\ 000000000 0 0 0 0 0000000000000000000 0!0"0#0$0%0&0'0(0)0*0+0,0-0.0/000102030405060708090:0;0<0=0>0?0@0A0B0C0D0E0F0G0H0I0J0K0L0M0N0O0P0Q0R0S0T0V0W0X0Y0Z0[0\0000000000 0r 0r 0 00000000000000q0q0q0q0q0q0q0q0q 0q 0q 0q 0q 0q0q0u000q0q0q0q0q0q0q0q0q0q0q0q0t0u 0tu!0s"0q#0q$0q%0q&0q(0q)0q*0q+0q,0q-0q/0q0 0 000 0 0 0 0  0 0 0 0  0 000 0 000 0 000 0 000 0 00 0 !0 "0#0$0 %0 &0'0(0 )0 *0+0,0 -0 .0/000 10 203040 50 607080 90 :0 ;0 <0 Ew'wGOGO GOGOH H H H 4H     $% +, 23 9: @A GH NO CBCOPYL DDES0F96* DDES1196~ DDES127EWsW DDES12B6 DDES130E DDES18CE[[ DDES194E/q/ DDES1976ZZ DDES199EZZ DDES19AE DDES1AEEXX DDES1AFEWW DDES1B0E DDES1B1666 DDES1B6E~ DDES1BDEWW DDES20FE DDES210EZZ DDES213E>  DDES21BE* DDES2236 DDES296E!q! DDES297E9~9 DDES2986WsW DDES2996q DDES29C6WW DDES2A06ZZ DDES2A16ZZ DDES2A1EKK DDES2A2ELL DDES2A5E DDES2A66 DDES2A6E DDES2B1E* DDES36D6* DDES3A66 DDES3AAE DDES3ABE DDES3AD6 DDES3AEE  DDES3AF6>  DDES3B56* DDES3BD6* DDES3C2E DDES3C3E*  DDES3C86 DDES3D06 DDES3D16KK DDES3D36LL DDES42C6 DDES439E DDES44BE* DDES4516* DDES463Eq DDES4646 DDES4676KK DDES4686 DDES46E6* DDES46FE* DDES4716*  DDES47AE DDES47BEZZ DDES4B86ZZ DDES4C16[[ DDES4C5E DDES4C66* DDES4F0E>  DDES4FB6 DDES5056WW DDES53AEII DDES5416 DDES5426WW DDES56AEZZ DDES56BEWW DDES56CE DDES56EEII DDES59A6VV DDES59B6WW DDES59F69~9 DDES5A1E66 DDES5BFE DDES5C1E DDES5D9E* DDES5DA6WW DDES5DAE* DDES5E1EWW DDES5E6Eq DDES5F66XX DDES5FB6 DDES5FC6WW DDES602E DDES623E DDES64D6q DDES659EVV DDES65B6* DDES66069~9 DDES661666 DDES66FE* DDES677E DDES678E* DDES679E* DDES67AE* DDES67BE* DDES67CE* DDES67FE>  DDES682E DDES683EZZ DDES689E DDES6906 DDES6916* DDES6926* DDES6936* DDES6946* DDES6956* DDES695E DDES6966q DDES69B6 DDES69C6*  DDES69DE DDES69E6* DDES69EE* DDES69F6* DDES69FE* DDES6A06* DDES6A0E*E DDES6A1E* DDES6A26 DDES6A4ELL DDES6DFE>  DDES6E0E DDES6E5E  DDES6E66 DDES6E9E  DDES6EE6VsV DDES702E&& DDES70EE* DDES70FE* DDES7116* DDES7126* DDES714E DDES7196ZZ DDES71A6 DDES726E* DDES729E* DDES72C6* DDES72CE* DDES72EE* DDES7416* DDES756E* DDES757EWW DDES75EE DDES765E DDES766E>  DDES769E* DDES786E* DDES78D6I~I DDES791Eq DDES793E~ DDES7AA6TT DDES7B46* DDES7B96 DDES7BAE DDES7C76 DDES7E46* DDES7F6EZZ DDES82FEDF DDES8466VV DDES850E* DDES8646WsW DDES864EZZ DDES8656q DDES870Es DDES87BE DDES87CE* DDES87DE* DDES87EE* DDES87FE* DDES880E* DDES881E(q( DDES883E>  DDES8846~ DDES886E DDES887EZZ DDES88CE* DDES8946q DDES8D8E DDES8DB6WW DDES8DC6VV DDES914E DDES92369~9 DDES9246 DDES947Es DDES97CE!q! DDES9916/q/ DDES9A66VsV DDES9AAEWW DDES9D46 DDES9E1666 DDES9EE6 DDES9F0E>  DDESA106* DDESA33E DDESA35E(q( RS0A39Ef!  ? @VLBLBq+q+q+6Payne scoring6Conv to monthly6Balke data6Fettig et al Arial MT Arial MTH "2Normal Undefined"2Normal Undefined"2Normal Undefined"2Normal Undefined"2Normal Undefined"2Normal Undefined"2Normal Undefined"2Normal Undefined"2 Normal Undefined"2 Normal Undefined"2 Normal Undefined"2 Normal Undefined"2 Normal Undefined"2Normal Undefined"2Normal Undefined"2Normal Undefinedq0* @@ U@@Y@ Y@@K@@@@@ @@.*@@@@T @@@ @ @@@ @@- @@@@9 *@ @@@" @@@@!@@33 @@ @-G @ @@@@G@ @ @ @@=@@@@Z@ @ @@@@ @@N@@@ @@@@@@;0@@@@@ ;@@@@@@@@N @@ @ @@@@@@ D@ @@@@ @@Q@@ @@@ @N@@ @@@@@@@^@@@@@@@@ @@ =@@@@ E@@@@@ @@ 1@@)@@@@@ =@@@@(@@@$'.@@@$E@@ @ @@ @@ P @@@@@ @@ ```````` ` ` ` ` ``````````````````` `S!@@@@@ @@ @@@ b"@@@ @ @@@ @@@@ z#@@@@@ @@@@@@@ @@@@@N$@@@@@ @@ @@X% @@@ @@@@@@@ E& @@@ @@@'@G'@@@@@Y(@@@@ @ @@@ @D)@@@@ @@@&J*@@@@@ @@ @Z+@@@ @@@@@@@Y, @@@@ @@@@@O-@ @@@ @@@@ U.@@@ @ @@@@^/@@@@@@@@@@h0@@@@@ @@ @ @@ @[1@@@@@@ @ G2@@@@@Q3@@@ @ @ @ @ @ U4@@@ @@@@@=5@@@ @'6@@@@%-7@@B@ @E8@ @@@@'@ @Q9@@@ @@ @E:@ @@@@@ @D;@@@@@@@@ @@F<@@@@ @@Y=@@ @@ @@ @@@<>@@ @@@<?@@@@@=@@@@@!`"`#`$`%`&`'`(`)`*`+`,`-`.`/`0`1`2`3`4`5`6`7`8`9`:`;`<`=`>`?`@`2A@@@@ (B@@;@1C@@@@@@@ QD@ @@@ @@ME@@@@@@@@@ 9F(@@@@@@@EG@ @ @ @@@@ LH@ @@ @ @@@@@@ <I@@@ @@(J'@ @@3K@@@ @@ 3L@@ @@&@@@@ ,M@@<@@ @ IN@@ @@@@!@@@(OI@@@LP@@@6@@@@@@@DQ@@!@@@@@ @XR@@@@@@@@@ @FS@@ @@,@@@@XT @@@@@@ @@@@ZU@@@ @ @@@ @GV@ @@@ @QW@@ @ @@ @OX @@@@&@@@@cY@ @@@@@@@@@cZ@@@@ @ @@@@@N[@@@@@@5@@@@q\@@@@@@@@@@@@@G] @@@@@Q^ @@@@@@G_ @@ @ @ @3`C@@@A`B`C`D`E`F`G`H`I`J`K`L`M`N`O`P`Q`R`S`T`U`V`W`X`Y`Z`[`\`]`^`_```=a @@ @ @Qb@@@ @ @ @Ac@@@@@@@@`d@@ @@@@@@@@@Ue@ @@@@@@@@@@)f@.@gW8h@%@@@[i@@@@@ @@=j'@@ @ @ 3k@@<@ @@Pl@@@ @@@@ Gm@@@@ @Zn@ @ @@@@@@ Yo @@ @@ @@@ @@ Qp@@@ @@ @bq @@ @@@@@@@@ dr@@@@ @@@@ @Qs@@@@@@@ @At@@@ @@@Gu'@ @@@@ Rv@@@@@@@@@@[w@@ @@@@@ex@@@ @@@@@ [y@@@@@@@ wz@@@@@@@@@ @@@ Z{@@@ @@@@ @@@ [|@@ @@@ @ @Z} @@@@@@@@G~@ @@@@-= @@@@F@ @@'@@ @< @@@@@a`b`c`d`e`f`h`i`j`k`l`m`n`o`p`q`r`s`t`u`v`w`x`y`z`{`|`}`~````F@ @@@@ @)@@'@@G@@@ @ @3@ @ @ =@ @@ @ F@ @@@@@ c@@@ @@@@ @ @@ 3,@@@ <@ @@@@ @@'@-@B)@@-Q@@ @@@@gWl````````````` ~'  @@ ` ~':@@E@@  @@L@@  @@@@@@E@@  @@ L @@  @@@@Q @@ @@@     L@@  @@@@I@@  @@@R@@  @@@@@@H@@  @@@L@@  @@@@ ! O"@@  @@@@@#H$@@  @@@%#&%K'@@  @@@@(!H)@@  @@@@H*@@  @@@@N+@@ @@,&L-@@  @@@@@.,/0(10I2@@  @@@3'K4@@  @@@@@@5.65718798H:@@  @@@@H;@@  @@@@<4=*I>@@  @@@N?@@  @@@@@@@@K@@@  @@@@@@A@KB@@  @@@@@@C6DHE@@  @@@@FDKG@@  @@@@@@H9IHJ@@  @@@@K/LFMLNCIO@@  @@@PHQPRMSNTSUTVUWQXOYWZV[Z\[]\^]_Y`_a`b^cbdcedHf@@  @@@Hg@@  @@@@Nh@@ @@iajekjlkHm@@  @@@@In@@  @@oipoqprsrtsutvuwvxwyxzy{z|{}|~}~  ~'p @@@@@@@@@@@@@@@@@@@@@@@@            ! "!#"$#%$&%'&(')(*)+*,+-,.-/.0/102132435465768798:9;:<;=<>=?>@?A@BACBDCEDFEGFHGIHJIKJLKMLNMONPOQPRQSRTSUTVUWVXWYXZY[Z\[]\^]_^`_a`bacbdcedfegfhgihjikjlkmlnmonpoqprqsrtsutvuwvxwyxzy{z|{}|~}~@@          `` ~'Q'BBI#2b is the measure used in the NABE conference presentation and article.f'Legend: Parentheses mean no summary statement available; brackets include researcher's judgementc'BBI#1 attempts to isolate information on changes in growth, and exclude level of growth info.)'BBI#2 uses a 3-category scale only.5'BBI#2a is BBI#2 with half-points for "slightly"s'BBI#2b is BBI#2 with half-points for "expand" or "moderate expansion," but not for modest, slightly, or slow $'BBI#2c is #2a and #2b combinedV'Total issue score 'Boston'modifier(s) 'BBI#1 'BBI#2 'BBI#2a 'BBI#2b 'BBI#2c'New York 'modifier(s)  'BBI#1  'BBI#2  'BBI#2a  'BBI#2b 'BBI#2c'Philadelphia'modifier(s) 'BBI#1 'BBI#2 'BBI#2a 'BBI#2b 'BBI#2c'Cleveland'modifier(s) 'BBI#1 'BBI#2 'BBI#2a 'BBI#2b 'BBI#2c'Richmond'modifier(s) 'BBI#1  'BBI#2 !'BBI#2a "'BBI#2b #'BBI#2c $'Atlanta%'modifier(s) &'BBI#1 ''BBI#2 ('BBI#2a )'BBI#2b *'BBI#2c +'Chicago,'modifier(s) -'BBI#1 .'BBI#2 /'BBI#2a 0'BBI#2b 1'BBI#2c2'St. Louis3'modifier(s) 4'BBI#1 5'BBI#2 6'BBI#2a 7'BBI#2b 8'BBI#2c9'Minneapolis:'modifier(s) ;'BBI#1 <'BBI#2 ='BBI#2a >'BBI#2b ?'BBI#2c@'Kansas CityA'modifier(s) B'BBI#1 C'BBI#2 D'BBI#2a E'BBI#2b F'BBI#2c G'DallasH'modifier(s) I'BBI#1 J'BBI#2 K'BBI#2a L'BBI#2b M'BBI#2cSN'San Francisco (CA is 2/3 of district; mountain states incl AZ 13%; OR&WA 15%)O'modifier(s) P'BBI#1 Q'BBI#2 R'BBI#2a S'BBI#2b T'BBI#2c V'BBI#1 W'BBI#2 X'BBI#2a Y'BBI#2b Z'BBI#2c['BBI#2b integrated\'8-issue avg('20 reports lack summary statements''0 reports lack summary statements''6 reports lack summary statements('18 reports lack summary statements''6 reports lack summary statements'$'4 reports lack summary statements(+'11 reports lack summary statements(2'11 reports lack summary statements'9'7 reports lack summary statements'@'0 reports lack summary statements'G'0 reports lack summary statements'N'0 reports lack summary statements[ '6/29/83'(retail strong, mfg flat)'strong/flat'steady pace recovery 'recovery steady    'improvement in conditions'improvement'conds improve 'improve+'activity expanding, yet moderate pace'expanding moderately !"#<$'(consumer spending offers strong evidence of recovery)%'strong recovery&'()*+'looking up,'looking up-./01/2'(sales and production continue to expand)3'expansion45678(9'still on the mend (getting better):'on the mend;<=>?@'activity strengthensA'strengthenBCDEFG'recovery strengtheningH'strengtheningIJKLM"N'recovery is gaining momentumO'gaining momentumPQRSTYV@ &-4;BIPP YW@  '.5<CJQP YX@ !(/6=DKRP YY@ ")07>ELSP YZ@#*18?FMTP &[(\(?[Y  '83:5'conditions improving'improving'recovery grew stronger 'recovery stronger    &'activity is spotty but improving'spotty/improvement'conditions improve 'improve'broad-based expansion'broad expansion !"#$'recovery gaining momentum%'gaining momentum&'()*#+'(disturbing signs in outlook),'disturbing signs-./012'expansion3'expansion456789'signs of upturn continue :'upturn;<=>?@'recovery quickeningA'quickeningBCDEFG'recovery strengtheningH'strengtheningIJKLMN'recovery gains momentumO'gaining momentumPQRSTYV@ &-4;BIPP YW@  '.5<CJQP YX@ !(/6=DKRP YY@ ")07>ELSP YZ@#*18?FMTP &[' y?[Y  '83:6'conditions are looking up'looking up'uneven recovery 'uneven recovery    !'(mfg and retail are robust) 'robust'economy mild improvement'mild improvement&'expansion, effects are spreading'broad expansion !"#/$'pace of recovery showing signs of slowing %'slowing&'()* +'(NA),'?-./012'broad-based expansion3'broad expansion456789'recovery:'recovery;<=>?@'activity grows A'growthBCDEFG'economy cont recoveryH'recoveryIJKLM"N'recovery cont at slower pace O'slowerPQRSTYV@ &-4;BIPP YW@  '.5<CJQP YX@ !(/6=DKRP YY@ ")07>ELSP YZ@#*18?FMTP &[f8πzs?[Y  '83:7, '(retail strong, more mfgs in recovery) 'strong, recovery      'activity improving 'improving      'economy expanding 'expand      '(retail, mfg up) 'up     " 'expansion across broad front 'broad expansion   ! " #! $'renewed strength of economy %'strength & ' ( ) *1 +'economic picture brightened in past 6 weeks ,'brightened - . / 0 1% 2'pace of expansion has moderated 3'moderated 4 5 6 7 8) 9'recovery no longer gaining momentum :'no momentum ; < = > ?0 @'further moderate improvement in conditions A'improvement B C D E F6 G'expansion broadening, but rate of growth slowing H'broadening/slowing I J K L M N'recovery cont strongly O'strong P Q R S TY V@      & - 4 ; B I PP Y W@      ' . 5 < C J QP Y X@     ! ( / 6 = D K RP Y Y@     " ) 0 7 > E L SP Y Z@     # * 1 8 ? F M TP & ['G?[ Y  '83:84 'recovery is gaining in strength and broadening 'gaining strength     ! 'pace of recovery picking up 'picking up      'mixed gains in economy 'mixed gains      'conditions improving 'improving     / 'little indic. of slowing pace of recovery 'ditto   ! " # $'economy cont to strengthen %'strength & ' ( ) * +'(NA) ,'? - . / 0 1 2'expansion cont  3'expansion 4 5 6 7 8 9'more moderate growth :'moderation ; < = > ? @'favorable econ conditions A'favorable B C D E F4 G'recovery continuing, some sectors strong gains H'recovery/strong gains I J K L M N'expansion cont O'expansion P Q R S TY V@      & - 4 ; B I PP Y W@      ' . 5 < C J QP Y X@     ! ( / 6 = D K RP Y Y@     " ) 0 7 > E L SP Y Z@     # * 1 8 ? F M TP & [>D~)0? [ Y  '84:1 '(successful Christmas) 'successful     5 'Improvement in economy is cont at moderate pace 'improvement      'Econ is off to good start 'good start     # 'Econ activity cont to improve 'improve     5 'activity is cont to expand across a broad front 'broad expansion   ! " # $'(retail best in 4 years) %'best & ' ( ) *; +'activity is on uptrend over a broadening # of sectors ,'uptrend - . / 0 1' 2'Upward momentum of expansion cont 3'upward momentum 4 5 6 7 8/ 9'strong holiday sales indicate cont growth :'strong/growth ; < = > ?K @'Activity cont to show moderate improvement following strong Christmas A'improvement B C D E F$ G'Recovery cont at moderate pace H'moderate recovery I J K L M" N'Expansion cont at rapid pace O'rapid P Q R S TY V@      & - 4 ; B I PP Y W@      ' . 5 < C J QP Y X@     ! ( / 6 = D K RP Y Y@     " ) 0 7 > E L SP Y Z@     # * 1 8 ? F M TP & [6.M? [ Y  '84:2 'Activity cont to expand 'expand     , 'Activity cont to expand at uneven pace 'expand uneven     + 'Economy has shown unexpected strength 'strength      'Growth less rapid 'less rapid     4 'Activity cont to expand at a fairly rapid pace 'rapid   ! " #, $'Healthy pace...no slowdown is apparent %'healthy & ' ( ) *# +'expansion has strong momentum ,'strong momentum - . / 0 1@ 2'activity has been showing substantial improvement recently 3'improvement 4 5 6 7 8 9'Recovery deepened :'recovery deepened ; < = > ? @'activity cont to improve A'improve B C D E F= G'recovery paused, though some sectors showed improvement H'pause/improvement I J K L M. N'recovery is cont with increased momentum O'increased momentum P Q R S TY V@      & - 4 ; B I PP Y W@      ' . 5 < C J QP Y X@     ! ( / 6 = D K RP Y Y@     " ) 0 7 > E L SP Y Z@     # * 1 8 ? F M TP & [Gl X? [ Y  '84:3 'Activity cont to expand 'expand     - 'Activity cont to expand in most sectors 'expand     " 'Steady growth in the economy 'steady growth      'Activity cont to increase 'increase     h 'Activity cont to increase, though there are some indications that the rate of expansion has slowed 'increase/slowed   ! " ## $'The pace of growth is slowing %'slowing & ' ( ) *L +'Business improvement continued, but the uptrend in retail sales slowed ,'improvement/slowed - . / 0 1? 2'Activity cont to expand, but the pace of expansion slowed 3'expansion/slowed 4 5 6 7 8> 9'(Auto sales show strength, labor market cont to improve) :'strength/improve ; < = > ?( @'Moderate improvement in conditions A'improvement B C D E F G'Recovery cont strong H'strong I J K L M$ N'Economy growing at slower rate O'slower P Q R S TY V      & - 4 ; B I PP Y W@      ' . 5 < C J QP Y X@     ! ( / 6 = D K RP Y Y@     " ) 0 7 > E L SP Y Z@     # * 1 8 ? F M TP & []$+s? [ Y  \@Y YQ '84:4'Expansion cont 'expand:'Pace of recovery stabilized- activity cont to expand 'stabilized/expand    `'Bus. environment is healthy, though some signs of a weakening in the expansion are evident'healthy/weakening 'Economy cont to strengthen'strengthen'Cont expansion'expansion !"#!$'Pace of growth cont to slow %'slowing&'()*Q+'Expansion cont, but pace of rise moderated significantly in the 2nd quarter,'moderated-./01*2'Expansion cont, but at a slower pace3'expansion/slowed45678$9'Favorable economic trends cont:'favorable;<=>?3@'Some apparent slowing in activity is reported A'slowingBCDEFG'Strong recovery cont. H'strongIJKLM"N'Growth of economy is slowing O'slowingPQRSTYV &-4;BIPP YW@  '.5<CJQP YX@ !(/6=DKRP YY? ")07>ELSP YZ?#*18?FMTP &[?&@'Activity cont to grow moderatelyA'moderate growthBCDEFDG'Recovery cont strong, though there is some evidence of slowingH'strong/slowingIJKLM1N'Growth of the economy appears to be slowing O'slowingPQRSTYV &-4;BIPP YW@  '.5<CJQP YX@ !(/6=DKRP YY? ")07>ELSP YZ?#*18?FMTP &[^3@?[Y \@YYQ '84:6'Activity remains robust 'robust1'Strong and stable growth, except for retail  'strong    -'Economy still growing, with some easing'growing/easing"'Growth appears to be slowing 'slowing?'Expansion is continuing, though at a somewhat slower rate'expand/slower !"#@$'Conds are mixed, but strengths cont to outweigh weaknesses&%'mixed/strength outweigh weakness&'()*+'Conds appear less robust,'less robust-./012'Expansion cont3'expansion456789'Moderate growth cont:'moderate growth;<=>?5@'Some further moderation in activity is apparentA'moderationBCDEFG'Recovery is slowing H'slowingIJKLM0N'Economy cont to grow, but at a slower rate O'slowerPQRSTYV &-4;BIPP YW?  '.5<CJQP YX !(/6=DKRP YY ")07>ELSP YZ#*18?FMTP &[ F7?[Y \@ YYQ '84:7'Steady growth cont'steady growth='Activity grew moderately, but at a slightly slower pace& 'moderate growth, slightly slower    5'([Mixed] Mfg & housing down, but retail strong)'down/strong'Moderation of growth'moderation1'(special factors make evaluation difficult)'? !"#M$'Economy cont to progress in spite of nagging difficulties in some areas%'progress/difficulties&'()*+'Activity has plateaued,'plateaued-./01F2'(Spending brisk, but housing down, little change in other areas)3'brisk/little change456789'Modest growth cont:'modest growth;<=>?5@'Some moderation cont to be apparent in activityA'moderationBCDEF"G'Recovery cont at a slow paceH'slow recoveryIJKLM'N'Expansion has cooled dramatically O'cooledPQRSTYV &-4;BIPP YW@  '.5<CJQP YX@ !(/6=DKRP YY? ")07>ELSP YZ#*18?FMTP &[3E?[Y \@ YYQ '84:8'Activity has slowed 'slowed&'Pace of activity has been uneven  'uneven    "'Mixed performance of economy 'mixed 'Economy is soft and uneven 'soft<'Are crosscurrents, but thrust of economy seems forward'forward/crosscurrents !"#:$'Strengths cont to outweigh weaknesses in the economy!%'strengths outweigh weakness&'()*++'Activity has been stable [i.e., flat] ,'stable-./01.2'(Slight reductions in employment levels)3'?45678*9'Conds have not changed much recently :'ditto;<=>?@'A lull in activity A'lullBCDEF3G'Expansion is sluggish across a broad spectrumH'sluggishIJKLMHN'Activity cont to slow from the vigorous levels earlier in the year O'slowingPQRSTYV &-4;BIPP YW  '.5<CJQP YX !(/6=DKRP YY ")07>ELSP YZ#*18?FMTP &[V!:j?[Y \@ YYQ '85:1''Expansion appears to have resumed'expansion&'Activity advanced at uneven pace  'uneven    'Economy appears healthy 'healthyA'Economy shows signs of sluggishness with no clear direction'sluggishn'Economy is fundamentally strong, but a lull in industrial activity over the past month- retail is strong'strong/lull !"# $'Economy cont to strengthen%'strengthen&'()*!+'Activity flat trend is cont ,'flat-./012'(ret sales, autos strong) 3'strong45678(9'Economy has grown at a modest rate:'modest growth;<=>?#@'Modest improvement of economyA'modest improvementBCDEFG'Growth cont its slow paceH'slow growthIJKLMN'Recovery is contO'recoveryPQRSTYV@ &-4;BIPP YW@  '.5<CJQP YX@ !(/6=DKRP YY@ ")07>ELSP YZ@#*18?FMTP &[bZkp#I?[Y \@ YYQ '85:2,'Activity is expanding at a modest rate'modest rate'Uneven expansion has cont  'uneven    -'(Mfg picked up speed, retail is strong)'picked up/strongB'Activity is reviving slowly after several months of weakness'reviving slowlyD'Activity is basically positive, but more mixed than previously'strong/mixed !"#$'Economy cont to expand %'expand&'()*+'Conflicting trends...,'conflicting-./012'(retail sales mixed) 3'mixed45678*9'Economy is showing signs of strength:'strength;<=>?-@'Economy cont to show modest improvementA'modest improvementBCDEFG'Economy is flat H'flatIJKLM%N'Modest, but steady, growth contO'modest growthPQRSTYV@ &-4;BIPP YW@  '.5<CJQP YX@ !(/6=DKRP YY@ ")07>ELSP YZ@#*18?FMTP &[ ^@[Y \? YYQ '85:3'Activity has slowed 'slowed-'Activity cont to expand at erratic pace  'erratic    )'Major sectors are stable or growing'stable/growing%'Activity cont to improve slowly'slow improvement4'Activity appears to have regained its momentum'momentum !"#4$'Economy pushed ahead, though somewhat unevenly%'pushed ahead&'()*-+'Conds lag US, but are some bright spots,'?lag/bright spots-./01;2'Business activity is lower, but are some bright spots3'lower/bright45678O9'(Overall spending and employment up, but some signs of slower mfg growth):'overall up/slower mfg;<=>?@'Modest growth contA'modest growthBCDEFG'Growth remains slowH'slow growthIJKLMbN'Economy remains healthy, but are fewer signs of cont improvement, and some signs of weaknessO'healthy/weaknessPQRSTYV &-4;BIPP YW@  '.5<CJQP YX@ !(/6=DKRP YY@ ")07>ELSP YZ?#*18?FMTP &[Hc@[Y \?YYQ '85:42'Activity remains sluggish, especially in mfg'sluggish%'Activity in most sectors slowed  'slowing    'Conds are mixed 'mixed,'Pattern of activity has changed little 'ditto'Most areas and sectors are offering very upbeat reports. Activity is generally rising, and at record levels. But mfg is giving very negative signals'rising/negative !"#O$'Activity has begun to slow, but areas of strength outweigh weaker sectors(%'slowing/strength outweigh weakness&'()*%+'The sluggish overall trend cont,'sluggish-./01,2'Most indicators have declined recently3'declined45678'9'Mixed signals from key indicators :'mixed;<=>?%@'Activity is relatively sluggishA'sluggishBCDEFG'Expansion remains slowH'slow expansionIJKLMN'Econ cont to be healthy O'healthyPQRSTYV &-4;BIPP YW  '.5<CJQP YX !(/6=DKRP YY ")07>ELSP YZ#*18?FMTP &[BE@[Y \?YYQ '85:5"'Conds have improved slightly'improved slightly!'Expansion cont to be uneven  'uneven    ,'Conds appear to have improved slightly'improved slightly9'Economy remains lackluster, with no signs of pickup'lacklusterb'Conds cont to reflect disparate performance on balance, activity is flat to rising slightly.'disparate !"#-$'Evidence of recent weakening in economy%'weakening&'()*+'Conds cont to be sluggish,'sluggish-./01J2'Indicators are mixed still, but is some improvement from last report3'mixed/improvement45678L9'(Consumer spending has slackened, employment improved, housing strong):'slackened/improved;<=>?@'Growth has been modestA'modest growthBCDEFHG'Growth remains slow, though signs of strengthening are discernableH'slow growth/strengtheningIJKLMZN'Economy cont to present a mixed picture. Consumer spending is strong, but weakening. O'mixedPQRSTYV? &-4;BIPP YW  '.5<CJQP YX? !(/6=DKRP YY ")07>ELSP YZ#*18?FMTP &[clE@[Y \?YYQ '85:6E'(retail results are improving, but mfg remains in the doldrums)'improving/doldrums8'Most sectors are showing little growth in activity 'little growth    K'(mfg leveled off again, but retail and housing are at a better level)'leveled off/better('Economy cont to be soft and uneven 'softM'What [little] movement there has been in the economy is toward strength'slight strengthening !"#%$'Conds remain healthy on balance %'healthy&'()*1+'Neither a pickup or a weakening of activity ,'ditto-./0152'(Employment cont to lag behind national trends) 3'? (lag)45678W9'(Employment conds have weakened a bit, while some improvement in consumer demand):'weakened/improvement;<=>?@'Conds cont to be sluggishA'sluggishBCDEFG'Growth is sluggishH'sluggishIJKLM:N'Signals are mixed, but economy appears to be slowing O'slowingPQRSTYV? &-4;BIPP YW  '.5<CJQP YX? !(/6=DKRP YY ")07>ELSP YZ#*18?FMTP &[כ?[Y \?YYQ '85:7'Conds have changed little'changed littleD'Some signs of a pickup in the economy appeared in recent weeks  'pickup    >'Conds are the same: mfg flat, housing and retail buoyant'flat/buoyantF'Economy remains weak overall, albeit with pockets of improvement'weak/improvement)'Economy is giving off mixed signals 'mixed !"#&$'Mixed performance of the economy %'mixed&'()*'+'(Activity cont to lag the nation) ,'?(lags)-./01H2'(Indicators suggest a slowing of activity during the 3rd quarter.) 3'slowing45678R9'Growth has steadied, with no indication of a significant advancement in pace:'steadied;<=>?$@'Activity is improving somewhatA'improvingBCDEFG'Economy remains sluggishH'sluggishIJKLM<N'Economy is generally healthy with some problem sectors O'generally healthy/problemsPQRSTYV@ &-4;BIPP YW@  '.5<CJQP YX@ !(/6=DKRP YY@ ")07>ELSP YZ@#*18?FMTP &[փ@[Y \?YYQ '85:80'Economy appears to be in a holding pattern'holding pattern.'Economy has maintained its improved tone 'improved    "'Conds appear to be improving'improving 'Economy remains lackluster'lackluster#'Activity remains quite strong 'strong !"#$'Economy weakened somewhat%'weakened&'()*4+'Stable activity- no new vigor, no new setbacks ,'stable-./01?2'(In the 3rd quarter, employment grew and retail declined)3'grew/declined45678@9'(Employment growth has slowed, consumer spending declined):'slowed/declined;<=>?%@'Activity appears to be sluggishA'sluggishBCDEF,G'Evidence of overall expansion is scantH'scant expansionIJKLM(N'Economy cont on a slow growth pathO'slow growthPQRSTYV? &-4;BIPP YW?  '.5<CJQP YX? !(/6=DKRP YY ")07>ELSP YZ#*18?FMTP &[փ@[Y \?YYQ '86:11'Economy held steady through the end of 1985'held steadyt'Almost all sectors experienced modest gains, but reports are mixed about strength of current business activity 'modest gains/mixed    #'Conds are generally improving'improving4'Economy growing slowly despite weakness in mfg'slow growth/weak!'Overall conds remain strong 'strong !"#$'The economy firmed up%'firmed up&'()*A+'(Autos strong, weak steel, consumer spending disappointing) ,'mixed-./01#2'Mixed outlook from indicators 3'mixed45678=9'Signs of strength were evident in economy at year's end:'strength;<=>?6@'Activity has improved slightly around year's endA'slightly improvedBCDEFG'Economy remains sluggishH'sluggishIJKLMON'Economy appears to be improving, although problems in some sectors remainO'improving/problemsPQRSTYV@ &-4;BIPP YW@  '.5<CJQP YX@ !(/6=DKRP YY@ ")07>ELSP YZ@#*18?FMTP &[3@[Y \?YYQ '86:20'The pace of activity is unbalanced [mixed]'unbalanced (mixed)/'Economy improved somewhat in recent weeks 'improved    K'Economy is healthy, on the whole- mfg cont to improve, retail is good 'healthy'Economy cont to improve 'improve0'Activity remains on avg, moderately strong'moderately strong !"#c$'Activity in most sectors sustained the stronger pace that emerged around the turn of the year%'stronger&'()*&+'Moderate overall expansion conts,'moderate expansion-./01)2'Economy cont its moderate expansion3'moderate expansion45678-9'Conds have stabilized [not doing badly]:'stabilized;<=>?@'Activity has improvedA'improvedBCDEF&G'Economy conts its slow expansionH'slow expansionIJKLM.N'Economy conts to grow at a moderate paceO'moderate growthPQRSTYV@ &-4;BIPP YW@  '.5<CJQP YX@ !(/6=DKRP YY@ ")07>ELSP YZ@#*18?FMTP &[G@[Y \?YYQ '86:3J'Expansion is unbalanced- mfg activity is slow, real estate is robust'unbalanced (mixed)!'Economy has cont to improve  'improve    6'Economy appears to be generally healthy in April 'healthyO'Economy cont to expand slowly, but significant sectors of weakness remain'slow expansion/weaknessB'Conds are reported to be stronger by most retailers and mfgs'stronger !"#$$'Important sectors strengthened%'strengthened&'()**+'Most contacts report improving conds,'improving-./01N2'Indicators of real activity were higher than national over recent months3'? higher4567819'Conds haven't changed much since year's end :'ditto;<=>?2@'Recent improvements are reported in activityA'improvementBCDEFTG'The decline in the price of oil has brought economic expansion to a standstillH'standstillIJKLM$N'Activity has shown improvementO'improvementPQRSTYV@ &-4;BIPP YW@  '.5<CJQP YX@ !(/6=DKRP YY@ ")07>ELSP YZ@#*18?FMTP &[h(D@[Y \@YYQ '86:4T'Imbalance conts, with mfgs experiencing no growth while other sectors expanded'unbalanced (mixed)B'Pace of expansion has varied among sectors since last report  'varied    Q'Conds are generally stable, with indications of improvement in some sectors'stable/improvement`'Economy conts its pattern of slow growth with weakness in mfg, energy, strength in housing'slow growth/weak'Generally strong economy 'strong !"#G$'Growth in economy has slowed down since the last reporting period%'slowed down&'()*)+'Expansion in activity is continuing,'expansion-./01Q2'Growth is slower than the rest of the nation, a reversal of the last report3'? slower45678.9'Conds appeared to have improved somewhat:'improved;<=>?2@'Some recent improvement in conds is reportedA'improvementBCDEFG'Economy is still reeling H'reelingIJKLMKN'Economy conts to be generally prosperous, though some problems remainO'prosperous/problemsPQRSTYV &-4;BIPP YW?  '.5<CJQP YX? !(/6=DKRP YY? ")07>ELSP YZ?#*18?FMTP &[$@[Y \@YYQ '86:5!'Activity remains unbalanced'unbalanced (mixed)5'In recent weeks, expansion varied among sectors  'varied    #'Conds are steady or improving'steady/improving.'Economy conts its pattern of slow growth'slow growth;'(slight increase in retail activity, but mfg is weak)'slight increase/weak !"#)$'Economy conts to mark time [steady]%'mark time&'()*2+'(Pace of activity conts short of the nation) ,'?(lags)-./01#2'Expansion is slowing slightly3'slowing slightly45678!9'Conds have not changed much:'no change;<=>?/@'Activity appears to be generally sluggishA'sluggishBCDEFJG'Economy is still in a slump, but the rate of decline is deceleratingH'less declineIJKLM!N'Economy is growing modestlyO'modest growthPQRSTYV? &-4;BIPP YW?  '.5<CJQP YX !(/6=DKRP YY ")07>ELSP YZ#*18?FMTP &[$@[Y \@YYQ '86:6= 'Pace of activity remains sluggish, no signs of a pickup 'sluggish     A 'Economy registered modest improvement since the last report 'modest improvement     t 'Conds are improving somewhat, though there are some signs that the consumer sector may be backing off slightly 'improving/backing off      'Uneven but slow growth 'slow growth      'Sluggish, slow growth 'sluggish/slow growth   ! " # $'Pace of activity slackened %'slackened & ' ( ) *M +'No evidence of drop-off or acceleration in the pace of overall activity ,'ditto - . / 0 1 2'Conds remain sluggish 3'sluggish 4 5 6 7 8 9'Conds held steady :'held steady ; < = > ?) @'Activity remains generally sluggish A'sluggish B C D E F, G'Rate of decline in activity has slowed H'less decline I J K L M- N'Economy cont to present a mixed picture O'mixed P Q R S TY V?      & - 4 ; B I PP Y W      ' . 5 < C J QP Y X     ! ( / 6 = D K RP Y Y     " ) 0 7 > E L SP Y Z     # * 1 8 ? F M TP & [B Z2 @[ Y  \@Y YQ !'86:7!'[same as previous] !'ditto!!!!!'!'Economy showed modest improvement! 'modest improvement! ! ! ! !3!'Economy cont to expand at about the same pace !'ditto!!!!!(!'Economy remained relatively stable !'stable!!!!!#!'(Mfg and retail are stronger)!'stronger!! !!!"!#=!$'Mixed performance of economy: weakness offset strengths !%'mixed!&!'!(!)!* !+'(Activity still trails US) !,'?(lags)!-!.!/!0!1!2'Conds have improved!3'improved!4!5!6!7!8Z!9'Economy appears poised for improvement: labor markets tightened, consumer and mfg up!:'improvement!;!<!=!>!?@!@'Little change from the recent pattern of sluggish activity!A'sluggish!B!C!D!E!FY!G'Economy has stabilized, but weakness in energy and construction is hampering growth!H'stabilized/hampering!I!J!K!L!M-!N'Economy appears to be improving overall!O'improving!P!Q!R!S!TY!V@!! !!!!&!-!4!;!B!I!PP Y!W@!! !!! !'!.!5!<!C!J!QP Y!X@!! !!!!!(!/!6!=!D!K!RP Y!Y@!! !!!"!)!0!7!>!E!L!SP Y!Z@!!!!!#!*!1!8!?!F!M!TP &![HL@ [!Y !\@Y!YQ "'86:8"'Activity remains sluggish"'sluggish""""""'Modest uptrend cont" 'modest uptrend" " " " ""'Conds are generally good "'good"""""'"'Economy showed slight improvement"'slight improvement""""":"'(mfg same level, retail stronger, housing weakening)"'same/stronger"" "!"""#"$'Activity remains mixed "%'mixed"&"'"(")"*)"+'(Pace of activity cont to trail US) ",'?(lags)"-"."/"0"1X"2'(Expansion of employment and construction exceeded nation's, while retail trailed)"3'expansion/trailed"4"5"6"7"8*"9'Moderate growth appears to have cont":'moderate growth";"<"=">"?5"@'Only modest improvement in activity is apparent"A'modest improvement"B"C"D"E"F"G'Economy is flat "H'flat"I"J"K"L"M2"N'Overall improvement in economy is continuing"O'improvement"P"Q"R"S"TY"V@"" """"&"-"4";"B"I"PP Y"W@"" """ "'"."5"<"C"J"QP Y"X@"" """!"("/"6"="D"K"RP Y"Y@"" """"")"0"7">"E"L"SP Y"Z@"""""#"*"1"8"?"F"M"TP &"[6vN@!["Y "\@Y"YQ #'87:1#'(retail strong, mfg flat)#'strong/flat#####A#'Conds in most sectors of the economy are stable-to-improved# 'stable/improved# # # # #O#'Economy appears healthy, even though growth in several sectors has slowed#'healthy/slowed#####)#'Indicators show a moderate increase#'moderate increase#####-#'(mfg has resumed its rise, retail weak)#'rise/weak## #!#"##$#$'Growth cont at a moderate pace#%'moderate growth#&#'#(#)#* #+'Activity has been sluggish#,'sluggish#-#.#/#0#11#2'(mfg upturn, but sluggish employment gains)#3'upturn/sluggish#4#5#6#7#8%#9'Growth may have picked up a bit#:'picked up#;#<#=#>#?'#@'Activity cont to improve modestly#A'modest improvement#B#C#D#E#FZ#G'Economy has begun a modest recovery, but overall activity level is below a year ago.#H'modest recovery#I#J#K#L#M#N'Continued moderate growth#O'moderate growth#P#Q#R#S#TY#V@## ####&#-#4#;#B#I#PP Y#W@## ### #'#.#5#<#C#J#QP Y#X@## ###!#(#/#6#=#D#K#RP Y#Y@## ###"#)#0#7#>#E#L#SP Y#Z@#######*#1#8#?#F#M#TP &#[ p1<@"[#Y #\@Y#YQ $'87:2>$'This month's reports were the most positive in some time$'most positive$$$$$+$'Economy showed some gains in activity $ 'gains$ $ $ $ $)$'Economy is on an even keel [steady]$'even keel$$$$$0$'Economy cont a slow and unsteady expansion$'slow expansion$$$$$$$'(mfg activity increased again)$'increased$$ $!$"$#$$'Activity has picked up$%'picked up$&$'$($)$*'$+'Activity boosted by a mild winter $,'boosted$-$.$/$0$19$2'(Expansion of employment slowed in the 4th quarter)$3'?$4$5$6$7$8 $9'Conds have remained steady $:'steady$;$<$=$>$?!$@'Activity slight improvement$A'slight improvement$B$C$D$E$F:$G'Some sectors weak, but signs of recovery are evident$H'recovery/weak$I$J$K$L$M($N'Economy presents an uneven picture $O'uneven$P$Q$R$S$TY$V@$$ $$$$&$-$4$;$B$I$PP Y$W@$$ $$$ $'$.$5$<$C$J$QP Y$X@$$ $$$!$($/$6$=$D$K$RP Y$Y@$$ $$$"$)$0$7$>$E$L$SP Y$Z@$$$$$#$*$1$8$?$F$M$TP &$[Of@#[$Y $\@Y$YQ %'87:3"%'Economy cont to perform well%'perform well%%%%%+%'Economy registered modest improvement% 'modest improvement% % % % %/%'Most sectors are making only modest gains%'modest gains%%%%%#%'Economy cont to expand slowly%'slow expansion%%%%%*%'Activity increased in the past month%'increased%% %!%"%#-%$'Econ indicators show signs of expansion%%'expansion%&%'%(%)%*4%+'Reports on activity indicate further expansion%,'expansion%-%.%/%0%1&%2'Activity cont at a moderate pace%3'moderate expansion%4%5%6%7%8%9'Economy improved slightly%:'slight improvement%;%<%=%>%?&%@'Activity only slight improvement%A'slight improvement%B%C%D%E%F`%G'Economy remains sluggish, but some important sectors are showing signs of renewed strength%H'sluggish/strength%I%J%K%L%M*%N'Most developments have been positive%O'positive%P%Q%R%S%TY%V@%% %%%%&%-%4%;%B%I%PP Y%W@%% %%% %'%.%5%<%C%J%QP Y%X@%% %%%!%(%/%6%=%D%K%RP Y%Y@%% %%%"%)%0%7%>%E%L%SP Y%Z@%%%%%#%*%1%8%?%F%M%TP &%[Ի@$[%Y %\@Y%YQ &'87:4&&'Activity remains at a high level&'high level&&&&&$&'Modest uptrend in economy cont& 'modest uptrend& & & & &0&'Moderate growth characterizes most sectors&'moderate growth&&&&&)&'Economy cont to show positive signs&'positive&&&&&&'Growth is slowing &'slowing&& &!&"&#+&$'(Employment is increasing moderately)&%'increasing moderately&&&'&(&)&*C&+'Activity cont to expand at a stronger pace than in 1985 or 86&,'stronger&-&.&/&0&1&2'Economy slowed &3'slowed&4&5&6&7&8.&9'Economy showed signs of cont improvement&:'improvement&;&<&=&>&?9&@'Little change in activity [sluggish or up slightly] &A'ditto&B&C&D&E&F&G'Economy remains weak &H'weak&I&J&K&L&M&N'Conds are healthy &O'healthy&P&Q&R&S&TY&V?&& &&&&&&-&4&;&B&I&PP Y&W@&& &&& &'&.&5&<&C&J&QP Y&X@&& &&&!&(&/&6&=&D&K&RP Y&Y@&& &&&"&)&0&7&>&E&L&SP Y&Z@&&&&&#&*&1&8&?&F&M&TP &&[O&9@%[&Y &\@Y&YQ ''87:50''Pace of activity picked up in early summer''picked up'''''2''Business conds cont to be stable or improved' 'stable/improved' ' ' ' ')''Activity growing at a moderate pace''moderate growth'''''G''Activity growing at a very conservative pace- same as last report''slow growth'''''0''Conds not changed much- generally positive''positive'' '!'"'#<'$'Signs of moderate strengthening in a number of sectors'%'moderate strengthening'&'''(')'*'+'Activity cont to expand ','expand'-'.'/'0'1'2'Economy cont to weaken '3'weaken'4'5'6'7'8-'9'Economy has cont to improve this summer ':'improve';'<'='>'?)'@'Activity is cont at a sluggish pace'A'sluggish'B'C'D'E'FT'G'Economy remains weak overall, but several important sectors are showing growth'H'weak/growth'I'J'K'L'M'N'Economy healthy 'O'healthy'P'Q'R'S'TY'V@'' ''''&'-'4';'B'I'PP Y'W@'' ''' '''.'5'<'C'J'QP Y'X@'' '''!'('/'6'='D'K'RP Y'Y@'' '''"')'0'7'>'E'L'SP Y'Z@'''''#'*'1'8'?'F'M'TP &'[V{@&['Y '\@ Y'YQ ('87:6('Economy cont to improve ('improve(((((.('Business conds improved somewhat further( 'improved( ( ( ( (/('Economy shows signs of moderate expansion('moderate expansion(((((('Activity slowed slightly('slight slowing((((($('Economy cont to expand, mostly ('expand(( (!("(#$($'Pace of activity remains brisk (%'brisk(&('((()(*(+'Activity cont to rise (,'rise(-(.(/(0(1(2'Economy weakened (3'weaken(4(5(6(7(8(9'Growth cont apace (:'growth(;(<(=(>(?0(@'Modest improvement is apparent in activity(A'modest improvement(B(C(D(E(F$(G'Economy is growing very slowly(H'slow growth(I(J(K(L(M%(N'Activity cont at a healthy pace (O'healthy(P(Q(R(S(TY(V(( ((((&(-(4(;(B(I(PP Y(W@(( ((( ('(.(5(<(C(J(QP Y(X@(( (((!(((/(6(=(D(K(RP Y(Y@(( ((("()(0(7(>(E(L(SP Y(Z@(((((#(*(1(8(?(F(M(TP &([!;J@'[(Y (\@!Y(YQ )'87:7')'Activity appears to be picking up)'picking up)))))e)'Economy registered some improvement- sizable increase in # of firms reporting better bus. conds) 'improved) ) ) ) )&)'Bus conds are improving modestly)'modest improvement))))))'Economy has picked up)'picked up)))))*)'Growth remains the predominant trend )'growth)) )!)")#2)$'(Employment cont to expand, retail is mixed))%'expand/mixed)&)')()))*)+'Activity cont to expand ),'expand)-).)/)0)11)2'Activity has been uneven and generally weak )3'weaken)4)5)6)7)8))9'Recent news has been quite positive):'positive);)<)=)>)?Q)@'Activity is mixed, with sluggishness in retail and housing, strength in mfg )A'mixed)B)C)D)E)F!)G'Economy cont to grow slowly)H'slow growth)I)J)K)L)M))N'Conds generally cont to be positive)O'positive)P)Q)R)S)TY)V@)) ))))&)-)4);)B)I)PP Y)W@)) ))) )').)5)<)C)J)QP Y)X@)) )))!)()/)6)=)D)K)RP Y)Y@)) )))")))0)7)>)E)L)SP Y)Z@)))))#)*)1)8)?)F)M)TP &)['@([)Y )\@"Y)YQ *'87:8!*'(strong 3rd quarter in mfg) *'strong*****1*'General bus conds improved somewhat further* 'improved* * * * *,*'Signs of moderate expansion in economy*'moderate expansion******'Activity remains strong *'strong*****=*'Activity rose in some sectors and stayed even in others*'rose/stayed even** *!*"*#%*$'Economy shows mixed performance *%'mixed*&*'*(*)**@*+'Activity cont to expand with few signs of negative effects *,'expand*-*.*/*0*1*2'Economy improved slightly*3'slightly improved*4*5*6*7*8F*9'(retail flat, labor markets tight) [slow growth at a high level]*:'slow growth/high level*;*<*=*>*?0*@'cont slight improvement evident in economy*A'slight improvement*B*C*D*E*F!*G'Economy cont to grow slowly*H'slow growth*I*J*K*L*M+*N'Economy cont to exhibit steady growth*O'steady growth*P*Q*R*S*TY*V?** ****&*-*4*;*B*I*PP Y*W@** *** *'*.*5*<*C*J*QP Y*X@** ***!*(*/*6*=*D*K*RP Y*Y@** ***"*)*0*7*>*E*L*SP Y*Z@*****#***1*8*?*F*M*TP &*[>t@@)[*Y *\@#Y*YQ +'88:1+'Satisfactory growth+'satisfactory+++++Z+'Developments varied among sectors: consumer spending strong, business activity mixed+ 'strong/mixed+ + + + +"+'Mixed signals in the economy +'mixed++++++'(mfg rebound cont) +'rebound+++++*+'Economy expanded further, was robust +'robust++ +!+"+##+$'Economy is healthy on balance +%'healthy+&+'+(+)+*++'Activity expanding +,'expand+-+.+/+0+1/+2'Economy cont to expand at a moderate pace+3'moderate expansion+4+5+6+7+8+9'Conds positive+:'positive+;+<+=+>+?,+@'Little improvement apparent in economy+A'no improvement+B+C+D+E+F'+G'Expansion cont, but some weakness+H'expand/weakness+I+J+K+L+M1+N'Economy cont to exhibit good health overall+O'good health+P+Q+R+S+TY+V++ ++++&+-+4+;+B+I+PP Y+W@++ +++ +'+.+5+<+C+J+QP Y+X@++ +++!+(+/+6+=+D+K+RP Y+Y@++ +++"+)+0+7+>+E+L+SP Y+Z@+++++#+*+1+8+?+F+M+TP &+[d(@*[+Y +\@$Y+YQ ,'88:2n,'Reports quite mixed: retail disappointing while mfgs reported improvement. Recent pickup in real estate. ,'mixed,,,,,,'Activity cont mixed , 'mixed, , , , ,),'Economy making only modest progress,'modest progress,,,,,:,'Little change from previous report: conds optimistic ,'ditto,,,,,,'Activity expanded,'expanded,, ,!,",#-,$'Activity has maintained a moderate pace,%'moderate pace,&,',(,),* ,+'Expansion in activity cont ,,'expand,-,.,/,0,1',2'Economy cont to expand moderately,3'moderate expansion,4,5,6,7,8,9'Economy held firm,:'held firm,;,<,=,>,?;,@'Economy mixed performance, slight improvement overall,A'slight improvement,B,C,D,E,F',G'Economy cont to grow at mild pace,H'mild growth,I,J,K,L,M,N'Cont moderate growth,O'moderate growth,P,Q,R,S,TY,V,, ,,,,&,-,4,;,B,I,PP Y,W@,, ,,, ,',.,5,<,C,J,QP Y,X@,, ,,,!,(,/,6,=,D,K,RP Y,Y@,, ,,,",),0,7,>,E,L,SP Y,Z@,,,,,#,*,1,8,?,F,M,TP &,[* k#@+[,Y ,\@%Y,YQ -'88:37-'Firms satisfied with recent performance: sales up-'satisfactory-----'-'General conds improved moderately- 'improved moderately- - - - -(-'Economy growing at a moderate pace-'moderate growth------'Conds cont to be positive-'positive------'Economy made modest gains-'modest gains-- -!-"-#%-$'Economy shows moderate strength-%'moderate strength-&-'-(-)-*-+'Activity cont to expand -,'expand---.-/-0-1%-2'Economy cont to grow moderately-3'grow moderately-4-5-6-7-8 -9'Economy strengthened a bit-:'strengthened-;-<-=->-?--@'Economy cont to show slight improvement-A'slight improvement-B-C-D-E-F!-G'Economy recovering modestly-H'modest recovery-I-J-K-L-M?-N'Economy cont to grow at healthy pace, conds have improved-O'healthy/improved-P-Q-R-S-TY-V@-- ----&---4-;-B-I-PP Y-W@-- --- -'-.-5-<-C-J-QP Y-X@-- ---!-(-/-6-=-D-K-RP Y-Y@-- ---"-)-0-7->-E-L-SP Y-Z@-----#-*-1-8-?-F-M-TP &-[(Jޖuh@,[-Y -\@&Y-YQ .'88:43.'(mfg is strong, retail slowed due to weather) .'strong.....6.'Conds are stable-to-improved, retail is sluggish. 'stable/improved. . . . .@.'Economy cont to grow, some softness in the consumer sector.'grow/softness.....2.'Activity is same as last report [high level].'high level......'Economy cont to grow .'grow.. .!.".#1.$'Growth has slowed a bit, level still strong.%'slowed/strong.&.'.(.).*.+'Expansion is cont .,'expand.-.../.0.17.2'Economy is slightly weaker than in recent reports.3'slightly weaker.4.5.6.7.8!.9'Trends cont to be favorable.:'favorable.;.<.=.>.?'.@'Economy cont to make modest gains.A'modest gains.B.C.D.E.F7.G'Signs of increasing sluggishness in the expansion.H'more sluggish.I.J.K.L.MB.N'Economy cont to expand, though the pace of growth is slowing.O'expanded/slowing.P.Q.R.S.TY.V.. ....&.-.4.;.B.I.PP Y.W@.. ... .'...5.<.C.J.QP Y.X@.. ...!.(./.6.=.D.K.RP Y.Y@.. ...".).0.7.>.E.L.SP Y.Z@.....#.*.1.8.?.F.M.TP &.[9UQC@-[.Y .\@'Y.YQ /'88:54/'[retail fair to OK, mfg good 1st half of year]/'fair/good/////#/'Expansion has slowed somewhat / 'slowed/ / / / /./'Econ cont on moderate expansionary trend/'moderate expansion//////'Economy cont to grow /'growth/////2/'Economy cont to expand, but at a slower pace/'slower/expand// /!/"/#,/$'Economy showed signs of moderate gains/%'moderate gains/&/'/(/)/*./+'Reports on activity showed cont strength/,'strength/-/.///0/1/2'Sluggish growth/3'sluggish/4/5/6/7/8/9'Conds have held firm/:'held firm/;/</=/>/?"/@'Economy is slightly improved/A'slight improvement/B/C/D/E/F/G'Economy remains sluggish/H'sluggish/I/J/K/L/M,/N'Economy cont to expand at healthy pace/O'healthy expansion/P/Q/R/S/TY/V// ////&/-/4/;/B/I/PP Y/W@// /// /'/./5/</C/J/QP Y/X@// ///!/(///6/=/D/K/RP Y/Y@// ///"/)/0/7/>/E/L/SP Y/Z@/////#/*/1/8/?/F/M/TP &/[ "U@.[/Y /\@(Y/YQ 0'88:6)0'(retail cont lackluster, mfg mixed)0'lackluster/mixed00000:0'Economy is on a modest uptrend since the last report0 'modest uptrend0 0 0 0 0/0'Economy is still on an expansionary trend0'expanding00000(0'Economy cont its healthy expansion 0'healthy00000$0'Conds are somewhat less robust0'less robust00 0!0"0#'0$'Cont spotty expansion- mfg strong0%'spotty/strong0&0'0(0)0*F0+'Solid expansion, though less rapid rate than in 1st half of year0,'solid/less rapid0-0.0/000102'Economy cont to weaken 03'weaken040506070809'Conds remain stable 0:'stable0;0<0=0>0?>0@'Activity is mixed- mfg strong, housing & retail sluggish0A'strong/sluggish0B0C0D0E0F!0G'Economy cont to grow slowly0H'slow growth0I0J0K0L0M60N'Economy cont to grow, concern about some sectors 0O'growth0P0Q0R0S0TY0V00 0000&0-040;0B0I0PP Y0W@00 000 0'0.050<0C0J0QP Y0X@00 000!0(0/060=0D0K0RP Y0Y@00 000"0)00070>0E0L0SP Y0Z@00000#0*01080?0F0M0TP &0[ f@/[0Y 0\@)Y0YQ 1'88:7\1'One-third of mfg report softer demand since last report. Retail short of expectations.1'one-third softer1111121'Economy is healthy- further modest expansion1 'healthy/modest expansion1 1 1 1 11'Moderate expansion1'moderate expansion11111'1'Conds are little changed [strong] 1'strong111111'Growth slowed further 1'slowed11 1!1"1#-1$'Economy cont its somewhat sluggish pace1%'sluggish1&1'1(1)1*1+'Activity cont to rise 1,'rise1-1.1/101112'Conds remain sluggish13'sluggish1415161718219'Conds remained stable at satisfactory levels1:'stable/satisfactory level1;1<1=1>1?1@'Pace of activity is slow 1A'slow 1B1C1D1E1F21G'Economy is sluggish, but with positive signs1H'sluggish/positive1I1J1K1L1M+1N'Economy cont to grow, Calif is strong 1O'strong1P1Q1R1S1TY1V11 1111&1-141;1B1I1PP Y1W@11 111 1'1.151<1C1J1QP Y1X@11 111!1(1/161=1D1K1RP Y1Y@11 111"1)10171>1E1L1SP Y1Z?11111#1*11181?1F1M1TP &1[##n@0[1Y 1\@*Y1YQ 2'88:8`2'Sentiment is a little more positive than in recent months, though actual results are mixed 2'mixed2222202'Rate of expansion may have slowed somewhat 2 'slowed2 2 2 2 2!2'Cont growth in most sectors 2'growth222222'Economy cont to expand 2'expand222222'Activity varied by sector 2'varied22 2!2"2##2$'Strength of current expansion2%'strength2&2'2(2)2*82+'Activity cont to expand, though at less rapid rate2,'expand/less rapid2-2.2/2021122'Weakness has cont in sectors of the economy23'weakness242526272829'Conds are good 2:'good2;2<2=2>2?.2@'Pace of activity remains relatively slow 2A'slow2B2C2D2E2F(2G'Economy cont to perform sluggishly2H'sluggish2I2J2K2L2M$2N'Economy to post healthy growth2O'healthy growth2P2Q2R2S2TY2V?22 2222&2-242;2B2I2PP Y2W@22 222 2'2.252<2C2J2QP Y2X@22 222!2(2/262=2D2K2RP Y2Y?22 222"2)20272>2E2L2SP Y2Z?22222#2*21282?2F2M2TP &2[.bNƞ@1[2Y 2\@+Y2YQ 3'89:123'Activity cont at a moderate but healthy pace 3'healthy333333'Developments have varied 3 'varied3 3 3 3 3@3'Economy cont to expand, but are signs of a slackening pace3'growth/slackening33333 3'Cont gains in most sectors 3'gains33333+3'Economy cont to grow at moderate pace3'moderate growth33 3!3"3#"3$'Economy cont to perform well3%'perform well3&3'3(3)3*3+'Activity cont to expand 3,'expand3-3.3/3031132'Conds improved, but growth remains sluggish33'improved/sluggish343536373839'Conds are fairly good3:'fairly good3;3<3=3>3?!3@'Economy cont to grow slowly3A'slow growth3B3C3D3E3F$3G'District is growing moderately3H'moderate growth3I3J3K3L3M#3N'Economy cont to show strength3O'strength3P3Q3R3S3TY3V?33 3333&3-343;3B3I3PP Y3W@33 333 3'3.353<3C3J3QP Y3X@33 333!3(3/363=3D3K3RP Y3Y@33 333"3)30373>3E3L3SP Y3Z@33333#3*31383?3F3M3TP &3[2@@2[3Y 3\@,Y3YQ 4'89:2"4'(good retail and mfg growth) 4'good44444$4'Reports are generally positive4 'positive4 4 4 4 4;4'Indications from sectors suggest very moderate growth4'very moderate growth4444404'(stronger than expected consumer spending)4'stronger44444'4'Economy expanded at moderate pace4'moderate expand44 4!4"4#24$'Activity expanded at moderately healthy pace4%'expanded moderately4&4'4(4)4*4+'Activity cont to increase4,'increase4-4.4/4041J42'Economy expanded moderately following several quarters of stagnation43'expand moderately444546474849'Conds are fairly good4:'fairly good4;4<4=4>4?%4@'Slow growth in the economy cont4A'slow growth4B4C4D4E4F!4G'Economy is expanding slowly4H'slow expansion4I4J4K4L4M(4N'Healthy conds, pace is not slowing 4O'healthy4P4Q4R4S4TY4V@44 4444&4-444;4B4I4PP Y4W@44 444 4'4.454<4C4J4QP Y4X@44 444!4(4/464=4D4K4RP Y4Y@44 444"4)40474>4E4L4SP Y4Z@44444#4*41484?4F4M4TP &4['p(Ѳ@3[4Y 4\@-Y4YQ 5'89:3$5'Business took on a softer tone 5'softer5555575'Pattern of developments are mixed-retail sluggish 5 'mixed5 5 5 5 5#5'Reports suggest little growth5'little growth55555*5'Economy shows mixed signs of slowing5'slowing/mixed55555%5'Signs of slower growth apparent5'slower growth55 5!5"5#'5$'Moderately healthy pace of growth5%'moderately healthy growth5&5'5(5)5*5+'Less rapid growth5,'less rapid5-5.5/5051752'Most sectors improved, but many signs of weakness53'improved/weakness545556575859'Conds are generally good5:'generally good5;5<5=5>5?!5@'Economy cont to grow slowly5A'slow growth5B5C5D5E5F!5G'Economy is growing modestly5H'modest growth5I5J5K5L5MF5N'Economy is healthy, though are signs of slowing in some sectors.5O'healthy/slowing5P5Q5R5S5TY5V55 5555&5-545;5B5I5PP Y5W55 555 5'5.555<5C5J5QP Y5X55 555!5(5/565=5D5K5RP Y5Y55 555"5)50575>5E5L5SP Y5Z55555#5*51585?5F5M5TP &5[;7Mˮ@4[5Y 5\@.Y5YQ 6'89:46'Activity is soft 6'soft666666'Mixed developments 6 'mixed6 6 6 6 66'Little or no growth6'little/no growth666666'(pace of mfg is slowing) 6'slowing66666+6'Economy showed signs of slower growth6'slower growth66 6!6"6#6$'Activity cont to grow 6%'growth6&6'6(6)6*76+'Mixed signals from indicators of overall activity 6,'mixed6-6.6/6061"62'(employment growth declined)63'declined646566676869'Conds are generally good6:'generally good6;6<6=6>6?6@'Pace of activity is slow 6A'slow6B6C6D6E6F-6G'Economy cont to expand at a modest pace6H'modest expansion6I6J6K6L6MX6N'Pace of growth cont to be healthy, but mixed signals about possibly slowing growth6O'healthy/slowing/mixed6P6Q6R6S6TY6V66 6666&6-646;6B6I6PP Y6W66 666 6'6.656<6C6J6QP Y6X66 666!6(6/666=6D6K6RP Y6Y66 666"6)60676>6E6L6SP Y6Z66666#6*61686?6F6M6TP &6[sтGm@5[6Y 6\@/Y6YQ 7'89:5A7'(pace slowed in mfg, retail is weak and below expectations)7'slowed/weak777777'Developments are mixed 7 'mixed7 7 7 7 77'Activity is easing 7'easing7777777'Softening in some industrial markets is occurring7'softening777777'Growth softened further7'softened77 7!7"7#_7$'Reports of slowdown. Activity cont to expand, but areas of softness have become apparent.7%'slowdown7&7'7(7)7*7+'Slower growth 7,'slower7-7.7/707172'Decline in growth 73'decline7475767778I79'Conds are mixed: consumer spending strong, housing weak, autos flat 7:'mixed7;7<7=7>7?%7@'Economy cont to grow moderately7A'moderate growth7B7C7D7E7F)7G'Economy is expanding at modest pace7H'modest expansion7I7J7K7L7M27N'Conds are healthy, but pace of growth slowed7O'healthy/slowing7P7Q7R7S7TY7V77 7777&7-747;7B7I7PP Y7W77 777 7'7.757<7C7J7QP Y7X77 777!7(7/767=7D7K7RP Y7Y77 777"7)70777>7E7L7SP Y7Z77777#7*71787?7F7M7TP &7[[cM@6[7Y 7\?0Y7YQ 8'89:6"8'Activity cont at modest pace 8'modest88888:8'Activity is mixed, but recent signs of strengthening8 'mixed/stronger8 8 8 8 8$8'Activity is advancing modestly8'advancing modestly88888B8'(retail mixed, mfg at high level, but softening is apparent) 8'mixed/high level/softening88888$8'Activity strengthened somewhat8'strengthened88 8!8"8#%8$'Activity is no longer weakening8%'not weakening8&8'8(8)8*.8+'Slower growth in activity, some declines 8,'slower8-8.8/808182'Growth remains sluggish83'sluggish848586878889'Conds are mixed 8:'mixed8;8<8=8>8?)8@'Economy still increasing moderately8A'moderate growth8B8C8D8E8F8G'Economy is growing slowly8H'slow growth8I8J8K8L8MI8N'Economy is expanding at a healthy pace, and expectations increasing 8O'healthy8P8Q8R8S8TY8V?88 8888&8-848;8B8I8PP Y8W@88 888 8'8.858<8C8J8QP Y8X@88 888!8(8/868=8D8K8RP Y8Y?88 888"8)80878>8E8L8SP Y8Z?88888#8*81888?8F8M8TP &8[S1a%@7[8Y 8\?1Y8YQ 9'89:79'Activity held steady9'held steady99999#9'Mixed pattern of developments 9 'mixed9 9 9 9 9%9'Overall activity flattening out9'flattening99999T9'(better than expected retail, though not across the board. Capital goods down)9'better/down99999-9'Little change in performance of economy#9'little change (level unknown)99 9!9"9#9$'Activity has moderated9%'moderated9&9'9(9)9*29+'Activity remains more subdued than last year 9,'subdued9-9.9/9091!92'Economy cont to grow slowly93'slow growth949596979899'Conds are fairly good9:'fairly good9;9<9=9>9?#9@'Economy is growing moderately9A'moderate growth9B9C9D9E9F9G'Expansion is slow.9H'slow expansion9I9J9K9L9ML9N'Economy cont to grow at healthy pace, but expect slow growth next year 9O'healthy9P9Q9R9S9TY9V99 9999&9-949;9B9I9PP Y9W@99 999 9'9.959<9C9J9QP Y9X@99 999!9(9/969=9D9K9RP Y9Y99 999"9)90979>9E9L9SP Y9Z99999#9*91989?9F9M9TP &9[S1a%@8[9Y 9\?2Y9YQ :'89:8,:'Activity is flat or below expectations :'flat:::::M:'Developments have varied- no clear sign of improvement or deterioration : 'varied: : : : ::'Activity is steady :'steady:::::(:'(mfg is easing, consumer slowdown):'easing/slowdown::::::'Activity softened further:'softened:: :!:":##:$'Economy cont to grow modestly:%'grow modestly:&:':(:):*2:+'(softening in mfg, other sectors are stable):,'stable/softening:-:.:/:0:1:2'Activity cont to slow :3'slower:4:5:6:7:8:9'Conds have been good ::'good:;:<:=:>:?%:@'Economy cont to grow moderately:A'moderate growth:B:C:D:E:F":G'Little growth in the economy:H'little growth:I:J:K:L:M7:N'Conds are healthy; expectations are down a little :O'healthy:P:Q:R:S:TY:V:: ::::&:-:4:;:B:I:PP Y:W:: ::: :':.:5:<:C:J:QP Y:X:: :::!:(:/:6:=:D:K:RP Y:Y:: :::":):0:7:>:E:L:SP Y:Z:::::#:*:1:8:?:F:M:TP &:[a@9[:Y :\?3Y:YQ ;'90:1#;'Conds were mixed in early Jan ;'mixed;;;;;:;'Economy cont to show mixed pattern described earlier ; 'mixed; ; ; ; ;;'Conds were mixed ;'mixed;;;;;:;'(softening cont in some of the high-tech industries);'partial softening;;;;;-;'Activity was mixed in Dec and early Jan ;'mixed;; ;!;";#(;$'Activity cont to expand sluggishly;%'sluggish;&;';(;);*;+'(mfg activity is showing signs of an auto-related slowdown, while other sectors of the economy cont to make slight improvements)!;,'slight improvement/slowdown;-;.;/;0;1;2'Slow growth conts;3'slow growth;4;5;6;7;8%;9'Conds have been moderately good;:'moderately good;;;<;=;>;?#;@'Economy cont to grow modestly;A'modest growth;B;C;D;E;F2;G'Growth has accelerated since the last survey;H'accelerated;I;J;K;L;M;N'Conds cont to be healthy ;O'healthy;P;Q;R;S;TY;V;; ;;;;&;-;4;;;B;I;PP Y;W@;; ;;; ;';.;5;<;C;J;QP Y;X@;; ;;;!;(;/;6;=;D;K;RP Y;Y?;; ;;;";);0;7;>;E;L;SP Y;Z?;;;;;#;*;1;8;?;F;M;TP &;[:=І@:[;Y ;\4Y;YQ <'90:2<'Conds are mixed <'mixed<<<<<<'Developments are mixed < 'mixed< < < < <!<'Activity was flat; mfg down<'flat/down<<<<<(<'Slightly improved pace of activity<'slightly improved<<<<<'<'Activity mixed [same as previous] <'mixed<< <!<"<#<$'Slow growth<%'slow growth<&<'<(<)<*%<+'Activity is slow, but improving<,'slow/improving<-<.</<0<1!<2'Economy is expanding slowly<3'slow growth<4<5<6<7<8<9'Conds are moderately good<:'moderately good<;<<<=<><?!<@'Economy is growing modestly<A'modest growth<B<C<D<E<F0<G'Economy is growing slowly but persistently<H'slow growth<I<J<K<L<M*<N'Healthy growth (conds are unchanged) <O'healthy<P<Q<R<S<TY<V?<< <<<<&<-<4<;<B<I<PP Y<W@<< <<< <'<.<5<<<C<J<QP Y<X@<< <<<!<(</<6<=<D<K<RP Y<Y?<< <<<"<)<0<7<><E<L<SP Y<Z?<<<<<#<*<1<8<?<F<M<TP &<[GE@;[<Y <\5Y<YQ ='90:3 ='Activity cont at slow pace='slow pace=====O='Developments in economy are mixed- no signs of strengthening or weakening = 'mixed= = = = =E='Economy showed some signs of improvement, but gains were slight='slight gains/improvement=====7='(retail strong, mild strengthening in mfg output)='strong/mild strengthening=====%='Economy grew at a moderate pace='moderate growth== =!="=#=$'Steady growth=%'steady growth=&='=(=)=*;=+'Generally improving conds, but some areas of weakness=,'improving/weakness=-=.=/=0=1 =2'Growth cont to be sluggish=3'sluggish=4=5=6=7=8=9'Conds are moderately good=:'moderately good=;=<===>=?!=@'Economy is growing modestly=A'modest growth=B=C=D=E=F=G'Economy cont slow growth=H'slow growth=I=J=K=L=M=N'Conds are same =O'ditto=P=Q=R=S=TY=V@== ====&=-=4=;=B=I=PP Y=W@== === ='=.=5=<=C=J=QP Y=X@== ===!=(=/=6===D=K=RP Y=Y@== ==="=)=0=7=>=E=L=SP Y=Z@=====#=*=1=8=?=F=M=TP &=[c_7 @<[=Y =\6Y=YQ >'90:4>'Activity weak >'weak>>>>>>'Developments are weak > 'weak> > > > >A>'Conds are marked by signs of current or developing softness>'softness>>>>>J>'(more optimistic on mfg, more cautious on consumer spending) [mixed] >'mixed>>>>>:>'Conds generally unchanged, but mfg softened somewhat>'ditto/softened>> >!>">#>$'Slow growth>%'slow growth>&>'>(>)>*W>+'Activity mixed, but generally improving for mfg, weak for construction and retail>,'improving/weak>->.>/>0>1>2'Slow growth>3'slow growth>4>5>6>7>8;>9'Conds are moderately good, but are signs of softening>:'moderately good/weakening>;><>=>>>?>@'Modest growth continues>A'modest growth>B>C>D>E>F>G'Economy is growing slowly>H'slow growth>I>J>K>L>M%>N'Actvity cont at a healthy level >O'healthy>P>Q>R>S>TY>V>> >>>>&>->4>;>B>I>PP Y>W>> >>> >'>.>5><>C>J>QP Y>X>> >>>!>(>/>6>=>D>K>RP Y>Y>> >>>">)>0>7>>>E>L>SP Y>Z>>>>>#>*>1>8>?>F>M>TP &>[Lƞ@=[>Y >\7Y>YQ ?'90:5 ?'Growth is slow and slowing ?'slowing?????-?'Developments are mixed to somewhat soft? 'mixed/soft? ? ? ? ?)?'Pace of activity is easing somewhat ?'easing?????<?'(revival in mfg, consumer spending emerges from slump) ?'revival??????'Conds weakened?'weakened?? ?!?"?#?$'Slow growth cont?%'slow growth?&?'?(?)?*^?+'Mixed conds- mfg slowly improving, employment rebounded, retail mixed, housing softening ?,'mixed?-?.?/?0?1?2'Sluggish growth?3'sluggish?4?5?6?7?8?9'Conds are moderately good?:'moderately good?;?<?=?>?? ?@'Economy cont modest growth?A'modest growth?B?C?D?E?F?G'Economy is growing slowly?H'slow growth?I?J?K?L?M?N'Conds remain satisfactory?O'satisfactory?P?Q?R?S?TY?V?? ????&?-?4?;?B?I?PP Y?W?? ??? ?'?.?5?<?C?J?QP Y?X?? ???!?(?/?6?=?D?K?RP Y?Y?? ???"?)?0?7?>?E?L?SP Y?Z?????#?*?1?8???F?M?TP &?[Q{M@>[?Y ?\8Y?YQ @'90:6@'Activity cont to slow@'slow(ing)@@@@@.@'Developments cont mixed to somewhat soft@ 'mixed/soft@ @ @ @ @*@'Activity is slowing across the board @'slowing@@@@@@'(expect cont expansion)@'?@@@@@@'Activity slowed somewhat @'slowed@@ @!@"@#>@$'Further deceleration from the recent slow pace of growth@%'deceleration@&@'@(@)@*3@+'Conds are uneven, but on a steady growth path @,'uneven@-@.@/@0@1@2'Economy weakened slightly@3'slight weakening@4@5@6@7@8@9'Conds are moderately good@:'moderately good@;@<@=@>@?@@'Economy is growing slowly@A'slow growth@B@C@D@E@F!@G'Economy cont to grow slowly@H'slow growth@I@J@K@L@M8@N'Activity is growing at a modest pace [slowed some]@O'modest growth/slowed@P@Q@R@S@TY@V@@ @@@@&@-@4@;@B@I@PP Y@W@@ @@@ @'@.@5@<@C@J@QP Y@X@@ @@@!@(@/@6@=@D@K@RP Y@Y@@ @@@"@)@0@7@>@E@L@SP Y@Z@@@@@#@*@1@8@?@F@M@TP &@[52t4c@?[@Y @\9Y@YQ A'90:7MA'Growing uncertainty about conds- retail weak, mfg orders growing slowlyA'weak, slowAAAAA0A'Developments in economy show cont weakness A 'weakA A A A A$A'Activity is generally sluggishA'sluggishAAAAA(A'(outlook has deteriorated further)A'deteriorationAAAAAA'Activity weakened furtherA'weakenedAA A!A"A#A$'Marginally slower growthA%'marginally slowerA&A'A(A)A*#A+'Economy cont to expand slowlyA,'slow expansionA-A.A/A0A1+A2'Economy showed little or no expansionA3'little/no expansionA4A5A6A7A8)A9'Conds are showing signs of weaknessA:'weaknessA;A<A=A>A?!A@'Economy cont to grow slowlyAA'slow growthABACADAEAF%AG'Output is flat-to-slightly downAH'flat/slightly downAIAJAKALAMAN'Pace of growth has slowed AO'slowedAPAQARASATYAVAA AAAA&A-A4A;ABAIAPP YAWAA AAA A'A.A5A<ACAJAQP YAXAA AAA!A(A/A6A=ADAKARP YAYAA AAA"A)A0A7A>AEALASP YAZAAAAA#A*A1A8A?AFAMATP &A[4(œ@@[AY A\:YAYQ B'90:8B'Cont economic weaknessB'weaknessBBBBB*B'Developments have been soft-to-mixedB 'mixed/softB B B B BB'Activity cont to ease B'easingBBBBB9B'(mfg better than nationally, but softened recently)B'softenedBBBBBB'Activity declinedB'declinedBB B!B"B#B$'Activity weakenedB%'weakenedB&B'B(B)B* B+'Activity slowed moderately B,'slowedB-B.B/B0B1$B2'Level of activity has declinedB3'declinedB4B5B6B7B8"B9'Conds show signs of weaknessB:'weaknessB;B<B=B>B?!B@'Slow growth cont in economyBA'slow growthBBBCBDBEBFBG'Output unchangedBH'unchangedBIBJBKBLBMBN'Growth is sluggishBO'sluggishBPBQBRBSBTYBVBB BBBB&B-B4B;BBBIBPP YBWBB BBB B'B.B5B<BCBJBQP YBXBB BBB!B(B/B6B=BDBKBRP YBYBB BBB"B)B0B7B>BEBLBSP YBZBBBBB#B*B1B8B?BFBMBTP &B[Ot@A[BY B\;YBYQ C'91:1"C'Conds cont on downward trendC'downtrendCCCCC'C'Developments remain soft-to-mixedC 'mixed/softC C C C C!C'Signs of softening activityC'softeningCCCCC"C'(still deterioration in mfg)C'deteriorationCCCCCC'Activity weakened furtherC'weakenedCC C!C"C#WC$'Majority of firms reported marginally lower or flat production, sales, employmentC%'marginally lower/flatC&C'C(C)C*C+'Activity slowed C,'slowedC-C.C/C0C1C2'Conds cont to deteriorateC3'deteriorateC4C5C6C7C8C9'Conds are uneven C:'unevenC;C<C=C>C?2C@'Growth in economy slowed, but still positive CA'slowedCBCCCDCECF%CG'Output is flat-to-slightly downCH'flat/slightly downCICJCKCLCM!CN'Conds are softening furtherCO'softeningCPCQCRCSCTYCVCC CCCC&C-C4C;CBCICPP YCWCC CCC C'C.C5C<CCCJCQP YCXCC CCC!C(C/C6C=CDCKCRP YCYCC CCC"C)C0C7C>CECLCSP YCZCCCCC#C*C1C8C?CFCMCTP &C[5$r@B[CY C\<YCYQ D'91:2*D'Activity is stabilizing at low levelD'stabilizing low levelDDDDD$D'Developments are soft-to-mixedD 'mixed/softD D D D DD'Activity remains sluggishD'sluggishDDDDDD'(mfg conds deteriorated)D'deteriorationDDDDD D'Activity weakened somewhatD'weakenedDD D!D"D#DD$'Reports were more mixed [more positive] than has been the case D%'mixedD&D'D(D)D*?D+'Activity cont to contract, but are signs of bottoming outD,'slowed/bottomed outD-D.D/D0D1AD2'Activity cont to contract, but not as sharply as previously"D3'contract less= bottoming outD4D5D6D7D8AD9'Activity generally declined, but are some areas of strengthD:'declined/some strengthD;D<D=D>D?+D@'Growth in the economy slowed somewhat DA'slowedDBDCDDDEDFDG'Output remains sluggishDH'sluggishDIDJDKDLDMDN'Conds are sluggishDO'sluggishDPDQDRDSDTYDVDD DDDD&D-D4D;DBDIDPP YDWDD DDD D'D.D5D<DCDJDQP YDXDD DDD!D(D/D6D=DDDKDRP YDYDD DDD"D)D0D7D>DEDLDSP YDZDDDDD#D*D1D8D?DFDMDTP &D[ X@C[DY D\=YDYQ E'91:3E'Activity remains subdued E'subduedEEEEE'E'Developments remain soft-to-mixedE 'mixed/softE E E E E8E'Indications of activity were mixed but stabilizingE'mixed/stabilizingEEEEEE'Signs of bottoming outE'bottoming outEEEEEE'Conds are improvedE'improvedEE E!E"E#XE$'Positive signs reported last month have been reinforced, but still a mixed pictureE%'positive/mixedE&E'E(E)E*/E+'Rate of contraction in economy has slowed/E,'rate of contraction is less=bottoming outE-E.E/E0E17E2'Activity remains weak, but some signs of recoveryE3'weak/recoveryE4E5E6E7E8E9'Conds are uneven E:'unevenE;E<E=E>E?*E@'Growth in economy increased slightlyEA'slight growthEBECEDEEEF*EG'Output is unchanged-to-slightly downEH'unchanged/slightly downEIEJEKELEMEN'Conds in Calif are weak EO'weakEPEQERESETYEV@EE EEEE&E-E4E;EBEIEPP YEWEE EEE E'E.E5E<ECEJEQP YEXEE EEE!E(E/E6E=EDEKERP YEYEE EEE"E)E0E7E>EEELESP YEZEEEEE#E*E1E8E?EFEMETP &E[)a@D[EY E\>YEYQ F'91:4%F'Conds show signs of improvementF'improvementFFFFF'F'Developments remain soft-to-mixedF 'mixed/softF F F F FF'Activity is steady F'steadyFFFFF'F'There are mixed signs of recoveryF'mixed/recoveryFFFFFF'Activity is unchangedF'unchangedFF F!F"F#$F$'Slight improvement in activityF%'slight improvementF&F'F(F)F*,F+'Sectors were flat or slightly expandedF,'flat/slight expansionF-F.F/F0F11F2'Economy is flat, but signs of strengtheningF3'flat/strengtheningF4F5F6F7F8F9'Some evidence of rebound F:'reboundF;F<F=F>F? F@'Moderate growth in economyFA'moderate growthFBFCFDFEFFFG'Economy has improvedFH'improvedFIFJFKFLFMFN'Conds are weak FO'weakFPFQFRFSFTYFV@FF FFFF&F-F4F;FBFIFPP YFW@FF FFF F'F.F5F<FCFJFQP YFX@FF FFF!F(F/F6F=FDFKFRP YFY@FF FFF"F)F0F7F>FEFLFSP YFZ@FFFFF#F*F1F8F?FFFMFTP &F[bYMU@E[FY F\?YFYQ G'91:5#G'Conds are mixed and uncertain G'mixedGGGGG/G'Developments remain mixed in recent weeks G 'mixedG G G G GBG'Conds in late July appear mixed- retail sluggish, but mfg up G'mixedGGGGG(G'Activity cont to improve graduallyG'gradual improvementGGGGG?G'Economic performance was mixed from June through mid-July G'mixedGG G!G"G#,G$'Signs of recovery are spreading slowlyG%'slow recoveryG&G'G(G)G*JG+'Economy remained on a modestly expanding path in June and early JulyG,'modest expansionG-G.G/G0G1"G2'The economy remains sluggishG3'sluggishG4G5G6G7G8BG9'Cont to feel effects of recession, but are signs of recoveryG:'recession/recoveryG;G<G=G>G?+G@'Conds appear to be improving modestlyGA'modest improvementGBGCGDGEGF(GG'Activity is increasing very slowlyGH'slow increaseGIGJGKGLGM:GN'Conds are weak, particular stress in southern Calif. GO'weakGPGQGRGSGTYGV@GG GGGG&G-G4G;GBGIGPP YGWGG GGG G'G.G5G<GCGJGQP YGX?GG GGG!G(G/G6G=GDGKGRP YGYGG GGG"G)G0G7G>GEGLGSP YGZGGGGG#G*G1G8G?GFGMGTP &G[bYMU@F[GY G\@YGYQ H'91:6*H'Activity is not improving noticeablyH'not improvingHHHHHH'Developments were mixed H 'mixedH H H H HH'Conds appear mixed H'mixedHHHHHH'Recovery at slow paceH'slow recoveryHHHHHH'Activity cont mixed H'mixedHH H!H"H##H$'Recovery cont, but unsteadilyH%'unsteady recoveryH&H'H(H)H*#H+'Economy is expanding modestlyH,'modest expansionH-H.H/H0H1CH2'Economy is showing signs of growth, but any expansion is weakH3'growth/weakH4H5H6H7H8'H9'Cont to feel effects of recessionH:'recessionH;H<H=H>H?$H@'Conds cont to improve modestlyHA'modest improvementHBHCHDHEHF#HG'Growth in economy up slightlyHH'up slightlyHIHJHKHLHMHN'Conds remain weak HO'weakHPHQHRHSHTYHV?HH HHHH&H-H4H;HBHIHPP YHWHH HHH H'H.H5H<HCHJHQP YHXHH HHH!H(H/H6H=HDHKHRP YHYHH HHH"H)H0H7H>HEHLHSP YHZHHHHH#H*H1H8H?HFHMHTP &H[δ. @G[HY H\AYHYQ I'91:7I'Activity cont subdued I'subduedIIIIII'Developments remain mixed I 'mixedI I I I II'Activity is slower I'slowedIIIII(I'Activity is making a slow recoveryI'slow recoveryIIIII I'Activity is generally weak I'weakII I!I"I#I$'Signals of mixed conds I%'mixedI&I'I(I)I*I+'Trends are little changed I,'dittoI-I.I/I0I1-I2'Economy shows signs of gradual recoveryI3'gradual recoveryI4I5I6I7I8I9'Conds are mixed I:'mixedI;I<I=I>I?&I@'Conds are only modestly improvedIA'modest improvementIBICIDIEIFIG'Economy is growing slowlyIH'slow growthIIIJIKILIMIN'Weakness contIO'weaknessIPIQIRISITYIVII IIII&I-I4I;IBIIIPP YIWII III I'I.I5I<ICIJIQP YIXII III!I(I/I6I=IDIKIRP YIYII III"I)I0I7I>IEILISP YIZIIIII#I*I1I8I?IFIMITP &I[)@L'@H[IY I\BYIYQ J'91:8QJ'Activity is not improved, but results are more varied than in recent monthsJ'not improvedJJJJJJ'Developments remain mixed J 'mixedJ J J J JJ'Activity is easing J'easingJJJJJ&J'Economy stalled in recent months J'stalledJJJJJ J'Activity weakened somewhatJ'weakenedJJ J!J"J#+J$'Activity again sluggish and uncertainJ%'sluggishJ&J'J(J)J*+J+'Recovery has slowed, slowing momentum J,'slowingJ-J.J/J0J1J2'Overall conds are weak J3'weakJ4J5J6J7J8%J9'(labor market conds were mixed) J:'mixedJ;J<J=J>J?!J@'Economy cont to grow slowlyJA'slow growthJBJCJDJEJFJG'Activity remains stagnantJH'stagnantJIJJJKJLJMJN'Activity remains slow JO'slowJPJQJRJSJTYJVJJ JJJJ&J-J4J;JBJIJPP YJWJJ JJJ J'J.J5J<JCJJJQP YJXJJ JJJ!J(J/J6J=JDJKJRP YJYJJ JJJ"J)J0J7J>JEJLJSP YJZJJJJJ#J*J1J8J?JFJMJTP &J[ ՗N@I[JY J\CYJYQ K'92:1 K'Activity cont at low levelK'low levelKKKKK@K'Developments are generally soft-side since the last report K 'softK K K K KK'Activity is steady K'steadyKKKKKK'Little sign of recoveryK'no recoveryKKKKKK'Activity is mixed K'mixedKK K!K"K#K$'Activity is sluggishK%'sluggishK&K'K(K)K*K+'Most sectors softenedK,'softenedK-K.K/K0K1K2'Activity remains weak K3'weakK4K5K6K7K8!K9'Economy is largely stagnantK:'stagnantK;K<K=K>K?&K@'Economy growing slowly, unevenlyKA'slow growthKBKCKDKEKF'KG'Activity is flat or slightly downKH'flat/slightly downKIKJKKKLKM3KN'Weakness persists, mfg cont to contract in CAKO'weaknessKPKQKRKSKTYKVKK KKKK&K-K4K;KBKIKPP YKWKK KKK K'K.K5K<KCKJKQP YKXKK KKK!K(K/K6K=KDKKKRP YKYKK KKK"K)K0K7K>KEKLKSP YKZKKKKK#K*K1K8K?KFKMKTP &K[)'?}@J[KY K\DYKYQ L'92:2@L'(increase in retail, mfg see modest improvement in demand)!L'increase/modest improvementLLLLLCL'Developments remain mixed, as has been the case for some time L 'mixedL L L L L*L'Activity steady to slightly improvedL'steady/slightly improvedLLLLL-L'(tone of comments mixed, some optimism) L'mixedLLLLL#L'Most sectors improve modestlyL'modest improvementLL L!L"L#"L$'Conds have improved somewhatL%'improvedL&L'L(L)L*:L+'Slow but increasingly widespread advance in activityL,'slow/increasing advanceL-L.L/L0L1"L2'Sectors are reporting growth L3'growthL4L5L6L7L8"L9'Conds strengthening somewhatL:'strengtheningL;L<L=L>L?!L@'Economy cont to grow slowlyLA'slow growthLBLCLDLELF LG'Activity improved slightlyLH'slightly improvedLILJLKLLLMMLN'Conds of persistent weakness in CA, moderate growth in mountain regions LO'CA weakLPLQLRLSLTYLV@LL LLLL&L-L4L;LBLILPP YLW@LL LLL L'L.L5L<LCLJLQP YLX@LL LLL!L(L/L6L=LDLKLRP YLY@LL LLL"L)L0L7L>LELLLSP YLZ@LLLLL#L*L1L8L?LFLMLTP &L[U9@K[LY L\EYLYQ M'92:3M'(mixed retail, mfg) M'mixedMMMMMPM'Developments remain mixed, but with a more positive tone about the outlook M 'mixedM M M M M=M'Conds are steady overall, but some signs of improvementM'steady/improvementMMMMM'M'Recent stepped-up pace of economyM'stepped-upMMMMMM'Activity picked up steamM'picked upMM M!M"M#(M$'More upbeat in assessment of conds M%'upbeatM&M'M(M)M*8M+'Activity cont to expand, some increase in momentumM,'increase in momentumM-M.M/M0M1M2'Economy cont to recover M3'recoverM4M5M6M7M8M9'Modest signs of recoveryM:'modest recoveryM;M<M=M>M?M@'Economy is growing slowlyMA'slow growthMBMCMDMEMF'MG'Activity is increasing moderatelyMH'moderate increaseMIMJMKMLMMeMN'Conds are improving very slowly with moderate growth in mountain areas offset by weakness in CA MO'CA weakMPMQMRMSMTYMV@MM MMMM&M-M4M;MBMIMPP YMW@MM MMM M'M.M5M<MCMJMQP YMX@MM MMM!M(M/M6M=MDMKMRP YMY@MM MMM"M)M0M7M>MEMLMSP YMZ@MMMMM#M*M1M8M?MFMMMTP &M[^ئ@L[MY M\FYMYQ N'92:4 N'[mixed] N'mixedNNNNNBN'Developments are mixed, but marginally more negative in tone N 'mixedN N N N N N'Conds are improving slowlyN'slow improvementNNNNN$N'Activity cont to expand slowlyN'slow expansionNNNNN.N'Activity cont to expand at a modest paceN'modest expandNN N!N"N#5N$'Conds cont to improve at a slow but steady pace N%'improveN&N'N(N)N*!N+'Activity cont to post gains N,'gainsN-N.N/N0N1N2'Activity remains mixed N3'mixedN4N5N6N7N8N9'Conds are steady N:'steadyN;N<N=N>N?N@'Economy growing slowlyNA'slow growthNBNCNDNENF,NG'Activity cont to expand at a mild paceNH'mild expansionNINJNKNLNMCNN'Weak conds in CA, but are improving moderately in other areas,NO'CA weak/moderate improvement elsewhereNPNQNR NS(\RI) NT(\RI)YNV?NN NNNN&N-N4N;NBNINPP YNW?NN NNN N'N.N5N<NCNJNQP YNX@NN NNN!N(N/N6N=NDNKNRP YNY(\?NN NNN"N)N0N7N>NENLNSP YNZ(\?NNNNN#N*N1N8N?NFNMNTP &N[\W@M[NY N\GzGGYNYQ O'92:5O'Mixed conds O'mixedOOOOOO'Developments cont mixed O 'mixedO O O O OO'Conds are mixed O'mixedOOOOO.O'Little indication of step-up in activityO'no step-upOOOOO,O'Conds and attitudes are little changed O'dittoOO O!O"O#.O$'Economy is slowly but steadily expandingO%'slowly expandingO&O'O(O)O*.O+'Economy cont to recover, but more slowlyO,'recover/more slowlyO-O.O/O0O1&O2'Activity cont to increase slowlyO3'slow increaseO4O5O6O7O8O9'Conds declined somewhatO:'declinedO;O<O=O>O?O@'Growth has slackenedOA'slackenedOBOCODOEOF OG'Activity increasing slowlyOH'slow increaseOIOJOKOLOMEON'Conds remain weak in CA, but are improving moderately elsewhere,OO'CA weak/moderate improvement elsewhereOPOQOR OS(\RI) OT(\RI)YOVOO OOOO&O-O4O;OBOIOPP YOWOO OOO O'O.O5O<OCOJOQP YOXOO OOO!O(O/O6O=ODOKORP YOYQOO OOO"O)O0O7O>OEOLOSP YOZQOOOOO#O*O1O8O?OFOMOTP &O[pS0@N[OY O\\(\HYOYQ P'92:6P'Activity remains sluggishP'sluggishPPPPP:P'Developments are mixed, but marginally more positive$P 'mixed/marginally more positiveP P P P P P'Activity edged up slightlyP'up slightlyPPPPP(P'Activity shows signs of picking upP'picking upPPPPP(P'Some signs of improvement in condsP'improvementPP P!P"P#(P$'Activity is expanding quite slowlyP%'slowly expandingP&P'P(P)P*P+'Pace of recovery slowed P,'slowedP-P.P/P0P1&P2'Activity cont to increase slowlyP3'slow increaseP4P5P6P7P86P9'Conds are steady after previous signs of decline P:'steadyP;P<P=P>P?"P@'Growth has improved slightlyPA'slight improvementPBPCPDPEPF$PG'Activity has improved slightlyPH'slight improvementPIPJPKPLPMBPN'Weakness persists in CA, and conds are mixed in other states!PO'CA weakness/mixed elsewherePPPQPR PS(\RI)  PT(\RI) YPV@PP PPPP&P-P4P;PBPIPPP YPW?PP PPP P'P.P5P<PCPJPQP YPX@PP PPP!P(P/P6P=PDPKPRP YPYxGz?PP PPP"P)P0P7P>PEPLPSP YPZQ?PPPPP#P*P1P8P?PFPMPTP &P[*/t3@O[PY P\QIYPYQ Q'92:7.Q'Conds have a slightly more positive toneQ'slightly more positiveQQQQQQ'Developments remain mixed Q 'mixedQ Q Q Q QQ'Conds are mixed Q'mixedQQQQQ Q'Activity edged up slightlyQ'edged up slightlyQQQQQ/Q'Conds are uneven, but improved on balanceQ'improved/unevenQQ Q!Q"Q#Q$'Activity edged higherQ%'edged higherQ&Q'Q(Q)Q*Q+'(mixed mfg, retail) Q,'mixedQ-Q.Q/Q0Q1!Q2'Activity increased modestlyQ3'modest increaseQ4Q5Q6Q7Q8Q9'Economy improved slightlyQ:'slightly improvedQ;Q<Q=Q>Q?Q@'Growth improved modestlyQA'modest improvementQBQCQDQEQFQG'Cont slow expansionQH'slow expansionQIQJQKQLQMMQN'Conds are mixed, with weakness in CA offsetting modest growth elsewhere)QO'CA weakness/modest growth elsewhereQPQQQR QS(\RI)  QT(\RI) YQV@QQ QQQQ&Q-Q4Q;QBQIQPP YQWQQ QQQ Q'Q.Q5Q<QCQJQQP YQX@QQ QQQ!Q(Q/Q6Q=QDQKQRP YQY ףp= ףQQ QQQ"Q)Q0Q7Q>QEQLQSP YQZ(\•@QQQQQ#Q*Q1Q8Q?QFQMQTP &Q[w9@P[QY Q\(\(\JYQYQ R'92:8 R'Activity improved modestlyR'improved modestlyRRRRRJR'Developments are mixed, but seemed slightly more positive on balance"R 'mixed/slightly more positiveR R R R RR'Activity picked upR'picked upRRRRR!R'Activity expanding unevenlyR'expand unevenlyRRRRRR'Conds improved slightlyR'slight improvementRR R!R"R#2R$'Economy showed signs of moderate improvementR%'moderate improvementR&R'R(R)R*R+'Conds are improvedR,'improvedR-R.R/R0R1(R2'Activity cont to increase modestlyR3'modest increaseR4R5R6R7R8R9'Economy improved slowlyR:'slowly improvedR;R<R=R>R?(R@'Activity cont to expand moderatelyRA'expand moderatelyRBRCRDRERFRG'Growth has increasedRH'growth increasedRIRJRKRLRMZRN'Conds are mixed, with cont weakness in CA offsetting moderate growth in other states+RO'CA weakness/moderate growth elsewhereRPRQRR RS(\RI) RT(\RI)YRV@RR RRRR&R-R4R;RBRIRPP YRW@RR RRR R'R.R5R<RCRJRQP YRX@RR RRR!R(R/R6R=RDRKRRP YRYp= ףp@RR RRR"R)R0R7R>RERLRSP YRZp= ףp@RRRRR#R*R1R8R?RFRMRTP &R[j{S U@Q[RY R\{Gz?KYRYQ S'93:1&S'Activity increased very modestlyS'increased very modestlySSSSS-S'Developments are slightly more positiveS 'slightly more positiveS S S S S)S'Activity increased at a modest rateS'modest increaseSSSSSS'Activity is strongerS'strongerSSSSSS'Conds are improvedS'improvedSS S!S"S#S$'Economy strengthenedS%'strengthenedS&S'S(S)S*"S+'Economy strengthened furtherS,'strengthenedS-S.S/S0S10S2'Activity cont to show signs of improvementS3'improvementS4S5S6S7S8'S9'Economy cont to strengthen slowlyS:'slow strengtheningS;S<S=S>S?#S@'Economy is growing moderatelySA'moderate growthSBSCSDSESF&SG'Activity cont to grow moderatelySH'moderate growthSISJSKSLSMCSN'Weakness in CA cont to offset moderate growth in other states+SO'CA weakness/moderate growth elsewhereSPSQSR SS(\RI) ST(\RI)YSV@SS SSSS&S-S4S;SBSISPP YSW@SS SSS S'S.S5S<SCSJSQP YSX@SS SSS!S(S/S6S=SDSKSRP YSYp= ףp@SS SSS"S)S0S7S>SESLSSP YSZp= ףp@SSSSS#S*S1S8S?SFSMSTP &S[4 i`@R[SY S\HzG@LYSYQ T'93:2(T'Activity cont to increase modestlyT'increase modestlyTTTTTCT'Developments are mixed, but slightly more positive on balance"T 'mixed/slightly more positiveT T T T TT'Activity growing slightlyT'slight growthTTTTTT'Activity cont to improve T'improveTTTTT$T'Activity strengthened somewhatT'strengthenedTT T!T"T#&T$'Pace of expansion eased modestlyT%'eased modestlyT&T'T(T)T*T+'Expansion contT,'expansionT-T.T/T0T1(T2'(increase in production and sales)T3'increaseT4T5T6T7T8!T9'Economy is growing modestlyT:'modest growthT;T<T=T>T?'T@'Economy cont to strengthen slowlyTA'strengthen slowlyTBTCTDTETF"TG'Economy has grown moderatelyTH'moderate growthTITJTKTLTMVTN'Conds remain mixed, with weakness in CA and Wash., but favorable conds elsewhere*TO'CA&Wash weakness/favorable elsewhereTPTQTR TSGz _ TTGz _YTV?TT TTTT&T-T4T;TBTITPP YTW@TT TTT T'T.T5T<TCTJTQP YTX@TT TTT!T(T/T6T=TDTKTRP YTY{Gz@TT TTT"T)T0T7T>TETLTSP YTZ{Gz@TTTTT#T*T1T8T?TFTMTTP &T[nڰw @S[TY T\ףp= ף@MYTYQ U'93:3$U'Conds cont to improve modestlyU'improved modestlyUUUUU?U'Developments were mixed, but on balance tended to improveU 'mixed/improveU U U U U.U'Activity increased at a very modest paceU'very modest increaseUUUUUU'Activity cont to expand U'expandUUUUU(U'Economy cont to improve on balance U'improveUU U!U"U##U$'Economy grew at moderate paceU%'moderate growthU&U'U(U)U*U+'Expansion slowed U,'slowedU-U.U/U0U19U2'firms cont to report growth in sales and employment U3'growthU4U5U6U7U8#U9'Economy is growing moderatelyU:'moderate growthU;U<U=U>U?-U@'Economy is expanding at a moderate paceUA'moderate expansionUBUCUDUEUFUG'Economy is growing slowlyUH'slow growthUIUJUKULUMnUN'Weakness in CA cont to hold down overall district activity, but favorable conds reported in other states%UO'CA weakness/favorable elsewhereUPUQUR US(\RI) UT(\RI)YUVUU UUUU&U-U4U;UBUIUPP YUW@UU UUU U'U.U5U<UCUJUQP YUX@UU UUU!U(U/U6U=UDUKURP YUYHzG@UU UUU"U)U0U7U>UEULUSP YUZHzG@UUUUU#U*U1U8U?UFUMUTP &U[!95@T[UY U\?NYUYQ V'93:4)V'Economy is expanding at a slow paceV'expanding slowlyVVVVV)V'Pace of activity is somewhat slower V 'slowedV V V V VPV'Reports are mixed, but indicate further slackening of growth in some areasV'mixed/slackeningVVVVV!V'Moderate growth in activityV'moderate growthVVVVV&V'Economy growing modestly, unevenV'modest growth/unevenVV V!V"V##V$'Economy grew at moderate paceV%'moderate growthV&V'V(V)V*V+'Expansion contV,'expansionV-V.V/V0V1+V2'Recent changes in activity were mixed V3'mixedV4V5V6V7V8=V9'Pace of economy picked up somewhat from moderate growthV:'picked upV;V<V=V>V?"V@'Economy increased moderatelyVA'moderate increaseVBVCVDVEVFVG'Activity increased slowlyVH'slow increaseVIVJVKVLVMtVN'Disparate conds cont, with the weakest performance reported in CA. Most other states report expanding activity%VO'CA weakness/expanding elsewhereVPVQVR VSp= ףpRI) VTp= ףpRI)YVVVV VVVV&V-V4V;VBVIVPP YVW@VV VVV V'V.V5V<VCVJVQP YVX@VV VVV!V(V/V6V=VDVKVRP YVYأp= ף?VV VVV"V)V0V7V>VEVLVSP YVZأp= ף?VVVVV#V*V1V8V?VFVMVTP &V[j#k@U[VY V\*\(\?OYVYQ W'93:5W'Activity expanded slowlyW'expanding slowlyWWWWWkW'Most sectors made headway during June, but were a few preliminary indications of retrenchment in JulyW 'made headway/retrenchmentW W W W WW'Activity steady W'steadyWWWWW(W'Activity expanded at moderate paceW'moderate expansionWWWWW<W'Growth is moderate and uneven (retail mixed, mfg flat)W'moderate growth/unevenWW W!W"W#!W$'Economy grew at modest paceW%'modest growthW&W'W(W)W*W+'Expansion contW,'expansionW-W.W/W0W1"W2'Reports are mixed (flooding) W3'mixedW4W5W6W7W8W9'Moderate growthW:'moderate growthW;W<W=W>W?#W@'Economy grew at moderate paceWA'moderate growthWBWCWDWEWF!WG'Economy is expanding slowlyWH'slow expansionWIWJWKWLWMPWN'Weakness in CA affects growth in other states. In CA, activity is sluggishWO'weakness/sluggishWPWQWRWSWTYWVWW WWWW&W-W4W;WBWIWPP YWW@WW WWW W'W.W5W<WCWJWQP YWX@WW WWW!W(W/W6W=WDWKWRP YWY@WW WWW"W)W0W7W>WEWLWSP YWZ@WWWWW#W*W1W8W?WFWMWTP &W[t~@V[WY W\QQ@PYWYQ X'93:6*X'Economy is expanding only marginallyX'expanding only marginallyXXXXX0X'Developments seemed slightly more positiveX 'slightly more positiveX X X X X(X'Reports mixed, but activity steadyX'mixed/steadyXXXXXZX'(steady gains in production, brisk retail, strong orders, exceptional new car sales)X'steady gains/briskXXXXX%X'Economy cont to grow sluggishlyX'sluggishXX X!X"X#(X$'Activity grew somewhat more slowly X%'slowerX&X'X(X)X* X+'Expansion proceeded slowlyX,'slow expansionX-X.X/X0X1!X2'Economy cont to grow slowlyX3'slow growthX4X5X6X7X8X9'Economy grew moderatelyX:'moderate growthX;X<X=X>X?X@'Economy grew moderatelyXA'moderate growthXBXCXDXEXF-XG'Economy is expanding at a moderate paceXH'moderate expansionXIXJXKXLXM3XN'Weakness in CA. Stronger in Ut,NV,ID, east WA$XO'CA weakness/stronger elsewhereXPXQXR XS(\RI) XT(\RI)YXV?XX XXXX&X-X4X;XBXIXPP YXW@XX XXX X'X.X5X<XCXJXQP YXX@XX XXX!X(X/X6X=XDXKXRP YXY(\•?XX XXX"X)X0X7X>XEXLXSP YXZ(\?XXXXX#X*X1X8X?XFXMXTP &X[IꌡU@W[XY X\(\@QYXYQ Y'93:7%Y'Conds cont to improve graduallyY'improve graduallyYYYYYY'Developments are mixed Y 'mixedY Y Y Y YY'Conds improve modestlyY'modest improvementYYYYY"Y'Activity has gained momentumY'gained momentumYYYYYY'Most sectors improvedY'improvedYY Y!Y"Y#ZY$'Economy cont to expand, though most contacts characterized recent growth as sluggishY%'sluggishY&Y'Y(Y)Y**Y+'Activity picked up- renewed momentumY,'picked upY-Y.Y/Y0Y1"Y2'Activity cont to grow slowlyY3'slow growthY4Y5Y6Y7Y8 Y9'Moderate growth in economyY:'moderate growthY;Y<Y=Y>Y?"Y@'Economy cont moderate growthYA'moderate growthYBYCYDYEYF-YG'Economy cont to expand at moderate paceYH'moderate expansionYIYJYKYLYMYN'Activity reported to be generally improving across much of the 12th, but CA remains sluggish. Some improvements in CA retail, and more positive signs than in previous reports'YO'CA sluggish/improvement elsewhereYPYQYRYS(\?R I) YT(\RI)YYV@YY YYYY&Y-Y4Y;YBYIYPP YYW@YY YYY Y'Y.Y5Y<YCYJYQP YYX@YY YYY!Y(Y/Y6Y=YDYKYRP YYY\(\@YY YYY"Y)Y0Y7Y>YEYLYSP YYZp= ףp@YYYYY#Y*Y1Y8Y?YFYMYTP &Y[4OQ!@X[YY Y\HzG@RYYYQ Z'93:8Z'Gradual expansion contZ'gradual expansionZZZZZ)Z'Developments slightly more positiveZ 'slightly more positiveZ Z Z Z Z,Z'Activity remained on a modest up trendZ'modest uptrendZZZZZ Z'Activity expanded modestlyZ'expanded modestlyZZZZZZ'Sectors cont to improve Z'improveZZ Z!Z"Z#2Z$'Economy resumed a rate of moderate expansionZ%'moderate expansionZ&Z'Z(Z)Z*"Z+'Expansion increased momentumZ,'increased momentumZ-Z.Z/Z0Z1Z2'Activity cont to grow Z3'growthZ4Z5Z6Z7Z89Z9'Pace of growth picked up, but still moderate growthZ:'moderate growth/picked upZ;Z<Z=Z>Z?+Z@'Economy cont to grow at moderate paceZA'moderate growthZBZCZDZEZF'ZG'Economy expanded at moderate paceZH'moderate expansionZIZJZKZLZM9ZN'Weakness persists in CA, but solid growth elsewhere$ZO'CA weak/solid growth elsewhereZPZQZR ZS(\RI) ZT(\RI)YZV@ZZ ZZZZ&Z-Z4Z;ZBZIZPP YZW@ZZ ZZZ Z'Z.Z5Z<ZCZJZQP YZX@ZZ ZZZ!Z(Z/Z6Z=ZDZKZRP YZYp= ףp@ZZ ZZZ"Z)Z0Z7Z>ZEZLZSP YZZp= ףp@ZZZZZ#Z*Z1Z8Z?ZFZMZTP &Z[W=-G@Y[ZY Z\HzG@SYZYQ ['94:1['Small gains reported['small gains[[[[[*['Developments somewhat more favorable[ 'more favorable[ [ [ [ [$['Reports are generally positive['positive[[[[[3['Indicators of activity are decidedly positive['positive[[[[[#['Most sectors improved further['improved[[ [!["[#/[$'Growth in activity accelerated moderately[%'accelerated[&['[([)[*+[+'Expansion at same pace as 4th quarter[,'expansion[-[.[/[0[1[2'Activity cont to pick up[3'picked up[4[5[6[7[8$[9'Sectors showed signs of growth [:'growth[;[<[=[>[?#[@'Economy is growing moderately[A'moderate growth[B[C[D[E[F[G'Economy expanded[H'expanded[I[J[K[L[M9[N'Weakness persists in CA, but solid growth elsewhere$[O'CA weak/solid growth elsewhere[P[Q[R [S(\RI) [T(\RI)Y[V@[[ [[[[&[-[4[;[B[I[PP Y[W@[[ [[[ ['[.[5[<[C[J[QP Y[X@[[ [[[![([/[6[=[D[K[RP Y[YRQ@[[ [[["[)[0[7[>[E[L[SP Y[ZRQ@[[[[[#[*[1[8[?[F[M[TP &[[X?2`~@Z[[Y [\HzG@TY[YQ \'94:2E\'(mfg cont gradual recovery, but weather has set back retailers)\'gradual recovery\\\\\S\'Modest improvement in economy- harsh weather slowed spending and construction\ 'modest improvement\ \ \ \ \/\'Activity is adversely affected by weather \'ditto\\\\\Q\'Activity is cont to expand solidly, though fall-off from brisk pace of 1993\'expand solidly\\\\\*\'Activity expanded (weather hindered)\'expanded\\ \!\"\#(\$'Activity cont to expand moderately\%'moderate expansion\&\'\(\)\*F\+'Weather chilled, but underlying momentum in activity is positive\,'positive\-\.\/\0\1E\2'Hampered by weather in parts, in other parts, reports are mixed \3'mixed\4\5\6\7\8*\9'Economy cont to grow despite weather \:'growth\;\<\=\>\?5\@'Economy cont to grow moderately despite weather\A'moderate growth\B\C\D\E\F!\G'Economy expanded moderately\H'moderate expansion\I\J\K\L\M\N'In CA, weakness in LA, but other regions are showing signs of bottoming out or modest improvement. Other states solid growth.\O'weakness/modest improvement/solid growth\P\Q\R \S(\RI) \T(\RI)Y\V\\ \\\\&\-\4\;\B\I\PP Y\W@\\ \\\ \'\.\5\<\C\J\QP Y\X@\\ \\\!\(\/\6\=\D\K\RP Y\YRQ@\\ \\\"\)\0\7\>\E\L\SP Y\ZRQ@\\\\\#\*\1\8\?\F\M\TP &\[紼(@[[\Y \\@UY\YQ ]'94:3]'Moderate recovery conts]'moderate recovery]]]]]A]'Developments more favorable: pace of activity is picking up] 'picking up] ] ] ] ]#]'Trend in activity is positive]'positive ]]]]] ]'Activity cont to be strong ]'strong]]]]]]'Cont growth ]'growth]] ]!]"]#,]$'Economy cont to expand at healthy pace]%'healthy expansion]&]'](])]*]+'Conds cont to improve ],'improve]-].]/]0]1]2'Economy expanded robustly ]3'robust]4]5]6]7]8]9'Economy had strong growth ]:'strong];]<]=]>]?%]@'Economy growing at healthy pace]A'healthy growth]B]C]D]E]F)]G'Activity expanding at moderate pace]H'moderate expansion]I]J]K]L]M_]N'In CA, conds weak, though positive signs are starting to emerge. Strong outside CA and HI']O'CA weak/positive/strong elsewhere]P]Q]R]S(\?R I)]T(\?R I)Y]V@]] ]]]]&]-]4];]B]I]PP Y]W@]] ]]] ]'].]5]<]C]J]QP Y]X@]] ]]]!](]/]6]=]D]K]RP Y]YGzG@]] ]]]"])]0]7]>]E]L]SP Y]ZGzG@]]]]]#]*]1]8]?]F]M]TP &][blCM5ҫ@\[]Y ]\> ףp= @VY]YQ ^'94:4^'Activity cont to pick up ^'pick up^^^^^^'Cont moderate expansion^ 'moderate expansion^ ^ ^ ^ ^"^'Activity increasing modestly^'modest increase^^^^^#^'Conds are positive, mfg brisk^'positive/brisk^^^^^#^'Activity increased moderately^'moderate increase^^ ^!^"^#^$'Economy cont to expand ^%'expand^&^'^(^)^*"^+'Growth slowed in 2nd quarter ^,'slowed^-^.^/^0^1(^2'Activity cont to expand vigorously^3'vigorous expansion^4^5^6^7^8^9'Strong growth ^:'strong^;^<^=^>^?*^@'Economy cont to grow at healthy pace^A'healthy growth^B^C^D^E^F!^G'Rate of growth is unchanged ^H'ditto^I^J^K^L^MD^N'Conds are improving slowly in CA, activity is strong elsewhere*^O'CA slow improvement/strong elsewhere^P^Q^R^S(\?RI)^T(\?RI)Y^V^^ ^^^^&^-^4^;^B^I^PP Y^W@^^ ^^^ ^'^.^5^<^C^J^QP Y^X@^^ ^^^!^(^/^6^=^D^K^RP Y^YQ@^^ ^^^"^)^0^7^>^E^L^SP Y^ZQ@^^^^^#^*^1^8^?^F^M^TP &^[5g@][^Y ^\(\@WY^YQ _'94:5#_'Moderately vigorous expansion_'moderately vigorous______'Growth slackened a bit_ 'slackened_ _ _ _ __'Activity is edging up_'edging up______'Conds remain favorable_'favorable_____"_'Most sectors grew moderately_'moderate growth__ _!_"_#_$'Economy cont to expand _%'expand_&_'_(_)_*;_+'Growth cont to advance at good rate during the summer _,'good_-_._/_0_1_2'Activity cont to expand _3'expand_4_5_6_7_8"_9'Growth cont to gain momentum_:'gain momentum_;_<_=_>_?*_@'Economy cont to grow at healthy pace_A'healthy growth_B_C_D_E_F,_G'Growth accelerated, activity increased_H'accelerated_I_J_K_L_M7_N'Conds in CA cont to be sluggish, strong elsewhere"_O'CA sluggish/strong elsewhere_P_Q_R_S(\?R I) _TRI)Y_V@__ ____&_-_4_;_B_I_PP Y_W@__ ___ _'_._5_<_C_J_QP Y_X@__ ___!_(_/_6_=_D_K_RP Y_Y\(\@__ ___"_)_0_7_>_E_L_SP Y_Z@_____#_*_1_8_?_F_M_TP &_[1D6@^[_Y _\zG@XY_YQ `'94:6-`'Economy expanded, conds are less robust`'expand/less robust`````&`'Developments were more favorable` 'more favorable` ` ` ` `!`'Activity increased slightly`'slight increase`````e`'Most sectors report some slowing from unusually strong gains- remains at high level of activity`'slowing/high level``````'Activity grew more slowly`'grew more slowly`` `!`"`#"`$'Economy expanded; less rapid`%'expand/less rapid`&`'`(`)`*&`+'Activity advanced at modest pace `,'modest `-`.`/`0`12`2'Moderate growth; some sectors recent slowing"`3'moderate growth/some slowing`4`5`6`7`8`9'Economy is still robust `:'robust`;`<`=`>`?*`@'Economy is growing at a healthy pace`A'healthy growth`B`C`D`E`F`G'Activity cont to expand`H'expanded`I`J`K`L`Mz`N'In CA, activity has stabilized at low level and shows signs of improvement in some areas. Activity high in ID,NV,UT.`O'stabilized/improvement`P`Q`R`Sp= ףp?RI)`Tp= ףp?RI)Y`V`` ````&`-`4`;`B`I`PP Y`W@`` ``` `'`.`5`<`C`J`QP Y`X@`` ```!`(`/`6`=`D`K`RP Y`YGz@`` ```"`)`0`7`>`E`L`SP Y`ZGz@`````#`*`1`8`?`F`M`TP &`[b 0@_[`Y `\GzG@YY`YQ a'94:7a'Business cont to improve a'improveaaaaaa'Growth slowed somewhat a 'sloweda a a a a&a'Activity at somewhat faster pace a'fasteraaaaaDa'Economy cont to perform at high level, at capacity constraintsa'high levelaaaaaa'Activity grew moderatelya'moderate growthaa a!a"a#a$'Expansion held steadya%'held steadya&a'a(a)a*%a+'Activity gained upward momentuma,'upward momentuma-a.a/a0a1a2'Expansion conta3'expansiona4a5a6a7a8#a9'Economy cont to gain momentuma:'gain momentuma;a<a=a>a?*a@'Economy cont to grow at healthy paceaA'healthy growthaBaCaDaEaFaG'Activity acceleratedaH'acceleratedaIaJaKaLaM=aN'CA economy is growing modestly, and is strong elsewhere'aO'CA modest growth/strong elsewhereaPaQaRaS(\?R I)aT(\?R I)YaV@aa aaaa&a-a4a;aBaIaPP YaW@aa aaa a'a.a5a<aCaJaQP YaX@aa aaa!a(a/a6a=aDaKaRP YaY\(\@aa aaa"a)a0a7a>aEaLaSP YaZ\(\@aaaaa#a*a1a8a?aFaMaTP &a[ e]@`[aY a\GzG@ZYaYQ b'94:8'b'Economy cont its gradual recoveryb'gradual recoverybbbbb)b'Developments point to slower growth b 'slowedb b b b bb'Increases in activityb'increasedbbbbb"b'Economy expanding vigorouslyb'expand vigorouslybbbbbb'Activity grew moderatelyb'moderate growthbb b!b"b#"b$'Economy grew at healthy pace b%'healthyb&b'b(b)b*b+'Growth remained strong b,'strongb-b.b/b0b1b2'Growth cont b3'growthb4b5b6b7b8"b9'Economy cont to grow brisklyb:'grow brisklyb;b<b=b>b?"b@'Economy grow at healthy pacebA'healthy growthbBbCbDbEbF#bG'Activity rising at solid pace bH'solidbIbJbKbLbMbN'A slight pickup in growth in CA, which accounts for 60% of district. Offset by some slowing in fast-growing states like ID&UT. In district as a whole, expansion of activity is cont at moderate pacebO'moderate expansionbPbQbRbSbTYbVbb bbbb&b-b4b;bBbIbPP YbW@bb bbb b'b.b5b<bCbJbQP YbX@bb bbb!b(b/b6b=bDbKbRP YbY@bb bbb"b)b0b7b>bEbLbSP YbZ@bbbbb#b*b1b8b?bFbMbTP &b[=fM@a[bY b\@[YbYQ c'95:1c'[same as prev issue] c'dittoccccc-c'Developments indicated some improvementc 'improvementc c c c cVc'Activity is on an upward path, but the rate of growth eased from the 4th quarter c'easedccccc)c'Activity is holding at a high levelc'high levelccccc-c'Activity grew moderately in Nov and Decc'moderate growthcc c!c"c#'c$'Activity is expanding more slowly c%'slowerc&c'c(c)c*-c+'Economy expanded moderate to vigorouslyc,'moderate-to-vigorouslyc-c.c/c0c1+c2'Activity increased at a moderate pacec3'moderate increasec4c5c6c7c8c9'Economy: robust growth c:'robustc;c<c=c>c?&c@'Pace of expansion remains strong cA'strongcBcCcDcEcF"cG'Economy grew at a solid pacecH'solid growthcIcJcKcLcM%cN'Growth is accelerating slightlycO'slight accelerationcPcQcRcScTYcV?cc cccc&c-c4c;cBcIcPP YcW@cc ccc c'c.c5c<cCcJcQP YcX@cc ccc!c(c/c6c=cDcKcRP YcY@cc ccc"c)c0c7c>cEcLcSP YcZ@ccccc#c*c1c8c?cFcMcTP &c[ʬE @b[cY c\Q@\YcYQ d'95:21d'Pace of expansion shows signs of moderatingd'signs of moderatingdddddd'Growth has slowed d 'slowedd d d d dd'Slackening rate of growthd'slackeningdddddd'Some slowing in growth d'slowingdddddd'Activity changed little d'dittodd d!d"d#1d$'Economy showed softness as well as strengthd%'strength/softnessd&d'd(d)d*Hd+'Activity is brisk, but signs of slower growth in autos and housingd,'brisk/slowerd-d.d/d0d10d2'Economy cont to grow, but at a slower paced3'growth/slowerd4d5d6d7d8d9'Economy remains strong d:'strongd;d<d=d>d?&d@'Economy growing at a strong pace dA'strongdBdCdDdEdF0dG'Economy expanded at a slightly slower pacedH'slightly slowerdIdJdKdLdM$dN'Activity strengthened modestlydO'modest strengtheningdPdQdRdSdTYdVdd dddd&d-d4d;dBdIdPP YdW?dd ddd d'd.d5d<dCdJdQP YdXdd ddd!d(d/d6d=dDdKdRP YdY?dd ddd"d)d0d7d>dEdLdSP YdZddddd#d*d1d8d?dFdMdTP &d[ v7@c[dY d\zGz@]YdYQ e'95:3(e'Pace of expansion cont to moderatee'moderatingeeeeee'Conds are mixed e 'mixede e e e e0e'Activity showed less strength than earliere'less strengtheeeee%e'Economy is moving solidly aheade'solidly aheadeeeee!e'Activity increased slightlye'slight increaseee e!e"e#.e$'A deceleration in growth is more evidente%'deceleratione&e'e(e)e*e+'Activity gained momentume,'gained momentume-e.e/e0e1"e2'Pace of activity deceleratede3'deceleratede4e5e6e7e8%e9'Economy growing at healthy pacee:'healthy growthe;e<e=e>e?#e@'Economy grew at stronger paceeA'strongereBeCeDeEeF.eG'Activity cont to expand at a slower pace eH'slowereIeJeKeLeMeN'Activity grew more slowly eO'slowerePeQeReSeTYeVee eeee&e-e4e;eBeIePP YeW?ee eee e'e.e5e<eCeJeQP YeXee eee!e(e/e6e=eDeKeRP YeYee eee"e)e0e7e>eEeLeSP YeZeeeee#e*e1e8e?eFeMeTP &e[K-@d[eY e\(\B@^YeYQ f'95:4<f'Activity expanding, but signs of slowdown are apparent!f'expanding/signs of slowdownfffff1f'Conds are mixed, but somewhat more positivef 'mixed/positivef f f f f"f'Signs of slowing in activity f'slowingfffff#f'Growth of activity has slowed f'slowedfffff%f'Rate of expansion has decreasedf'decreasedff f!f"f#f$'Growth cont unevenly f%'unevenf&f'f(f)f*f+'Conds improvedf,'improvedf-f.f/f0f13f2'Economy cont to grow, albeit at a slower pacef3'growth/slowerf4f5f6f7f8!f9'Economy still at brisk pace f:'briskf;f<f=f>f?.f@'Economy grew at a moderately strong pacefA'moderately strongfBfCfDfEfF3fG'Activity is strong, but growth may be slowingfH'strong/slowingfIfJfKfLfM$fN'Pace of growth cont to be slowfO'slow growthfPfQfRfSfTYfVff ffff&f-f4f;fBfIfPP YfW?ff fff f'f.f5f<fCfJfQP YfX?ff fff!f(f/f6f=fDfKfRP YfYff fff"f)f0f7f>fEfLfSP YfZfffff#f*f1f8f?fFfMfTP &f[K-@e[fY f\p= ףp=@_YfYQ g'95:5g'Activity is slowing g'slowinggggggg'Conds were mixed g 'mixedg g g g gg'Conds were mixed g'mixedggggg+g'Economy cont to operate at high levelg'high levelggggg!g'Rate of expansion is steady g'steadygg g!g"g#g$'Improving activityg%'improvingg&g'g(g)g*g+'Growth increasedg,'increasedg-g.g/g0g1g2'Expansion cont to slow g3'slowerg4g5g6g7g8=g9'Moderate growth cont, a number of sectors are improvingg:'moderate growth/improvingg;g<g=g>g?$g@'Economy grew moderately stronggA'moderately stronggBgCgDgEgF(gG'Activity slowed to a moderate pace gH'slowedgIgJgKgLgM<gN'Pace of growth picked up a bit, some signs of weaknessgO'picked up/weaknessgPgQgRgSgTYgVgg gggg&g-g4g;gBgIgPP YgW@gg ggg g'g.g5g<gCgJgQP YgX@gg ggg!g(g/g6g=gDgKgRP YgY@gg ggg"g)g0g7g>gEgLgSP YgZ@ggggg#g*g1g8g?gFgMgTP &g[,@f[gY g\@`YgYQ h'95:69h'(activity is expanding more slowly than a year ago)h'?hhhhhh'Growth slowed recently h 'slowedh h h h h"h'Some improvement in activityh'improvementhhhhhh'Conds are the same h'dittohhhhh$h'Rate of expansion is unchangedh'unchangedhh h!h"h#h$'Economy grew moderatelyh%'moderate growthh&h'h(h)h*(h+'Momentum dampened, but is positiveh,'positive/dampenedh-h.h/h0h1"h2'Pace of economy is unchangedh3'unchangedh4h5h6h7h85h9'Is growth in most sectors, but is some softnessh:'growth/softnessh;h<h=h>h?0h@'Growth in the economy is moderately stronghA'moderately stronghBhChDhEhFhG'Activity weakenedhH'weakenedhIhJhKhLhM!hN'Economy expanded moderatelyhO'moderate expansionhPhQhRhShTYhVhh hhhh&h-h4h;hBhIhPP YhW@hh hhh h'h.h5h<hChJhQP YhX@hh hhh!h(h/h6h=hDhKhRP YhY?hh hhh"h)h0h7h>hEhLhSP YhZ?hhhhh#h*h1h8h?hFhMhTP &h[0 1-E@g[hY h\ףp= ף@aYhYQ i'95:7)i'Expansion cont at a lackluster pacei'lacklusteriiiii,i'Conds were truly mixed in recent weeks i 'mixedi i i i ii'Conds were mixed in Oct i'mixediiiiii'Economy cont to follow a path of moderate expansion, though restrained in part by a generally sluggish mfg sector. Conds remain nearly the same as in previous reports%i'moderate expansion/sluggish mfgiiiiiNi'Indicators of economic expansion changed little on net since last report i'dittoii i!i"i#Si$'Economy cont to grow through mid-Oct, though there were some signs of slowingi%'growth, slowingi&i'i(i)i*=i+'Economy cont to expand moderately in Sept and early Octi,'expand moderatelyi-i.i/i0i1Wi2'Economy is growing at a somewhat more moderate pace than was noted in last reporti3'moderatedi4i5i6i7i8Di9'Economy cont to roll right along as moderate growth prevails..i:'moderate growthi;i<i=i>i?Li@'Economy cont to grow at a moderately strong pace during the past monthiA'moderately strongiBiCiDiEiFEiG'Economy cont to expand at a moderate pace in Sept and early OctiH'moderate expansioniIiJiKiLiM,iN'Moderate growth cont in the early falliO'moderate growthiPiQiRiSiTYiVii iiii&i-i4i;iBiIiPP YiW@ii iii i'i.i5i<iCiJiQP YiX@ii iii!i(i/i6i=iDiKiRP YiY@ii iii"i)i0i7i>iEiLiSP YiZ@iiiii#i*i1i8i?iFiMiTP &i[xl@h[iY i\@bYiYQ j'95:8j'Growth at modest pacej'modest growthjjjjjj'Conds are mixed-to-softj 'mixed/softj j j j j j'Activity moved up modestlyj'up modestlyjjjjjj'Growth has slowed j'slowedjjjjj,j'Indicators of expansion changed little j'dittojj j!j"j##j$'Economy grew at moderate pacej%'moderate growthj&j'j(j)j*,j+'Economy expanded, though mfg moderatedj,'expanded/moderatedj-j.j/j0j1$j2'Pace is similar to last reportj3'unchangedj4j5j6j7j8j9'Moderate growthj:'moderate growthj;j<j=j>j?j@'Economy remained strong jA'strongjBjCjDjEjF#jG'Moderate expansion of economyjH'moderate expansionjIjJjKjLjM2jN'Solid growth; only limited signs of weaknessjO'solid growthjPjQjRjSjTYjVjj jjjj&j-j4j;jBjIjPP YjW@jj jjj j'j.j5j<jCjJjQP YjX@jj jjj!j(j/j6j=jDjKjRP YjY@jj jjj"j)j0j7j>jEjLjSP YjZ@jjjjj#j*j1j8j?jFjMjTP &j[>@i[jY j\?cYjYQ k'96:1k'Activity expanding slowlyk'expanding slowlykkkkkk'Growth slowed k 'slowedk k k k kk'Activity is easing k'easingkkkkk*k'Indicators of economy changed littlek'changed littlekkkkkk'Slower growth k'slowerkk k!k"k#k$'Economy grew modestlyk%'modest growthk&k'k(k)k*'k+'Economy expanded at a modest pacek,'modest expansionk-k.k/k0k1-k2'Economy growing at slow-but-steady pacek3'slow growthk4k5k6k7k8Mk9'Economy is moving forward, but activity in some sectors feeling a chillk:'forward/feeling a chillk;k<k=k>k?k@'Economy remained strong kA'strongkBkCkDkEkF0kG'Economy expanded at a slightly slower pacekH'slightly slowerkIkJkKkLkM%kN'Signs of moderation in activitykO'moderationkPkQkRkSkTYkVkk kkkk&k-k4k;kBkIkPP YkWkk kkk k'k.k5k<kCkJkQP YkXkk kkk!k(k/k6k=kDkKkRP YkYkk kkk"k)k0k7k>kEkLkSP YkZkkkkk#k*k1k8k?kFkMkTP &k[[=@j[kY k\?dYkYQ l'96:2l'Activity is sluggishl'sluggishlllllGl'Conds are mixed, but more positive than negative in recent monthsl 'mixed/positivel l l l lJl'activity picked up because of weather: gain not sharp; back on track$l'weather pickup; gain not sharplllll%l'Economy has marginally improvedl'marginally improvedlllll l'Pace of activity quickenedl'quickenedll l!l"l#-l$'Economy grew moderately despite weatherl%'moderate growthl&l'l(l)l*0l+'Activity at high level, but growth is slowl,'slow growth/high levell-l.l/l0l17l2'Activity cont to expand at a slow and steady pacel3'slow expansionl4l5l6l7l8/l9'Activity is moderate, but pace is slowing l:'slowingl;l<l=l>l?+l@'Economy cont to grow at moderate pacelA'moderate growthlBlClDlElF.lG'Activity cont to expand at moderate pacelH'moderate expansionlIlJlKlLlMlN'Solid activity lO'solidlPlQlRlSlTYlV@ll llll&l-l4l;lBlIlPP YlW@ll lll l'l.l5l<lClJlQP YlX@ll lll!l(l/l6l=lDlKlRP YlY@ll lll"l)l0l7l>lElLlSP YlZ@lllll#l*l1l8l?lFlMlTP &l[5@5@k[lY l\?eYlYQ m'96:3'm'Economy expanded at moderate pacem'moderate expansionmmmmmm'Conds weakened somewhatm 'weakenedm m m m m!m'Activity increased slightlym'increased slightlymmmmm(m'Activity is expanding [got better]m'expandingmmmmmm'Activity grew moderatelym'moderate growthmm m!m"m#m$'Economy cont to expand m%'expandm&m'm(m)m*&m+'Activity remained at high levelsm,'high levelm-m.m/m0m1m2'Stronger growthm3'strongerm4m5m6m7m89m9'Pace of growth is picking up somewhat after slowingm:'picking upm;m<m=m>m?-m@'Economy cont to grow at a moderate pacemA'moderate growthmBmCmDmEmFmG'Activity picked upmH'picked upmImJmKmLmMmN'Healthy pace of activity mO'healthymPmQmRmSmTYmV@mm mmmm&m-m4m;mBmImPP YmW@mm mmm m'm.m5m<mCmJmQP YmX@mm mmm!m(m/m6m=mDmKmRP YmY@mm mmm"m)m0m7m>mEmLmSP YmZ@mmmmm#m*m1m8m?mFmMmTP &m[<@l[mY m\?fYmYQ n'96:4!n'Economy expanded moderatelyn'moderate expansionnnnnn#n'Signs of improvement in condsn 'improvementn n n n n(n'Activity was increasing moderatelyn'moderate increasennnnnFn'Conds remain firm and are expanding at a moderate or better pace$n'expanding moderately or betternnnnnn'Activity grew moderatelyn'moderate growthnn n!n"n#-n$'Economy cont to grow at a moderate pacen%'moderate growthn&n'n(n)n*0n+'Economy expanded at a slightly higher raten,'expand slightly highern-n.n/n0n1Mn2'Pace of activity cont to pick up from sluggish levels early in the year n3'pick upn4n5n6n7n8n9'Growth cont to quicken n:'quickenn;n<n=n>n?-n@'Economy cont to grow at a moderate pacenA'moderate growthnBnCnDnEnF$nG'Activity rose at a steady pacenH'steady risenInJnKnLnMDnN'Cont strong activity with some hints of acceleration in growthnO'strong/hint accelerationnPnQnRnSnTYnV@nn nnnn&n-n4n;nBnInPP YnW@nn nnn n'n.n5n<nCnJnQP YnX@nn nnn!n(n/n6n=nDnKnRP YnY@nn nnn"n)n0n7n>nEnLnSP YnZ@nnnnn#n*n1n8n?nFnMnTP &n[!kd∲P@m[nY n\@gYnYQ o'96:5o'Conds are good o'goodoooooo'Most sectors improvedo 'improvedo o o o o!o'(firms gave varied reports) o'variedooooo'o'Economy expanded at moderate paceo'expanding moderatelyoooooo'Growth moderated somewhato'moderatedoo o!o"o#1o$'A mixed but positive picture of the economyo%'positive/mixedo&o'o(o)o*6o+'Economy cont to expand at a slightly slower rateo,'expand slightly slowero-o.o/o0o1o2'Activity increasedo3'increasedo4o5o6o7o8$o9'Moderate to strong growth conto:'moderate-to-strongo;o<o=o>o?+o@'Economy cont to grow at moderate paceoA'moderate growthoBoCoDoEoFoG'Expansion moderatedoH'moderatedoIoJoKoLoM&oN'Reports suggest pickup in growth oO'pickupoPoQoRoSoTYoVoo oooo&o-o4o;oBoIoPP YoW@oo ooo o'o.o5o<oCoJoQP YoX@oo ooo!o(o/o6o=oDoKoRP YoY@oo ooo"o)o0o7o>oEoLoSP YoZ@ooooo#o*o1o8o?oFoMoTP &o[]]Bt@n[oY o\@hYoYQ p'96:6p'Economy cont to expand p'expandppppp+p'Conds in most sectors cont to improve p 'improvep p p p p#p'Activity was gaining slightlyp'slight gainppppp2p'Growth in activity appears to have moderatedp'moderatedpppppLp'Activity cont to expand, although growth has moderated in some sectorsp'expand/moderatedpp p!p"p#Ep$'Contacts report a mixed but generally positive economic picturep%'positive/mixedp&p'p(p)p*/p+'Economy cont to expand at a moderate ratep,'moderate expansionp-p.p/p0p1*p2'Growth has cont to moderate slightlyp3'slight moderationp4p5p6p7p88p9'Cont to experience favorable conds in most sectorsp:'favorablep;p<p=p>p?%p@'Economy grew at a moderate pacepA'moderate growthpBpCpDpEpF"pG'Activity rebounded in AugustpH'reboundedpIpJpKpLpMpN'Contacts indicate cont strong growth in CA and the District as a whole (although some moderation among states that have been growing the fastest pO'strongpPpQpRpSpTYpV?pp pppp&p-p4p;pBpIpPP YpW@pp ppp p'p.p5p<pCpJpQP YpX@pp ppp!p(p/p6p=pDpKpRP YpY@pp ppp"p)p0p7p>pEpLpSP YpZ@ppppp#p*p1p8p?pFpMpTP &p[;U@o[pY p\@iYpYQ q'96:7&q'Economic expansion remains solid q'solidqqqqq#q'Growth has moderated somewhatq 'moderatedq q q q qGq'Economy cont to expand, but the pace of growth has eased recentlyq'expand/easedqqqqq]q'Economy is still expanding and labor market conds are generally considered quite strongq'expandingqqqqq=q'Economy expanded at a more modest pace in recent weeks.q'more modest expansionqq q!q"q#Rq$'With a few notable exceptions, contacts report moderating growth of activityq%'moderationq&q'q(q)q*Gq+'Economy cont its moderate pace of expansion in Sept and early Octq,'moderate expansionq-q.q/q0q1Rq2'Pace of activity has changed little (tight labor markets, rising employment) q3'dittoq4q5q6q7q8Sq9'Blue economic skies prevail as moderate-to-strong growth cont in most sectorsq:'moderate-to-strongq;q<q=q>q?-q@'Economy cont to grow at a moderate paceqA'moderate growthqBqCqDqEqF2qG'Activity expanded at a slightly slower pace qH'slightly slowerqIqJqKqLqMqN'Strong growth qO'strongqPqQqRqSqTYqVqq qqqq&q-q4q;qBqIqPP YqW@qq qqq q'q.q5q<qCqJqQP YqX@qq qqq!q(q/q6q=qDqKqRP YqY@qq qqq"q)q0q7q>qEqLqSP YqZ@qqqqq#q*q1q8q?qFqMqTP &q[F@p[qY q\@jYqYQ r'96:8/r'Economy cont to expand at a moderate pacer'moderate expansionrrrrrTr'Economy cont to expand at a moderate pace, with little change from last reportr 'moderate expansionr r r r r&r'Activity was up modestly in Nov.r'up modestlyrrrrrMr'Economy remains strong overall, and is growing moderately in most areas r'strongrrrrrr'Activity expanded at a slightly faster rate in the last 6 weeks, although retail and housing showed signs of slower growth&r'slightly faster expansion/slowerrr r!r"r#\r$'Activity cont its moderate rate on net, with signs of slowing apparent in some sectorsr%'moderate growth/slowingr&r'r(r)r*)r+'Economy expanded at a moderate rater,'moderate expansionr-r.r/r0r1+r2'Economy cont to grow at a steady pacer3'steady growthr4r5r6r7r8,r9'Moderate growth with few problem areasr:'moderate growthr;r<r=r>r?%r@'Economy cont to grow moderatelyrA'moderate growthrBrCrDrErFYrG'Activity rebounded in mid-Oct to mid-Nov from sluggish growth in Sept and early OctrH'reboundedrIrJrKrLrMrN'Moderate pace of growthrO'moderate growthrPrQrRrSrTYrVrr rrrr&r-r4r;rBrIrPP YrW@rr rrr r'r.r5r<rCrJrQP YrX@rr rrr!r(r/r6r=rDrKrRP YrY@rr rrr"r)r0r7r>rErLrSP YrZ@rrrrr#r*r1r8r?rFrMrTP &r[1'ұ=@q[rY r\@kYrYQ s'97:1/s'Economy cont to expand at a moderate paces'moderate expansionsssss@s'Economy has a slightly firmer tone than in the last reports 'slightly firmers s s s s(s'Activity has been moving up slowlys'up slowlysssss/s'Economy is holding steady at a good levels'good levelsssssRs'Activity remained at a high level, although the rate of growth has moderateds'high level/moderatedss s!s"s#.s$'Activity cont to grow at a moderate paces%'moderate growth/slowings&s's(s)s*gs+'Activity cont to increase moderately in Dec and early Jan amid signs of increasing wage pressuress,'moderate expansions-s.s/s0s12s2'Activity has picked up since the last reports3'picked ups4s5s6s7s8)s9'Economy has been growing moderatelys:'moderate growths;s<s=s>s?Zs@'Economy cont to grow moderately the past month, while showing a few signs of slowingsA'moderate growth/slowingsBsCsDsEsFgsG'In Dec and early Jan, economy grew at the slightly stronger pace established in late Oct and Nov sH'slightly strongersIsJsKsLsMAsN'Cont strong expansion in most states toward the end of 1996sO'strong expansionsPsQsRsSsTYsV?ss ssss&s-s4s;sBsIsPP YsW@ss sss s's.s5s<sCsJsQP YsX@ss sss!s(s/s6s=sDsKsRP YsY@ss sss"s)s0s7s>sEsLsSP YsZ@sssss#s*s1s8s?sFsMsTP &s[p=a\@r[sY s\@lYsYQ t'97:2+t'(Business contacts are fairly upbeat)t'?ttttt3t'Economy cont to improve since the last report t 'improvet t t t tmt'Reports from business contacts were mixed, but on balance indicated some slight improvement in activityt'mixed/slight improvementttttt\t'Conds remain good overall, though little net growth has occurred since the last reportt'good/little growthtttttEt'Activity cont to advance at a moderate pace in late Jan and Febt'moderate growthtt t!t"t#'t$'Economy cont to expand moderatelyt%'moderate expansiont&t't(t)t*it+'Economy cont to expand at a modest rate in Jan and Feb, though it lost some momentum from last yeart,'modest expansiont-t.t/t0t1qt2'Economy cont to operate at a high level. Little or no change in the level of activity since the last reportt3'high levelt4t5t6t7t8Nt9'Despite record snow falls, the pace of activity apparently is quickeningt:'quickeningt;t<t=t>t?4t@'The economy cont to grow moderately last monthtA'moderate growthtBtCtDtEtF=tG'Activity cont to expand at a modest pace in Jan and FebtH'modest expansiontItJtKtLtM*tN'Strong pace of growth, except Hawaii tO'strongtPtQtRtStTYtV?tt tttt&t-t4t;tBtItPP YtW@tt ttt t't.t5t<tCtJtQP YtX@tt ttt!t(t/t6t=tDtKtRP YtY@tt ttt"t)t0t7t>tEtLtSP YtZ@ttttt#t*t1t8t?tFtMtTP &t[A|S@s[tY t\@mYtYQ u'97:3u'Solid growth cont u'soliduuuuu0u'Growth has slowed from the brisk pace of.. u 'slowedu u u u uu'Conds were mixed u'mixeduuuuu!u'Conds remain strong overall u'stronguuuuu'u'Economy expanded at a faster rate u'fasteruu u!u"u#'u$'Economy cont to expand moderatelyu%'moderate expansionu&u'u(u)u*`u+'Economy expanded at a moderate rate, and regained some of the lost momentum from last time&u,'moderate expansion/more momentumu-u.u/u0u1-u2'Economy cont to grow at a moderate paceu3'moderate growthu4u5u6u7u8u9'Moderate growth contu:'moderate growthu;u<u=u>u?%u@'Economy cont to grow moderatelyuA'moderate growthuBuCuDuEuF0uG'Activity cont to expand at a moderate paceuH'moderate expansionuIuJuKuLuMuN'Cont strong growth uO'stronguPuQuRuSuTYuV?uu uuuu&u-u4u;uBuIuPP YuW@uu uuu u'u.u5u<uCuJuQP YuX@uu uuu!u(u/u6u=uDuKuRP YuY@uu uuu"u)u0u7u>uEuLuSP YuZ@uuuuu#u*u1u8u?uFuMuTP &u[Xo$@t[uY u\@nYuYQ v'97:4Wv'(retail and mfg cont to report growing sales, and many are increasing employment) v'growingvvvvv6v'Growth has generally picked up since last reportv 'picked upv v v v vov'Activity appeared to be improving slightly in some sectors, but just holding steady in others in late May'v'slight improvement/holding steadyvvvvvv'Activity has been mixed v'mixedvvvvvLv'Growth remained brisk, although a few sectors showed some decelerationv'brisk/decelerationvv v!v"v#)v$'Slower growth since previous report v%'slowerv&v'v(v)v*1v+'Economy cont its moderate rate of expansionv,'moderate expansionv-v.v/v0v18v2'Economy cont to grow at a steady, sustainable pacev3'steady growthv4v5v6v7v8+v9'Economy cont to enjoy moderate growthv:'moderate growthv;v<v=v>v?0v@'Economy cont to grow moderately last monthvA'moderate growthvBvCvDvEvFCvG'Economy cont to expand at a modest pace in May and early JunevH'modest expansionvIvJvKvLvMRvN'Strong economic performance with evidence of tightening capacity constraints vO'strongvPvQvRvSvTYvVvv vvvv&v-v4v;vBvIvPP YvW@vv vvv v'v.v5v<vCvJvQP YvX@vv vvv!v(v/v6v=vDvKvRP YvY@vv vvv"v)v0v7v>vEvLvSP YvZ@vvvvv#v*v1v8v?vFvMvTP &v[8@%@u[vY v\@oYvYQ w'97:5/w'Economy cont to expand at a moderate pacew'moderate expansionwwwww'w'Economy expanded at a faster rate w 'fasterw w w w wBw'Conds improved moderately in June, the pickup cont into Julyw'improvedwwwwww'Activity is expandingw'expandingwwwww$w'Activity grew at a faster rate w'fasterww w!w"w#w$'Growth remains moderatew%'moderate growth/slowingw&w'w(w)w*)w+'Economy cont its moderate expansionw,'moderate expansionw-w.w/w0w11w2'Economy is still growing at a moderate pacew3'moderate growthw4w5w6w7w82w9'Economy is experiencing cont moderate growthw:'moderate growthw;w<w=w>w?Tw@'Economy cont to grow moderately last month, though with a few signs of slowingwA'moderate growth/slowingwBwCwDwEwF)wG'Activity picked up in June and JulywH'picked upwIwJwKwLwMwN'Robust conds wO'robustwPwQwRwSwTYwV@ww wwww&w-w4w;wBwIwPP YwW@ww www w'w.w5w<wCwJwQP YwX@ww www!w(w/w6w=wDwKwRP YwY@ww www"w)w0w7w>wEwLwSP YwZ@wwwww#w*w1w8w?wFwMwTP &w[!G:mM@v[wY w\@pYwYQ x'97:6%x'Economy cont to expand steadilyx'steady expansionxxxxx?x'Economy cont to expand at a steady pace since last reportx 'expand steadyx x x x x#x'Activity increased moderatelyx'moderate increasexxxxx7x'Activity remains generally stable at a high levelx'high levelxxxxxSx'Overall pace of activity picked up, although growth in some sectors moderatedx'picked up/moderatedxx x!x"x#x$'Growth remains moderate x%'moderate growth/slowingx&x'x(x)x*Ax+'Economy expanded at a slightly higher rate than last reportx,'expand slightly higherx-x.x/x0x11x2'Growth appears to have accelerated somewhatx3'acceleratedx4x5x6x7x8x9'The mood is upbeat x:'upbeatx;x<x=x>x?%x@'Economy cont to grow moderatelyxA'moderate growthxBxCxDxExF!xG'Activity expanded in AugustxH'expandedxIxJxKxLxMxN'Vigorous activity xO'vigorousxPxQxRxSxTYxV@xx xxxx&x-x4x;xBxIxPP YxW@xx xxx x'x.x5x<xCxJxQP YxX@xx xxx!x(x/x6x=xDxKxRP YxY@xx xxx"x)x0x7x>xExLxSP YxZ@xxxxx#x*x1x8x?xFxMxTP &x[Fd@w[xY x\@qYxYQ y'97:7/y'Economy cont to expand at a moderate pacey'moderate expansionyyyyy0y'Growth has moderated since the last reporty 'moderatedy y y y y.y'Activity was mixed in Sept and early Oct y'mixedyyyyyVy'Conds remain strong overall, with modest growth noted in a variety of industriesy'strong/modest growthyyyyyy'Activity expanded moderately from an already high level in Sept and early Oct, amid increasing reports of capacity constraintsy'expand moderatelyyy y!y"y#:y$'Economy cont to post moderate growth into early fally%'moderate growth/slowingy&y'y(y)y*My+'Economy cont its moderate rate of expansion is Sept and 1st half of Octy,'moderate expansiony-y.y/y0y1-y2'Economy cont to operate at a high levely3'high levely4y5y6y7y8y9'Economy remains strong y:'strongy;y<y=y>y?Yy@'Economy cont to grow moderately the past month, while showing a few signs of easingyA'moderate growth/easingyByCyDyEyF[yG'In Sept and early Oct, activity remained at roughly the same level reported in August yH'dittoyIyJyKyLyMyN'Strong pace of growth yO'strongyPyQyRySyTYyVyy yyyy&y-y4y;yByIyPP YyW@yy yyy y'y.y5y<yCyJyQP YyX@yy yyy!y(y/y6y=yDyKyRP YyY@yy yyy"y)y0y7y>yEyLySP YyZ@yyyyy#y*y1y8y?yFyMyTP &y[Reב@x[yY y\@rYyYQ z'97:8/z'Economy cont to expand at a moderate pacez'moderate expansionzzzzz1z'Economy maintaining a steady pace of growthz 'steady growthz z z z z*z'Conds were improving modestly in Novz'modest improvementzzzzz5z'Economy cont to grow at a moderate-to-good pacez'moderate-to-goodzzzzzrz'Most sectors cont to expand moderately in late Oct and Nov, and growth picked up noticeably in a few sectorsz'expand moderatelyzz z!z"z#+z$'The economy cont to expand moderatelyz%'moderate expansionz&z'z(z)z*Bz+'Conds remained very similar to those reported in last report z,'dittoz-z.z/z0z1+z2'Economy cont to grow at a steady pacez3'steady growthz4z5z6z7z86z9'Economy cont to enjoy robust, broad-based growth z:'robustz;z<z=z>z?Yz@'Economy cont to grow moderately the past month, while showing a few signs of easingzA'moderate growth/easingzBzCzDzEzFKzG'Activity expanded at a slightly slower rate in late Oct and early NovzH'slightly slowerzIzJzKzLzM6zN'Solid growth along with a high level of activityzO'solid/high levelzPzQzRzSzTYzVzz zzzz&z-z4z;zBzIzPP YzW@zz zzz z'z.z5z<zCzJzQP YzX@zz zzz!z(z/z6z=zDzKzRP YzY@zz zzz"z)z0z7z>zEzLzSP YzZ@zzzzz#z*z1z8z?zFzMzTP &z[@y[zY z\@sYzYQ {'98:1{'Economy is strong {'strong{{{{{;{'Generally positive picture of economy in recent weeks{ 'positive{ { { { {={'Activity cont to grow at a moderate rate in Dec and Jan{'moderate growth{{{{{!{'Conds remain strong overall {'strong{{{{{;{'Economy cont to expand moderately in late Nov and Dec{'expand moderately{{ {!{"{#C{$'Economy cont to expand moderately through the end of the year{%'moderate expansion{&{'{({){*2{+'Economy cont to expand moderately at yearend{,'moderate expansion{-{.{/{0{1H{2'Economy started the new year showing signs of cont moderate growth{3'moderate growth{4{5{6{7{8G{9'Economy is maintaining a strong, steady stride, but not sprinting {:'strong{;{<{={>{?4{@'Economy cont to grow moderately the past month{A'moderate growth{B{C{D{E{F>{G'Activity grew at a slightly slower pace than last report{H'slightly slower{I{J{K{L{M-{N'Favorable conds in final months of 1997{O'favorable{P{Q{R{S{TY{V?{{ {{{{&{-{4{;{B{I{PP Y{W@{{ {{{ {'{.{5{<{C{J{QP Y{X@{{ {{{!{({/{6{={D{K{RP Y{Y@{{ {{{"{){0{7{>{E{L{SP Y{Z@{{{{{#{*{1{8{?{F{M{TP &{[]1Np@z[{Y {\@tY{YQ |'98:2|'Economy cont to expand |'expand|||||@|'Economy cont to grow briskly in the 1st two months of 1998 | 'brisk| | | | |@|'Conds in Feb and early Mar were mixed but positive overall|'mixed/positive|||||4|'Economy cont to grow, but at a moderating pace|'moderated|||||c|'Economy expanded at a somewhat faster clip in recent weeks despite a weather-related slowdown |'faster|| |!|"|#0|$'Activity cont to expand at a moderate pace|%'moderate expansion|&|'|(|)|*1|+'Expansion picked up modestly in Jan and Feb|,'modest pick up|-|.|/|0|1,|2'Economy cont to generate stable growth|3'stable growth|4|5|6|7|8B|9'Economy cont to show steady-to-strong growth in most sectors|:'steady-to-strong|;|<|=|>|?-|@'Economy cont to grow at a moderate pace|A'moderate growth|B|C|D|E|Fl|G'Over the past 6 weeks, activity grew at about the same pace or a little slower than reported last time|H'unchanged/slightly slower|I|J|K|L|MR|N'Cont vigorous expansion, though with indications of moderation in some areas|O'vigorous/moderation|P|Q|R|S|TY|V|| ||||&|-|4|;|B|I|PP Y|W@|| ||| |'|.|5|<|C|J|QP Y|X@|| |||!|(|/|6|=|D|K|RP Y|Y@|| |||"|)|0|7|>|E|L|SP Y|Z@|||||#|*|1|8|?|F|M|TP &|[s4R'7@{[|Y |\@uY|YQ }'98:3}'Economy remains strong }'strong}}}}}@}'Economy has maintained steady growth since the last report} 'steady growth} } } } } }'Conds were mainly positive}'positive}}}}}}'Conds cont to be strong }'strong}}}}}G}'Economy expanded at a moderate pace in late March and early April}'expand moderately}} }!}"}#1}$'Activity cont to expand at a moderate pace}%'moderate expansion}&}'}(})}*Z}+'Economy cont to expand moderately in Mar and April, with few signs of slowing growth},'moderate expansion}-}.}/}0}1-}2'Economy cont to operate at a high level}3'high level}4}5}6}7}8n}9'Little change from earlier in the year: economy is growing moderately in most areas and strongly in some}:'moderate growth/strong};}<}=}>}?0}@'Economy cont to grow moderately last month}A'moderate growth}B}C}D}E}FY}G'In Mar and early April, activity grew at a slightly slower pace than in Jan and Feb}H'slightly slower}I}J}K}L}Mj}N'Economy grew at a strong pace, although reports indicate moderate restraining effects fron East Asia }O'strong/restraining effects}P}Q}R}S}TY}V?}} }}}}&}-}4};}B}I}PP Y}W@}} }}} }'}.}5}<}C}J}QP Y}X@}} }}}!}(}/}6}=}D}K}RP Y}Y@}} }}}"})}0}7}>}E}L}SP Y}Z@}}}}}#}*}1}8}?}F}M}TP &}[-T@|[}Y }\@vY}YQ ~'98:4~'Economy cont to expand ~'expand~~~~~8~'Pace of growth has picked up since the last report~ 'picked up~ ~ ~ ~ ~P~'Most bus. sectors were experiencing cont growth in late May and early June ~'growth~~~~~~'Economy cont to expand ~'expand~~~~~@~'Economy cont to grow moderately, despite a pullback in mfg~'grow moderately/pullback~~ ~!~"~#2~$'Activity cont to push ahead at a stable pace~%'push ahead~&~'~(~)~*=~+'Econ expansion picked up some momentum in April and May~,'picked up~-~.~/~0~1(~2'Econ conds remain exceedingly good ~3'good~4~5~6~7~84~9'Moderate-to-strong econ growth cont to prevail~:'moderate-to-strong~;~<~=~>~?W~@'Economy last month maintained the strong momentum of the first months of the year~A'strong momentum~B~C~D~E~FD~G'Econ activity cont to slow slightly to a modest rate of growth~H'modest growth~I~J~K~L~M*~N'Econ activity expanded at solid clip ~O'solid~P~Q~R~S~TY~V@~~ ~~~~&~-~4~;~B~I~PP Y~W@~~ ~~~ ~'~.~5~<~C~J~QP Y~X@~~ ~~~!~(~/~6~=~D~K~RP Y~Y@~~ ~~~"~)~0~7~>~E~L~SP Y~Z@~~~~~#~*~1~8~?~F~M~TP &~[PeZ@}[~Y ~\@wY~YQ '98:53'Conds are mixed although growth conts overall 'mixed8'Economy cont to grow briskly since the last report  'brisk    u'Bus activity remained at a high level in Jul, but growth appeared to have eased from the first half of the year'high level/eased;'The economy seems to have slackened a bit (GM strike)'slackenedE'Econ activity cont to grow at a moderate pace since last report'grow moderately !"#$'Growth remained steady %'steady&'()*c+'Economy remained quite strong in June and July, although growth was hampered by the GM strike,'strong/hampered-./01"2'Econ activity remains robust 3'robust45678i9'Growth cont to predominate in most sectors, but (Asia) is increasingly retarding the pace of growth:'retarding/growth;<=>?0@'Economy cont to grow moderately last monthA'moderate growthBCDEFLG'Econ activity expanded at about the same modest pace as in last reportH'modest paceIJKLMXN'A solid pace of overall activity, though with moderation of growth in some sectorsO'solid/moderationPQRSTYV &-4;BIPP YW@  '.5<CJQP YX@ !(/6=DKRP YY@ ")07>ELSP YZ@#*18?FMTP &[;cp˃@~[Y \@xYYQ '98:6$'Contacts cont to report growth 'growthW'Signif. segments of the economy have shown signs of slowing since the last report 'slowing    f'Overall bus conds improved slightly in Aug, though there was evidence of slowing in some sectors 'slight improvement/slowing!'Bus activity remains strong 'strong-'Econ growth moderated since last report'moderated !"#2$'A modest expansion of overall econ. activity%'modest expansion&'()*{+'Economy cont to expand at a modest pace in Aug and early Sept, but reports became more mixed than earlier in the year,'expand modestly-./01%2'Econ conds remain quite healthy3'quite healthy45678D9'Econ growth conts at a moderate-to-strong pace in most sectors:'moderate-to-strong;<=>?0@'Economy cont to grow moderately last monthA'moderate growthBCDEF&G'Econ activity decelerated in AugH'deceleratedIJKLM)N'Economy expanded at a moderate paceO'moderate expansionPQRSTYV &-4;BIPP YW@  '.5<CJQP YX@ !(/6=DKRP YY? ")07>ELSP YZ?#*18?FMTP &[h{U2@[Y \@yYYQ '98:7"'Conds are increasingly mixed'more mixedd'Econ. growth has slowed further since the last report, with a softening in a number of sectors 'slowed    ~'Bus conds appeared to be steady in most sectors in Oct, though there were reports of slowing activity in some industries'steady/slowingd'Bus activity remains good overall, although a softening in the industrial sector has been seen'good/softeningu'Econ activity advanced at a moderate pace in recent weeks, although individual sectors' performances were mixed'moderate advance/mixed !"#2$'The pace of econ. activity weakened slightly%'slight weakening&'()*X+'The economy conts to expand, although some key industry segments softened somewhat,'expand/softened-./01Q2'Despite slowing in the rate of growth, economy is operating at a high level3'high level/slowing45678"9'Level of output conts strong :'strong;<=>?P@'Economy cont to grow moderately, but signs of easing appear to be mountingA'moderate growth/easingBCDEF.G'Econ growth cont to slow in Sept and Oct H'slowedIJKLMPN'Moderate pace of overall econ activity, with slowing from previous periodsO'moderate pace/slowingPQRSTYV &-4;BIPP YW  '.5<CJQP YX !(/6=DKRP YY ")07>ELSP YZ#*18?FMTP &[$X@[Y \@zYYQ '98:8^'Activity is generally expanding, but at a slower pace than in the first half of the year'slower paceL'Growth has been mixed, but on balance stronger than in the last report 'mixed/stronger    f'Reports from most sectors indicate healthy econ conds, though weakness persists in manufacturing'healthy/weakness)'Economy shows mixed growth patterns 'mixedA'Economy cont to expand at a moderate pace since last report'expand moderately !"#.$'Pace of activity weakened again slightly%'slight weakening&'()*Y+'Economy remained strong in late Oct and Nov, although pockets of softness persisted,'strong/softness-./01/2'Moderation in the rate of economic growth3'moderation456789'Economy displays strength:'strength;<=>?O@'Economy grew moderately last month, but signs of easing are still presentA'moderate growth/easingBCDEF/G'Econ growth cont to gradually cool in Nov H'cooledIJKLM"N'Moderate pace of econ growthO'moderate pacePQRSTYV &-4;BIPP YW@  '.5<CJQP YX? !(/6=DKRP YY? ")07>ELSP YZ#*18?FMTP &[H'v"@[Y \@{YYQ '99:10'Economy shows mixed results at end of 1998 'mixedl'Econ growth has picked up further since the last report, with very few signs of upward price pressures 'picked up    !'Econ activity was moving up'moving up`'Economy cont to grow, though industrial activity has clearly moderated in a few industries'growth/moderatedQ'Economy expanded at a faster pace, boosted by a pickup in consumer spending 'faster !"#H$'Healthy and balanced econ expansion (though slower than last year) %'healthy&'()*J+'Economy cont its modest pace of expansion, little change in momentum,'modest expansion-./01[2'Econ growth cont at a moderate pace, despite less-than-glowing reports from retailers'3'moderate growth/less-than-glowing456789'Economy is strong :'strong;<=>?X@'Economy grew moderately again last month, though widespread signs of easing remainA'moderate growth/easingBCDEF_G'In Dec and Jan, econ activity expanded at roughly the same pace reported in the last B.B.H'unchangedIJKLM.N'A solid, but tempered, pace of expansion O'solidPQRSTYV@ &-4;BIPP YW@  '.5<CJQP YX@ !(/6=DKRP YY@ ")07>ELSP YZ@#*18?FMTP &[x3>@[Y \@|YYQ '99:2"'Econ activity cont to expand 'expand*'Economy cont to grow at a brisk pace 'brisk    ('Bus conds improved during February'improvedD'Economy is still growing, though somewhat unevenly by industry'growth/unevenlyP'Econ activity cont to advance at a healthy pace during the past two months 'healthy !"#*$'Economy cont to post moderate growth%'moderate growth&'()*R+'Economy cont to expand modestly despite weakness in some mainstay industries,'modest expansion-./01G2'Economy is still operating at a high level and growing moderately 3'high level/moderate growth45678b9'The pace of bus activity has picked up from the strong conds reported at the beg of the year:'picked up;<=>?0@'Economy cont to grow moderately last monthA'moderate growthBCDEF_G'Economy cont to expand in Feb and early Mar with some sectors reporting stronger activityH'strongerIJKLM5N'Strong performance from economy in recent weeks O'strongPQRSTYV@ &-4;BIPP YW@  '.5<CJQP YX@ !(/6=DKRP YY@ ")07>ELSP YZ@#*18?FMTP &[YzR@[Y \@}YYQ '99:39'Econ activity increased moderately in recent months'increased moderately5'The economy retains significant upward momentum 'upward momentum    ,'Econ activity cont to advance in April'advanced-'Economy cont to perform at a high level'high levelK'Economy advanced at a quicker pace in the weeks since the last report 'quicker !"#%$'Economy cont to grow moderately%'moderate growth&'()*K+'Econ conds remained strong in Mar and Apr, similar to our last report ,'strong-./012'Bus conds remained strong 3'strong45678Y9'Economy cont to flourish, though natural resources industries are still floundering:'flourish;<=>?4@'Economy expanded modestly in Mar and early AprA'modest growthBCDEF6G'Economy cont to expand in late Mar and early AprH'expandedIJKLMqN'Contact reports indicate robust econ activity in recent weeks, despite cont restraint from weak trade conds O'robustPQRSTYV@ &-4;BIPP YW@  '.5<CJQP YX@ !(/6=DKRP YY@ ")07>ELSP YZ@#*18?FMTP &[%i<@[Y \@~YYQ '99:4%'The economy continues to expand 'expandV'Economy cont to expand, though at a somewhat slower pace than in the last report 'expand/slower    /'Business activity cont to increase in May'increased#'Economy is still quite strong 'strongC'Economy cont to advance at a rapid clip in late April and May 'rapid !"#$'Moderate growth cont%'moderate growth&'()*C+'Economy cont to expand at a modest pace in May and early June,'modest expansion-./01+2'Economy cont to exhibit strong growth 3'strong45678[9'Economy cont to expand, though natural resource-based industries are still struggling :'expand;<=>?d@'Economy remained solid in May but appears to have slowed from the rapid growth of recent years A'solidBCDEFcG'In May and first week of June, economy cont to expand at roughly the same pace as last report H'dittoIJKLM;N'Reports from contacts indicated robust economic conds O'robustPQRSTYV &-4;BIPP YW@  '.5<CJQP YX@ !(/6=DKRP YY@ ")07>ELSP YZ@#*18?FMTP &[UА@[Y \@YYQ '99:5&'Econ activity cont its expansion 'expandV'Economy cont to expand, though at a somewhat slower pace than in the last report 'expand/slower    h'Overall bus activity advanced moderately in July, and consumption spending appeared tpo be robust.'advanced moderately'NA'?='Econ activity advanced at a brisk pace in June and July 'brisk !"#$'Moderate growth cont%'moderate growth&'()*`+'Conds were characterized in June and July by modest expansion and very tight labor markets,'modest expansion-./01*2'Economy cont to grow at a brisk pace 3'brisk45678"9'Pulse of economy cont strong :'strong;<=>?k@'Economy remained healthy in June and early July, but growth cont to slow from brisk rate of last yearA'healthy/slowingBCDEF?G'In late June and July, econ activity accelerated slightlyH'slight accelerationIJKLMN'Strong econ conds O'strongPQRSTYV &-4;BIPP YW@  '.5<CJQP YX@ !(/6=DKRP YY@ ")07>ELSP YZ@#*18?FMTP &[Jʷ@[Y \@YYQ '99:6,'Bus activity cont to expand moderately'expand moderately'Economy cont to expand at a moderate pace with an acceleration in manufacturing largely offset by some slowing in retail sales 'expand moderately    1'Bus conds were improving moderately in Sept'improved moderately|'Economy shows sustained strength in spending and production, labor markets remain tight, and wage growth has increased'strengthb'Econ growth slipped a notch in recent weeks from the brisk pace described in the last report'slipped a notch !"#W$'Economy is operating at a very high level and cont its moderate pace of expansion %'high level/moderate growth&'()*j+'Economy cont to expand moderately in Aug and early Sept, despite some slowing in residential housing,'moderate expansion-./01+2'Economy cont to exhibit strong growth 3'strong45678W9'Overall econ activity cont to rise, though nat resource inds are still struggling :'rise;<=>?g@'Growth in economy cont to slow in Aug, but the overall level of activity remained relatively highA'slowing/high levelBCDEFMG'In Aug and early Sept, econ activity expanded at a slightly faster rateH'slightly fasterIJKLMN'Cont strong econ conds O'strongPQRSTYV &-4;BIPP YW@  '.5<CJQP YX@ !(/6=DKRP YY@ ")07>ELSP YZ@#*18?FMTP &[Ng@[Y \@YYQ '99:74'Bus activity cont to expand at a vigorous pace'expand vigorouslyB'Econ growth has shown signs of slowing since the last report 'slowing    0'Bus activity cont on an upward path in Oct'upward path!'Bus activity remains strong 'strong'Econ activity advanced at a solid pace in late Sept and Oct, despite some easing of strength in interest-sensitive industries'solid despite easing !"#+$'Economy posted mixed growth into fall %'mixed&'()*\+'Expansion appeared to slow modestly in Sept and early Oct as consumer demand moderated,'slowed modestly-./012'Economy cont to operate at what appears to be full capacity. Contacts have noted some moderation in growth lately that they attribute partly to ongoing shortages of workers.3'full capacity/moderation45678,9'Overall economy remains highly charged:'highly charged;<=>?7@'Economy slowed further in late Sept and early Oct A'slowedBCDEF_G'In Sep and early Oct, econ activity expanded at about the same pace as reported last timeH'expandedIJKLM:N'Cont strong performance from economy in recent weeks O'strongPQRSTYV &-4;BIPP YW@  '.5<CJQP YX@ !(/6=DKRP YY@ ")07>ELSP YZ@#*18?FMTP &[ņu@[Y \@YYQ '99:8/'Economy cont to expand at a moderate pace'expand moderately3'Economy cont to expand at a fairly brisk pace 'brisk    R'Bus activity moved up, on balance, in Nov, although some sectors have slowed'moved up/slowedL'No major changes in bus conds have been observed since the last report 'ditto-'Economy cont to advance at a solid pace 'solid !"#/$'Economy cont to expand at a moderate pace%'moderate expansion&'()*i+'Economy remained strong in Oct and early Nov but was expanding more slowly than earlier in the year+,'strong, but less so=moderately strong-./01-2'Economy cont to operate at a high level3'high level4567899'Economy is entering the new millenium at full speed:'full speed;<=>?b@'Economy held steady in Oct and early Nov after showing signs of weakness in previous surveysA'held steadyBCDEFKG'In late Oct and Nov, econ activity expanded at a slightly faster paceH'slightly fasterIJKLM6N'Solid expansion of econ activity in recent weeks O'solidPQRSTYV@ &-4;BIPP YW@  '.5<CJQP YX@ !(/6=DKRP YY@ ")07>ELSP YZ@#*18?FMTP &[u\I@@[Y \@YYQ '00:1C'Reports cont to be quite positive into the early days of 2000'positive,'Econ growth shows few signs of slowing 'few signs slow    :'Activity cont at high levels at the turn of the year'high level3'Economy remains on a strong growth trajectory 'strongC'Economy expanded at a rapid pace in Dec and into the new year'rapid pace !"#/$'Economy cont to expand at a moderate pace%'moderate pace&'()*6+'Economy cont to expand moderately in Nov and Dec,'expand moderately-./01`2'Economy cont to grow at a steady pace despite slowing in real estate and weakness in agric3'steady pace4567899'Economy is entering the new millenium at full speed:'full speed;<=>?)@'Econ activity remained solid in Dec A'solidBCDEF+G'In Dec, econ activity remained strong H'strongIJKLM<N'Cont strong performance of the economy in recent weeks O'strongPQRSTYV &-4;BIPP YW@  '.5<CJQP YX@ !(/6=DKRP YY@ ")07>ELSP YZ@#*18?FMTP &[q-}@[Y \@YYQ '00:2"'Econ activity cont to expand 'expand0'Economy cont to run flat out in early 2000 'run flat out    I'Economy was expanding moderately in Feb, with gains in most sectors'expand moderately*'Growth in the economy remains strong 'strong?'Economy advanced at a quicked pace in Jan and most of Feb'quicker pace !"#-$'Economy cont to expand at a robust pace%'robust pace&'()*6+'Economy cont to expand moderately in Jan and Feb,'expand moderately-./01+2'Economy cont to operate at high level3'high level45678&9'Economy cont to look very strong :'strong;<=>?7@'Econ activity remained solid in Jan and early Feb A'solidBCDEF,G'Economy cont to expand at a brisk pace H'briskIJKLM7N'Strong performance by the economy in recent weeks O'strongPQRSTYV@ &-4;BIPP YW@  '.5<CJQP YX@ !(/6=DKRP YY@ ")07>ELSP YZ@#*18?FMTP &[Ivk@[Y \@YYQ '00:3"'Bus contacts remained upbeat 'upbeat='Growth has shown few signs of slowing since last report 'few signs slow    1'Bus activity expanded moderately in Mar&Apr'expand moderately4'Growth in econ production is moderately strong'mod. strongF'Economy remained vibrant, but expanded at a slightly slower pace'vibrant/slightly slower !"#'$'Econ activity expanded moderately%'moderate expansion&'()*'+'Economy cont to expand in Mar&Apr ,'expand-./01-2'Economy cont to grow at a moderate pace3'moderate pace45678*9'Econ. activity cont at a robust pace :'robust;<=>?.@'Economy held steady in Mar and early AprA'held steadyBCDEFBG'Econ. activity cont to expand at a brisk pace in Mar and Apr H'briskIJKLM<N'Cont strong performance by the economy in recent weeks O'strongPQRSTYV? &-4;BIPP YW@  '.5<CJQP YX@ !(/6=DKRP YY@ ")07>ELSP YZ@#*18?FMTP &[313r@[Y \@YYQ '00:4('Econ activity cont at a high level'high levelF'Most sectors have cont to grow at a sturdy pace in recent weeks. 'sturdy pace    c'Econ. activity expanded in May, but there were indications that the rate of growth was easing'expanded/easingq'Growth in econ activity has moderated from the high rates experienced during the first quarter of the year.'moderatedy'Econ growth cont at a strong pace in late April and May, although scattered signs of slowing were more in evidence.'strong/slowing !"#'$'Econ activity expanded moderately%'moderate expansion&'()*W+'Economy remained strong, but pace of expansion moderated further in April and May,'strong/moderated-./01`2'Outside of softening in some home and vehicle sales, bus. conditions remain steady overall 3'steady/(partial) softening45678 9'Econ. activity remains hot :'hot;<=>?J@'Economy showed signs of cooling in May, but remained generally solidA'cooling/solidBCDEF%G'Econ. activity increased in MayH'increaseIJKLM`N'Solid expansion of the economy, although signs of moderation were apparent in some sectorsO'solid/moderationPQRSTYV &-4;BIPP YW@  '.5<CJQP YX@ !(/6=DKRP YY@ ")07>ELSP Z&[)Q2@'Economy grew at steady pace in June and July A'steadyBCE?G'Overall activity showed signs of cooling in June and July H'coolingIJLRN'Cont solid expansion, though there were signs of moderation in some sectors.O'solid/moderationPQSYV &-4;BIPP YW@  '.5<CJQP YY@ ")07>ELSP &[`V @[Y \@YYQ '00:6 '00:7 '00:8 'BBI#2 'BBI#2a 'BBI#2b'#2 on 5-point scale'BBI#2b integrated'Original BBI#1'Balke&Petersen data 'Chg Fed funds 'Monthly equivalentv'Conversion to Closing date dating: if less than 2 weeks in month before closing, then assigned to previous month'B&P reader 1'B&P reader 2 'B&P reader avg 'B&P ntl summ avg 'BBI#2'Quarterly 'BBI#2a'Quarterly 'BBI#2b'Quarterly 'BBI#2c'Quarterly'BBI#2b integrated'Quarterly 'BBI#1'Quarterly   ' 1983:2  ' 1983:3' 1983:26@W@X@Y@Z(\(?[@V@@ @Q   ' 1983:4' 1983:32@W@X@Y@Z' y?[@V@@ @Q   ' 1983:5@@@@{Gz?Q@' 1983:38@W@X@Y@Zf8πzs?[@V@@ @Q  @X%?  ' 1983:6@@@@(\(?@' 1983:42@ W@ X@ Y@ Z'G? [@ V'NA'NA 'NA 'NA &X%  ' 1983:7@@@@' y?@ ' 1983:49 @ W @ X @ Y @ Z >D~)0? [ @ V @ @  @  Q    4g  ' 1983:8 @ @ Q @ @ Q @ @ Q @ @ Q f8πzs? 23 ? Q @ UUUUUUU@ Q  @ W @ X @ Y @ Z 6.M? [ @ V @  @   @  Q    M!>?  ' 1983:9 @ @ @ @ f8πzs? @ ' 1984:11 @ W @ X @ Y @ Z Gl X? [ @ V @  @   @  Q    Q?  ' 1983:10 @ @ @ @ 'G? @ ' 1984:19 @ W @ X @ Y @ Z ]$+s? [  V @  @   @  Q    PzG?  ' 1983:11 @  UUUUUUU@  Q @  UUUUUUU@  Q @  UUUUUUU@  Q @  @  Q >D~)0?  KX?  Q @  UUUUUUU@  Q ' 1984:26 @W @X ?Y ?Z t@@*[)?*V)@()@() @))Q) ) `zG ) ' 1986:4)@)@)@)@)h(D@)@**@+W*@+X*@+Y*@+Z*d(@+[*+V*@)*@)* @**Q* * l:m * ' 1986:5*@)*@)+Q*@)*@)+Q*@)*@)+Q*@)*@)+Q*h(D@)*|Y@)+Q*@)*UUUUUUU@)+Q+' 1988:11+@,W+@,X+@,Y+@,Z+* k#@,[+,V+@*+@*+ @++Q+ + :: + ' 1986:6+?+?+?+?+$@+,' 1988:18,@-W,@-X,@-Y,@-Z,(Jޖuh@-[,@-V,@+,@+, @,,Q, , d1? , ' 1986:7,?,,,,$@,?-' 1988:24-@.W-@.X-@.Y-@.Z-9UQC@.[-.V-@,-@,- @--Q- - KK? - ' 1986:8--,.Q--,.Q--,.Q--,.Q-B Z2 @-ݤn@,.Q-?-?,.Q.' 1988:31.@/W.@/X.@/Y.@/Z. "U@/[./V.@-.@-. @..Q. . hz?1? . ' 1986:9.-.-.-.-.B Z2 @-.?-/' 1988:36/@0W/@0X/@0Y/@0Z/ f@0[/0V/@./@./ @//Q/ / 0::?/ ' 1986:10/@ /@ /@ /@ /HL@ /@ 0' 1988:420@1W0@1X0@1Y0?1Z0##n@1[01V0@/0@/0 @00Q0 0 ?0 ' 1986:110@!0UUUUUUU@/1Q0@!0UUUUUUU@/1Q0@!0@/1Q0@!0UUUUUUU@/1Q06vN@!0)<e@/1Q0@!0@/1Q1' 1988:481@2W1@2X1?2Y1?2Z1.bNƞ@2[1?2V1@01@01 @11Q1 1 ףp= ף?1 ' 1986:121@01@01@01@016vN@01@022@3W2@3X2@3Y2@3Z22@@3[2?3V2@12@12 @22Q2 2 X%?2 2@"2@"2@"2@"2 p1<@"2@"3' 1989:113@4W3@4X3@4Y3@4Z3'p(Ѳ@4[3@4V3@23@23 @33Q3 3 ]@l* ? 3 ' 1987:23@#3@24Q3@#3UUUUUUU@24Q3@#3UUUUUUU@24Q3@#3UUUUUUU@24Q3Of@#3?ZwD@24Q3@#3UUUUUUU@24Q4' 1989:1845W45X45Y45Z4;7Mˮ@5[45V4@34@34 @44Q4 4 @__? 4 ' 1987:34@#4@#4@#4@#4Of@#4@#5' 1989:2556W56X56Y56Z5sтGm@6[56V5@45@45 @55Q5 5 6 5 ' 1987:45@$5@$5@$5@$5Ի@$5@$6' 1989:3267W67X67Y67Z6[cM@7[67V6@56@56 @66Q6 6 gJC 6 ' 1987:56@56UUUUUUU@57Q6@56@57Q6@56UUUUUUU@57Q6@56@57Q6Ի@56;@57Q6@56?57Q7' 1989:387@8W7@8X7?8Y7?8Z7S1a%@8[7?8V7@67@67 @77Q7 7 @Tr 7 ' 1987:67@%7@%7@%7@%7O&9@%7?%8' 1989:448@9W8@9X89Y89Z8S1a%@9[89V8@78@78 @88Q8 8  8 ' 1987:78@&8@&8@&8@&8V{@&8@&9' 1989:499:W9:X9:Y9:Z9a@:[9:V9@89@89 @99Q9 9 ` 9 ' 1987:89@'9UUUUUUU@8:Q9@'9@8:Q9@'9UUUUUUU@8:Q9@'9UUUUUUU@8:Q9!;J@'9ox/*%@8:Q9'9@8:Q::@;W:@;X:?;Y:?;Z::=І@;[:;V:@9:@9: @::Q: : SH : ' 1987:9:@(:@(:@(:@(:'@(:@(;' 1990:11;@<W;@<X;?<Y;?<Z;GE@<[;?<V;@:;@:; @;;Q; ; @Ur ; ' 1987:10;@(;@(;@(;@(;'@(;@(<' 1990:18<@=W<@=X<@=Y<@=Z<c_7 @=[<@=V<@;<@;< @<<Q< < LwZ?< ' 1987:11<@)<UUUUUUU@;=Q<@)<UUUUUUU@;=Q<@)<@;=Q<@)<@;=Q<>t@@)<Rc6c@;=Q<?)<?;=Q=' 1990:25=>W=>X=>Y=>Z=Lƞ@>[=>V=@<=@<= @==Q= = M!>= ' 1987:12=@<=@<=@<=@<=>t@@<=?<>' 1990:32>?W>?X>?Y>?Z>Q{M@?[>?V>@=>@=> @>>Q> > ,;Y-o> >@*>@*>@*>@*>d(@*>*?' 1990:38?@W?@X?@Y?@Z?52t4c@@[?@V??>?@>? ???Q? ? =qФ ? ' 1988:2?@>?@>@Q?@>?@>@Q?@>?@>@Q?@>?UUUUUUU@>@Q?d(@>?,@>@Q?>?>@Q@' 1990:44@AW@AX@AY@AZ@4(œ@A[@AV@?@?@ @@Q@ @ K~ @ ' 1988:3@@+@@+@@+@@+@* k#@+@+A' 1990:49ABWABXABYABZAOt@B[ABVA@A@A AAQA A 1y A ' 1988:4A@,A@,A@,A@,A(Jޖuh@,A@,BBCWBCXBCYBCZB5$r@C[BCVBABAB BBQB B (l B ' 1988:5B@-B@ACQB@-BUUUUUUU@ACQB@-B@ACQB@-BUUUUUUU@ACQB9UQC@-Bk]f@ACQB-BACQC' 1991:11CDWCDXCDYCDZC X@D[CDVCBCBC CCQC C W|W| C ' 1988:6C@BC@BC@BC@BC9UQC@BCBD' 1991:18DEWDEXDEYDEZD)a@E[D@EVD?CDCD DDQD D 1N D ' 1988:7D@.D@.D@.D@.D "U@.D.E' 1991:25E@FWE@FXE@FYE@FZEbYMU@F[E@FVE@DE@DE @EEQE E Lw E ' 1988:8E@/EUUUUUUU@DFQE@/E@DFQE@/E@DFQE@/E@DFQE f@/EB@DFQE/EUUUUUUUDFQF' 1991:32FGWF?GXFGYFGZFbYMU@G[F@GVF@EF?EF @FFQF F / 6? F ' 1988:9F@0F@0F@0F?0F##n@0F0G' 1991:38GHWGHXGHYGHZGδ. @H[G?HVG@FG?FG @GGQG G `ffffffG ' 1988:10G@0G@0G@0G?0G##n@0G0H' 1991:43HIWHIXHIYHIZH)@L'@I[HIVH@GH?GH ?HHQH H rhH ' 1988:11H@1H@GIQH@1H@GIQH?1H@GIQH?1HUUUUUUU@GIQH.bNƞ@1HiѦj @GIQH?1H?GIQI' 1991:49IJWIJXIJYIJZI ՗N@J[IJVI?HIHI ?IIQI I ʡEI ' 1988:12I@2I@2I@2I@2I2@@2I?2JJKWJKXJKYJKZJ)'?}@K[JKVJIJIJ JJQJ J >TJ J@2J@2J@2J@2J2@@2J?2K' 1992:12K@LWK@LXK@LYK@LZKU9@L[K@LVK@JK@JK @KKQK K m۶mۦ K ' 1989:2K@3KUUUUUUU@JLQK@3K@JLQK@3K@JLQK@3KUUUUUUU@JLQK'p(Ѳ@3KǰWʷ.@JLQK@3K@JLQL' 1992:19L@MWL@MXL@MYL@MZL^ئ@M[L@MVL@KL@KL @LLQL L \>\>\>\Q{M@>\>]' 1994:25]@^W]@^X]Q@^Y]Q@^Z]5g@^[]^V]@\]@\] @]]Q] ] &? ] ' 1990:8]?]UUUUUUU\^Q]?]\^Q]?]UUUUUUU\^Q]?]\^Q]52t4c@?]\h@\^Q]?]\^Q^' 1994:31^@_W^@_X^\(\@_Y^@_Z^1D6@_[^@_V^@]^@]^ @^^Q^ ^ %u? ^ ' 1990:9^?^?^?^?^52t4c@?^?_' 1994:37_@`W_@`X_Gz@`Y_Gz@`Z_b 0@`[_`V_@^_@^_ @__Q_ _ i6?_ ' 1990:10_@_@_@_@_4(œ@@_@`' 1994:44`@aW`@aX`\(\@aY`\(\@aZ` e]@a[`@aV`@_`@_` @``Q` ` yy?` ' 1990:11`A`_aQ`A`_aQ`A`_aQ`A`UUUUUUU_aQ`Ot@A`'4@_aQ`A`UUUUUUU_aQa' 1994:49a@bWa@bXa@bYa@bZa=fM@b[abVa@`a@`a @aaQa a @,{ќ?a ' 1990:12aBaBaBaBa5$r@BaBbb@cWb@cXb@cYb@cZbʬE @c[b?cVb@ab@ab @bbQb b `Yc?b babababab5$r@abac' 1995:11c?dWcdXc?dYcdZc v7@d[cdVc@bc@bc @ccQc c N贑? c ' 1991:2cCcbdQcCcbdQcCcbdQcCcUUUUUUUbdQc X@Cc:ʵ'5@bdQcCcUUUUUUUbdQd' 1995:19d?eWdeXdeYdeZdK-@e[deVd@cd@cd @ddQd d QQ? d ' 1991:3dcdcdcdcd X@cdce' 1995:25e?fWe?fXefYefZeK-@f[efVe@de@de @eeQe e 6i e ' 1991:4eDeDeDeDe)a@De@Df' 1995:32f@gWf@gXf@gYf@gZf,@g[fgVf@ef@ef @ffQf f @HWA f ' 1991:5f@EfUUUUUUU@egQf@Ef@egQf@Ef?egQf@Ef@egQfbYMU@Efc"@egQf@Ef@egQg' 1995:37g@hWg@hXg?hYg?hZg0 1-E@h[ghVg@fg@fg @ggQg g C}v g ' 1991:6g@Eg@Eg@Eg@EgbYMU@Eg@Eh' 1995:44h@iWh@iXh@iYh@iZhxl@i[hiVh@gh@gh @hhQh h ~v4? h ' 1991:7hFh?FhFhFhbYMU@Fh@Fi' 1995:49i@jWi@jXi@jYi@jZi>@j[ijVi@hi@hi @iiQi i @˕? i ' 1991:8iGihjQiGihjQiGihjQiGihjQiδ. @GiI:@hjQi?Gi?hjQjjkWjkXjkYjkZj[=@k[jkVj@ij@ij @jjQj j +@5 j ' 1991:9jHjHjHjHj)@L'@HjHk' 1996:11k@lWk@lXk@lYk@lZk5@5@l[k@lVk@jk@jk @kkQk k P:mk ' 1991:10kHkHkHkHk)@L'@HkHl' 1996:19l@mWl@mXl@mYl@mZl<@m[l@mVl@kl@kl @llQl l 333333l ' 1991:11lIlkmQlIlkmQlIlkmQlIlUUUUUUUkmQl ՗N@IlbHx"[@kmQlIlUUUUUUUkmQm' 1996:25m@nWm@nXm@nYm@nZm!kd∲P@n[m@nVm@lm@lm @mmQm m m ' 1991:12mJmJmJmJm)'?}@JmJn' 1996:32n@oWn@oXn@oYn@oZn]]Bt@o[noVn@mn@mn @nnQn n oC a?n nJnJnJnJn)'?}@JnJo' 1996:37o@pWo@pXo@pYo@pZo;U@p[o?pVo@no@no @ooQo o 4 o ' 1992:2o@KonpQo@KoUUUUUUU?npQo@KonpQo@KonpQoU9@Kor(@npQo@Ko@npQp' 1996:44p@qWp@qXp@qYp@qZpF@q[pqVp@op@op @ppQp p l˕ p ' 1992:3p@Kp@Kp@Kp@KpU9@Kp@Kq' 1996:49q@rWq@rXq@rYq@rZq1'ұ=@r[qrVq@pq@pq @qqQq q u?? q ' 1992:4q@Lq@Lq@Lq@Lq^ئ@Lq@Lrr@sWr@sXr@sYr@sZrp=a\@s[r?sVr@qr@qr @rrQr r 0K_k? r ' 1992:5r?Mr@qsQr@Mr@qsQr(\?MrQ@qsQr(\?Mr0b/@qsQr\W@Mr دS5@qsQr?Mr@qsQ s' 1997:s@tWs@tXs@tYs@tZsA|S@t[s?tVs ` s ' 1992:6s?Ms@Ms(\?Ms(\?Ms\W@Ms?M t' 1997:t@uWt@uXt@uYt@uZtXo$@u[t?uV:t'5 ?rrz@<<@123>>CORREL(t ĦҐs? t ' 1992:7tNtNtQNtQNtpS0@NtN u' 1997:u@vWu@vXu@vYu@vZu8@%@v[uvVu :m? u ' 1992:8ututvQututvQuQtuQQtvQuQtuA t@tvQupS0@tutZ@tvQututvQ v' 1997:v@wWv@wXv@wYv@wZv!G:mM@w[v@wVv 6i? v ' 1992:9v?Ov@OvxGz?OvQ?Ov*/t3@Ov@O w' 1997:w@xWw@xXw@xYw@xZwFd@x[w@xVw ?w ' 1992:10wPw@Pw ףp= ףPw(\•@Pww9@Pw@P x' 1997:x@yWx@yXx@yYx@yZxReב@y[xyVx %X%x ' 1992:11x@Qx@wyQx@Qx@wyQxp= ףp@Qx`,Œ_,@wyQxp= ףp@Qx0b/@wyQxj{S U@QxĤ@wyQx@Qx@wyQ y' 1997:y@zWy@zXy@zYy@zZy@z[yzVy ֣p= ף?y ' 1992:12y@Ry@Ryp= ףp@Ryp= ףp@Ry4 i`@Ry@Rzz@{Wz@{Xz@{Yz@{Zz]1Np@{[z?{Vz M!>?z z@Rz@Rzp= ףp@Rzp= ףp@Rz4 i`@Rz@R {' 1998:{@|W{@|X{@|Y{@|Z{s4R'7@|[{|V{ ĦҐ { ' 1993:2{@S{UUUUUUU@z|Q{@S{@z|Q{{Gz@S{`,Œ_,@z|Q{{Gz@S{`,Œ_,@z|Q{nڰw @S{ntT^@z|Q{?S{@z|Q |' 1998:|@}W|@}X|@}Y|@}Z|-T@}[|?}V| (\( | ' 1993:3|@{|@{|{Gz@{|{Gz@{|nڰw @{|?{ }' 1998:}@~W}@~X}@~Y}@~Z}PeZ@~[}@~V} N贁? } ' 1993:4}@T}@T}HzG@T}HzG@T}!95@T}T ~' 1998:~@W~@X~@Y~@Z~;cp˃@[~V~ 7 Mj>? ~ ' 1993:5~@}~@}Q~@}~UUUUUUU@}Q~HzG@}~)\(\@}Q~HzG@}~K~@}Q~!95@}~@}Q~}~}Q ' 1998:@W@X?Y?Zh{U2@[V շ㡄?  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n@nn Pn@nnn n^ NAnnnnnnnnnnnn@nnPn@nn!n"n#n$n%n&n(n)n*n+n, n-' NAn/?n!n(Qoooooooooo o o o o o@oo Po@oooooooooooooooo@ooPo@oo!o"o#o$o%o&o(o)o*o+o,o-o/?o!o(Qpppppppppp p p p p p@pp Pp@ppp ppppppppppppp@ppPp@pp!p"p#p$p%p&p(p)p*p+p,p-p/?p!p(Qqqqqqqqqqq q q q q q@qq Pq@qqqqqqqqqqqqqqqq@qqPq@qq!q"q#q$q%q&q(q)q*q+q,q-q/?q!q(Qrrsss'corr of Reader 1 and 2:s!>抜?!q!(q(z@<<@123>>CORREL(:t­yԏ?qqz@<<@123>>CORREL(tt:t˩4G+?qqz@<<@123>>CORREL(:tH?qqz@<<@123>>CORREL(t 'corr with Payneu'corr with Payneuu:u4//\E?qqz@<<@123>>CORREL(u 'corr with Reader 1vvw&wxx yy"zz{*{!|*|} } ~~ *!&** 'release date'cover date'Red book cover date'FOMC meeting 'Fed Chairman  'Output# '(key: D,G,L are 3 evaluators)'Output change'Labor markets'Labor markets change'Inflation'Inflation change"'Consumer sector&'Consumer sector change*'Construction sector .'Construction sector change2'Manufacturing sector!6'Manufacturing sector change:'Output change 'Year 'Month 'Quarter 'BBRD 'BBCD 'RBCD 'FOMC 'Serial 'Code  'Chair  'O-D  'O-G  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