the ratio of personal savings to disposable personal income) has steadily declined. Read More

  • Regional Conditions in the 1920s


    The Fourth Federal Reserve District encompasses eastern Kentucky, Ohio, western Pennsylvania, and six counties in the northern panhandle of West Virginia. Read More

  • Monetary Policy, 1923


    In 1923, the staff of the Federal Reserve Bank of Cleveland moved into a newly dedicated building with fresh responsibilities, for in the spring of that year the Federal Reserve Board had officially recognized the Banks’ Open Market Committee. Read More

  • Monetary Policy


    Over the past several years, the Federal Open Market Committee (FOMC) collectively has seen little basis for taking action. Read More

  • Labor Markets of the 1920s


    Looking back to the labor markets of the 1920s requires using annual estimates derived much later, which somewhat reduces the accuracy of the data. Read More

  • Labor Markets


    August’s nonfarm employment growth was exceptional (365,000), partly because of workers’ return after the General Motors strike. Read More

  • Inventories, Imports, and Output


    Substantial inventory accumulation and a surge in imports have accompanied the strong GDP growth of the last two years. Read More

  • Interest Rates


    All along the maturity spectrum, interest rates have moved lower in the past month. Longer rates fell the most, however, producing a noticeable flattening of the yield curve. Read More

  • Inflation and Prices, 1998 and 1923


    Consumer prices continue to hover just under the lower bound of the FOMC central tendency established in July 1998, with the Consumer Price Index (CPI) rising an annualized 2.2% in July. Read More

  • Germany’s Hyperinflation, 1923


    In January 1923, French and Belgian troops occupied the Ruhr Valley to compel repayment of World War I debts—set at 132 billion gold marks—from a wavering Germany. Read More

  • Economic Activity — Past and Present


    New estimates of gross domestic product for 1998:IIQ revealed nothing new about the economy. Read More

  • Current-Account Deficits


    Any U.S. current-account deficit must be accompanied by a foreign capital inflow of equal magnitude. Read More

  • Banking Conditions — Then and Now


    One of the most common misperceptions about the Federal Reserve’s 12 districts is that their boundaries are anachronisms. Read More

  • The Economy in Perspective


    An embarrassment of riches ... In the not-too distant land of Cornucopia, an inventor named Henri Lagniappe found a way to increase the efficiency of power generation by a factor of five. Read More

  • Sustainable Current-Account Deficits


    One way nations spend beyond their means is by incurring debts to the rest of the world. The U.S. current-account deficit indicates that Americans have been consuming in excess of their income by ... Read More

  • Social Security Beneficiaries


    Although it has accumulated surpluses in recent years, Social Security faces a future budget crunch. Read More

  • Precious Metals Prices


    Movements in precious metals prices have long held a fascination for both economists and the general public. Read More

  • Monetary Policy


    The monetary base, including reserves and currency held by the public, grew at an annualized rate of about 4.3% in June and about 5.3% since the beginning of the year. The sweep-adjusted monetary base ... Read More

  • Medicare Benefits


    Medicare is an important source of support for elderly Americans. Read More

  • Labor Market Conditions


    In July, labor markets showed strength tempered by the effects of the General Motors strike. Nonfarm payrolls increased despite job losses in the manufacturing sector, and the unemployment rate held constant. Read More

  • Interest Rates


    The yield curve has moved only slightly since last month, the biggest shift being a decrease of 11 basis points in the 6-month yield. Read More

  • Inflation and Prices


    Following a modest acceleration in May, the monthly price statistics resumed their nearly year-old pattern of unusually small increases. Read More

  • Fourth District Auto Production


    By July 24, 1998, the United Auto Workers’ strike had affected nearly 200,000 employees at General Motors’ North American Operations and Delphi Automotive Systems facilities ... Read More

  • Economic Activity


    As expected, the economy grew more slowly in the second quarter than in the first. Read More

  • Banking Conditions


    Amid concerns that loan standards may be easing too much, insured commercial banks reported their fifth consecutive quarter of record earnings. Read More

  • The Economy in Perspective


    Rebooting Asia ... History repeats itself in the Far East, having repeated itself not long ago in Latin America. Read More

  • Policies to Reduce Entitlement Spending


    Four frequently cited methods to trim federal entitlements are ... Read More

  • Monetary Policy


    At its June 30 meeting, the Federal Open Market Committee (FOMC) left the 5.5% federal funds rate target unchanged, as it has since March 1997. Read More

  • Labor Markets


    The pace of jobs creation slowed in June, raising the unemployment rate to 4.5% from the 28-year low of 4.3% seen in April and May. Read More

  • Labor Market Strength


    The strong current recovery has been exceptional in many ways, perhaps most remarkably in producing the lowest unemployment rate since early 1970. Read More

  • International Aspects of Japan’s Business Cycle


    Rocked by Southeast Asia’s economic crisis, Japan sank deeper into recession during 1998:IQ. Read More

  • Interest Rates


    In the past several months, the yield curve has flattened noticeably, with the benchmark 10-year, 3-month and 3-year, 3-month spreads decreasing from 70 to 40 basis points and from 64 to 46 basis points. Read More

  • Inflation and Prices


    The Consumer Price Index (CPI) increased an annualized 3.8% in May, partly because energy prices rebounded after five months of decline. Read More

  • Economic Activity


    According to the Commerce Department’s final estimate, real GDP grew 5.4% in 1998:IQ, a substantial upward revision from the previous estimate of 4.8%. Read More

  • Demographic Change and the Long-term Budget Outlook


    Demographic change will be the main determinant of budget allocations over much of the next century. Read More

  • Credit Card Activity


    People are using their credit cards more often, for larger amounts, and at a wider variety of places. The dollar amounts of purchases charged to nationally known, general-purpose credit cards has grown exponentially toward the $1 trillion mark. Read More

  • Consumer Debt and Bankruptcy


    After rising at a breakneck pace early in the current economic expansion, total consumer debt burdens seem to have leveled off and even to have dropped over the last couple of years. Read More

  • Wheat


    One of Ohio’s most important commodities is wheat, which accounted for $246.9 million, or 15%, of its total agricultural exports in 1996—third only to feed grains and soybeans. Read More

  • The Long-run Employment Outlook


    How will our economy look in 2006? Many sources of uncertainty confound long-run projections like the Bureau of Labor Statistics’ (BLS) estimates of employment patterns. Read More

  • The Euro


    On January 1, 1999, countries participating in the European Monetary Union will irrevocably link their currencies as a prelude to adopting a single currency, the Euro, in 2002. Read More

  • The Economy in Perspective


    Neutrino Economics ... Today’s paper announced some big news about a little particle, the neutrino, that has transformed the universe—in theory. Read More

  • Monetary Policy


    The Federal Open Market Committee (FOMC) has acted only once in the past 29 months to change its operating target for the federal funds rate. That action—taken in March 1997—increased the intended funds rate just ¼ percentage point. Read More

  • Labor Markets


    Labor markets remained strong in May, according to the latest report from the Bureau of Labor Statistics. Nonfarm payrolls rose 296,000 for the month, a far bigger increase than was widely expected. Read More

  • Is the Stock Market Overvalued?


    With the Standard and Poor’s 500 still near the record highs set earlier this year, analysts and investors alike are asking, “Are stock prices too high?” To answer this question, two adjustments are useful. Read More

  • Interest Rates


    The yield curve remains relatively flat; short rates have moved up and long rates have moved down since last month. Read More

  • Inflation and Prices


    Retail prices took a step higher in April, as the Consumer Price Index (CPI) rose an annualized 3%— twice its average increase over the past 12 months. Read More

  • Gold Prices


    Gold prices have begun to rebound in 1998, reversing the downward trend that began nearly two years ago. Read More

  • Foreign Lending Exposure


    Last summer’s Southeast Asian financial problems were reflected in 1997:IVQ as a declining exposure of U.S. banks to countries in that region. Read More

  • Economic Activity


    Revised GDP estimates, recently released by the Department of Commerce, show that the economy grew 4.8% in the first quarter, more than a half-point higher than was reported earlier. Read More

  • Domestic Banking Conditions


    In the last few months, large banks in the U.S. have eased their standards on commercial and industrial (C&I) loans to firms of all sizes. Read More

  • Deregulating Electric Utilities


    Many states are considering deregulating their electric utilities. California has already done so, and Ohio has placed legislation before both the Senate (SB 237) and the House (HB 732). Read More

  • The Stock Market


    The U.S. stock market continues to amaze most observers. Early April was characterized by a number of record highs for the major stock indexes, including the S&P 500. Read More

  • The Japanese Economy


    Constrained by the weak state of its financial sector, Japan’s recovery from the recession of 1992 has been tenuous at best. Read More

  • The Employment Cost Index


    The Employment Cost Index (ECI) measures U.S. firms’ total compensation costs (wages plus benefits). Read More

  • The Economy in Perspective


    Second guessing ... With all the buzz about U.S. economic statistics in recent public discourse, one might almost believe that the ocean’s tides are now governed by the waxing and waning of the business cycle. Read More

  • Skills and Unemployment


    The economy’s recovery from the 1990–91 recession has brought with it very low unemployment levels reminiscent of those seen 40 years ago. Read More

  • Ohio Employment and Population Trends


    Employment in Cincinnati, Cleveland, and Columbus, Ohio’s largest cities, is increasing at similar rates and in step with the state’s overall performance. Read More

  • Mortgage-backed Securities


    There are several reasons why the American dream of home ownership has become a reality for so many people. Read More

  • Monetary Policy


    Growth in the monetary aggregates was mixed last month, with the narrow measures of money slowing and the broadest aggregate, M2, expanding at a brisk 11.8% annual rate. Read More

  • Labor Markets


    April was a record-setting month for many labor market indicators. The unemployment rate fell to levels not seen since 1970, the employment to population ratio ... Read More

  • Interest Rates


    The yield curve has shifted only slightly in the last month. At the short end, the 3-month rate has moved down just 14 basis points, while at the long end, the 30-year rate has increased only 10 basis points. Read More

  • Inflation and Prices


    The Consumer Price Index (CPI) remained unchanged in March, bringing the past year’s inflation rate down to a scant 1.4%. Read More

  • Housing Finance


    After dropping more than 100 basis points through the last three quarters of 1997, long-term mortgage rates have remained relatively steady at around 7% since January. Read More

  • Fourth District Employment and Population Trends


    Employment growth in the Fourth Federal Reserve District has been closely associated with population change. Read More

  • Economic Activity


    The U.S. economy grew much faster in the first quarter than most analysts anticipated. Read More

  • The U.S. Current Account


    The U.S. current account, a broad measure of our trade position, showed a $166.4 billion deficit in 1997. Most analysts expect the current account deficit to widen this year and next, for the reasons suggested on the previous page. Read More

  • The Federal Budget


    The Congressional Budget Office’s latest revenue and expenditure projections indicate a movement from deficit to surplus in the unified federal budget, despite a decline in revenue as a percent of GDP. Read More

  • The Economy in Perspective


    Hear ye, hear ye, hear ye ... Ladies and gentlemen of the jury, the question before us is a simple one: Do overabundant money and credit creation threaten the U.S. economy with accelerating inflation and below-par performance? Read More

  • he Balance of Trade


    Many analysts fret that the U.S. trade balance will deteriorate significantly over the next year or so. Read More

  • Rising Inflation


    Since 1959, there have been four distinct periods of persistently accelerating inflation. Read More

  • Regional Update: Pittsburgh


    Nationally, the proportion of workers in the manufacturing sector is declining, while employment in the service industries is on the upswing. Read More

  • Monetary Policy


    The past two years have been characterized by relatively stable interest rates. Read More

  • Labor Markets


    Labor markets eased slightly in March. Nonfarm payrolls fell 36,000 for the month, the first decline in more than a year. Read More

  • International Banking Developments


    ccording to data released by the Bank for International Settlements (BIS), 1997:IIIQ saw a sharp decline in U.S. banks’ external assets. Read More

  • Interest Rates


    The yield curve remains flat relative to its historical shape, with the benchmark 3-year, 3-month and 10- year, 3-month spreads at 40 and 44 basis points, respectively. Read More

  • Inflation and Prices


    Consumer prices edged up an annualized 0.7% in February, resulting in a 12-month change of only 1.4%, down from the 1997 average of 1.7%. Read More

  • Generational Accounts


    Generational accounts—the present values of future taxes minus prospective transfers (net taxes) per capita by age and sex—tell us how the burden of paying for government purchases is distributed across generations. Read More

  • Equity Prices


    The stock market is again hitting new highs almost daily. Some analysts think this means a bubble is about to burst, while others believe it heralds a “new economy” of strong growth with low inflation. Read More

  • Economic Activity


    Economic activity remains solid. The median forecast of economists participating in the Blue Chip survey is that real economic growth will slow from 3.7% in 1997:IVQ to a still healthy 2.4% in 1998:IQ. Read More

  • Banking Conditions


    Insured commercial banks reported net income of $15.3 billion for 1997:IVQ, surpassing the previous quarter’s record high. Read More

  • Worker Compensation and Health Care Costs


    For a year now, labor markets have been characterized as tight. When the unemployment rate remains low over a long period, wages are expected to increase as employers compete to hire the small number of available workers. Read More

  • The TED Spread


    With Southeast Asia’s financial woes looming large in the minds of economists, the TED spread—the difference between interest rates on Treasury securities and Eurodollar instruments of the same maturity ... Read More

  • The Economy in Perspective


    Swelling up ... We made it! The economy just completed its seventh year of expansion, entering month 85 with no sign of major trouble. Read More

  • The Cost of Inflation


    Historically, there has been a negative relationship between interest rates and the ratio of money to nominal GDP. Read More

  • Ohio Farmland Prices


    Over the last 10 years, the price of Ohio farmland has shot up approximately 90%, substantially more than in neighboring states and well above the national increase of 57%. Read More

  • Monetary Policy


    At the conclusion of its February meeting, the Federal Open Market Committee (FOMC) indicated that no action had been taken to change the intended federal funds rate. Read More

  • Labor Markets


    The economy continued to strengthen in February, with nonfarm employment expanding by 310,000. Since last October, 1.76 million new jobs have been added, the best fivemonth posting since the middle of 1994. Read More

  • Kentucky’s Coal Industry


    Historically, Kentucky has been a major player in the coal production industry, which provides more than half of the electric power used in the U.S. Read More

  • Interest Rates


    The yield curve has shifted up a bit since last month, with most of the change coming at the short end. It is also somewhat bumpier than usual, with 7-year rates above 10-year rates. Read More

  • Inflation and Prices


    The Consumer Price Index (CPI) remained unchanged in January, while the Producer Price Index (PPI) fell an annualized 7.9%. Both indexes were heavily influenced by falling energy prices. Read More

  • Household Financial Conditions


    Over the last few years, many analysts have voiced concern about the ongoing stability of household finances, particularly given the high debt and delinquency levels observed during this time of strong economic growth. Read More

  • Education and the Labor Force


    The last quarter of the twentieth century has seen an industrial revolution of sorts, led by the advance of computers and other high-tech equipment. Read More

  • Economic Activity


    The growth of a country’s labor force, the expansion of its capital stock, and the pace of its technological improvement determine its capacity for economic advancement over the long term. Read More

  • An Indonesian Currency Board?


    Indonesia recently considered establishing a currency board, which would exchange rupiah notes for U.S. dollars on demand, with no restrictions. Read More

  • U.S. Banks’ Foreign Lending Exposure


    Despite recent financial turmoil, the latest data show that U.S. banks’ exposure to Southeast Asia and Latin America did not lessen much in 1997:IIIQ. Read More

  • The Economy in Perspective


    Extreme economics ... Like a skier barreling down a triple-black-diamond run, the U.S. economy is racing into the new year. Read More

  • Steel, Autos, and Construction


    The Fourth Federal Reserve District produces a large share of the nation’s steel, cars, and trucks. In 1997, the Pittsburgh–Youngstown region was the country’s third-largest steel producing area, accounting for 13% of total U.S. production. Read More

  • Monetary Policy


    At its February 3 meeting, the Federal Open Market Committee (FOMC) left the federal funds rate target unchanged at 5.5%, where it has been since March 25, 1997. Read More

  • Labor Markets


    The U.S. employment situation was exceptionally strong again in January, as the economy continued to generate jobs for a rapidly expanding labor force. Read More

  • Interest Rates in the 1920s


    The prolonged bull market has renewed investors’ curiosity about the 1920s, as many recall George Santayana’s warning that those who cannot remember the past are condemned to repeat it. Read More

  • Interest Rates


    Since last month, the yield curve has flattened and shifted downward. The spread between the 3-year Treasury note and the 3-month T-bill narrowed from 43 basis points to 21 basis points. Read More

  • Inflation and Prices


    The Consumer Price Index (CPI) rose just 0.7% in December (annual rate), bringing the yearly increase to a mere 1.7%, the lowest posting since 1986’s 1.2% gain. Read More

  • Inflation and Money Growth


    It is an article of faith among monetary economists that in the long run, inflation is everywhere and always a monetary phenomenon. Read More

  • Exchange Rates


    Every day, currencies worth more than $1.2 trillion change hands around the globe, and about 83% of these transactions involve U.S. dollars. Read More

  • Economic Activity


    According to the Commerce Department’s preliminary estimate, the economy grew 4.3% in the fourth quarter—substantially above expectations. Read More

  • Capital and Labor in the U.S. Economy


    Producing the nation’s output requires the use of capital and labor services. Read More

  • Banking Conditions


    The first three quarters of 1997 set consecutive earnings records for U.S. commercial banking. Read More

  • The Stock Market


    After climbing more than 25% between January and July 1997, the S&P 500 index swung widely over the balance of the year. Read More

  • The Economy in Perspective


    Sentimental fools? ... According to the Conference Board’s Survey of Consumer Sentiment, U.S. households are now more confident about the economy’s health than at any time since 1969. Read More

  • Small Business Lending


    Between June 1996 and June 1997, small business lending grew a healthy 7.99% nationwide, to $325.9 billion outstanding. Read More

  • Office Vacancy Rates


    As the current business expansion enters its eighth year of growth above the economy’s long-term potential, capacity constraints are becoming an increasing concern. Read More

  • Monetary Policy


    At its December 16 meeting, the Federal Open Market Committee (FOMC) left the federal funds rate target unchanged at 5.5%. Read More

  • Labor Markets


    With the unemployment rate hitting a 24-year low in November, the employment-to-population ratio at a historic high, and reports of scattered labor shortages on the rise, analysts are increasingly characterizing the labor market as “tight.” Read More

  • Labor Force Growth and the Unemployment Rate


    Will strong employment growth alone push the unemployment rate to zero? Read More

  • Japan’s Economic Recovery


    The Asian financial crisis has cast a pall over Japan’s already fragile economic prospects. Read More

  • Interest Rates


    The yield curve flattened again last month as long rates continued to drop. Read More

  • Inflation and Prices


    The monthly price statistics continued to rise at a relatively subdued pace in November, virtually guaranteeing that 1997’s inflation rate will be the lowest since 1986. Read More

  • Gold Markets


    Gold prices have continued to slide, hitting $290 per ounce on December 22. Since February 1996, the price has fallen more than $115, with $34 of that amount coming in the last two months. Read More

  • Economic Activity


    The economy grew 3.1% in the third quarter, according to the Commerce Department’s final estimates. Read More

  • Banking Conditions


    Early last year, concerns about the possibility of future rate increases may have contributed to a falloff in bank share prices. Read More