As 1998 draws to a close, the Ninth District economy displays great strength as it has throughout most of the year.
Consumers continue to spend at record levels.
Construction activity is robust in most areas. Manufacturing output is strong overall, and many plants continue to operate near capacity. The primary commodity sectors including agriculture, oil, mining and logging continue under pressure from low prices. Loan growth has slowed for banks, which continue to generate strong profits. As throughout the year, labor markets are tight in many areas, but compensation cost increases remain limited.