More than 290,000 people in Kentucky, Ohio, and Pennsylvania rely on agriculture for their livelihood. While farmers in some areas of the Fourth District are cautiously optimistic about their income for 2000, others are bracing themselves for a worse year than the last two. In 1999, American farmers suffered their second straight year of economic hardship. Four consecutive years of record worldwide production, coupled with weak demand in Asian and other markets, kept commodity prices low—in some cases, the lowest in 30 years. Unfavorable weather devastated local crop yields, compounding the effect of globally depressed commodity prices.
Suggested citation: "Agricultural Income," Federal Reserve Bank of Cleveland, Economic Trends, no. 00-08, pp. 13-14, 08.01.2000.