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• W1536421476 abstract "The Tenth District economy improved somewhat in 1992, but the pace of growth remained slow. The performance of major sectors of the region's economy was mixed. While the construction sector boomed, weak manufacturing continued to hamper economic growth across the district. Economic performance differed greatly across the seven district states. The Kansas economy surged due to strong growth in construction and services, and Colorado and New Mexico recorded modest growth. Oklahoma, Wyoming, Missouri, and Nebraska did not fare as well due to problems in manufacturing and trade. The district economy will probably gather some momentum in 1993 as the national economy picks up. District manufacturing may improve slightly, but the region's robust construction sector may lose strength. Moreover, two of the region's key industries--agriculture and energy--are likely to provide little additional economic stimulus. Overall, the district economy is expected t grow modestly in 1993. This article reviews the district's economic performance in 1992 and explores the outlook for 1993. The first section compares the overall performance of the district with the nation in 1992. The second section reviews the recent performance and outlook for the district's industries. The third section surveys the wide-ranging performance of district states in 1992 and discusses each state's outlook for the year ahead. IMPROVEMENT FOR THE DISTRICT ECONOMY IN 1992 While the district continued to grow slowly in 1992, it grew more strongly than in 1991. As the nation struggled to recover from its recession of 1990-91, the district pulled ahead due to its generally favorable mix of industries. But weak manufacturing continued to hamper economic growth in 1992. Two broad measures of economic performance, employment and income growth, both improved in the district last year and continued to outpace the nation.(1) Nonfarm employment in the district grew 0.6 percent, while nonfarm employment in the nation slipped 0.5 percent (Chart 1).(2)(Chart 1 omitted) The average civilian unemployment rate for the first three quarters of 1992 stood at 5.6 percent in the district, well below the nation's 7.4 percent rate. Real nonfarm personal income in the district grew 1.8 percent in 1992, compared with 1.6 percent nationwide (Chart 2).(3)(Chart 2 omitted) The increase in district employment in 1992 reversed a 0.1 percent decline in 1991. The improvement, however, was not spread evenly across individual district states. Employment in Kansas, New Mexico, and Oklahoma grew faster in 1992 than in 1991 (Chart 3).(Chart 3 omitted) Jobs continued to grow in Colorado, but not quite as fast as in 1991. Missouri continued to lose jobs, but at a much more modest pace than the year before. And, after rising in 1991, employment in Wyoming and Nebraska ebbed slightly in 1992. Real nonfarm personal income in the district grew 1.8 percent in 1992, somewhat faster than the 1.4 percent rise in 1991 (Chart 4).(Chart 4 omitted) Income growth accelerated across most states in the region. New Mexico, Oklahoma, Wyoming, Kansas, and Nebraska all had stronger growth in 1992 than in 1991. Colorado and Missouri, on the other hand, saw income growth slip some from its 1991 pace. REVIEW AND OUTLOOK BY SECTOR The district's mix of industries helped soften the blow of the national recession of 1990-91 and also helped the district outperform the nation in 1992. Two keys to the better regional performance were a jump in construction jobs and a less severe decline in manufacturing jobs in 1992 (Table 1). (Table 1 omitted) The performance of other sectors of the district economy was mixed. Job losses continued to plague many sectors, and performance worsened in the mining, service, wholesale trade, federal government, and transportation sectors. But retail trade, state and local government, and the financial sector all improved in 1992. …" @default.
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• W1536421476 date "1993-01-01" @default.
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• W1536421476 title "The Tenth District: Moving Ahead Slowly" @default.
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