Events affecting L.A.'s economic indicators in 2004.

Events Affecting L.A.'s Economic Indicators in 2004

February 10    Unexpected cut in OPEC quota and cold weather
               contribute to higher oil prices.

February 11    Dow Jones Industrials closed at highest level
               in more than 2-1/2 years.

March 25       Fourth quarter GDP rose 4.1 percent.

April 30       International oil prices hit a 3-1/2 year high.

May 27         First quarter GDP grew at a 4.4 percent annual rate.

June 30        Federal funds rate increased by 25 basis points
               bringing the rate up to 1.25 percent. It is over
               four years since the Fed last tightened rates.

August 9       Fitch removes California from Rating Watch Negative.

August 10      Federal funds rate raised from 1.25 percent to 1.50
               percent.

August 24      S&P raised California's credit rating from "BBB" to "A".

August 27      Second quarter GDP grew at a 2.8 percent annual rate.

September 21   Federal funds rate raised from 1.50 percent to 1.75
               percent.

October 29     GDP grew at a 3.7 percent rate in the third quarter.

November 10    Federal funds rate raised from 1.75 percent to 2.00
               percent.

December 14    Federal funds rate raised from 2.00 percent to 2.25
               percent.

December 22    GDP grew at a 4.0 percent annual rate in the third
               quarter.