U.S. Economic Expansion Longest on Record: Can the "New Economy" Take the Credit?
The U.S. economy is in its ninth year of continuous growth, the longest expansion on record, surpassing that of the Kennedy/Johnson expansion years in the 1960s. The leading economic indicators Leading economic indicators
Economic series that tend to rise or fall in advance of the rest of the economy. are still positive, but the Federal Reserve has raised interest rates. Will high growth and low inflation deteriorate de·te·ri·o·rate
1. To grow worse in function or condition.
2. To weaken or disintegrate. into stagnation Stagnation
A period of little or no growth in the economy. Economic growth of less than 2-3% is considered stagnation. Sometimes used to describe low trading volume or inactive trading in securities.
A good example of stagnation was the U.S. economy in the 1970s. and recession? Or could conditions even get better?
At this time last year, the nation was worried about the Asian financial crisis and whether it would bring a U.S. recession. This year, things are different; there are few signs of an impending im·pend
intr.v. im·pend·ed, im·pend·ing, im·pends
1. To be about to occur: Her retirement is impending.
One way to measure the short-run Adj. 1. short-run - relating to or extending over a limited period; "short-run planning"; "a short-term lease"; "short-term credit"
short - primarily temporal sense; indicating or being or seeming to be limited in duration; "a short life"; "a ebbs and flows in the U.S. economy is with the Recession Barometer; a national forecasting firm, the WEFA WEFA Wharton Econometric Forecasting Associates
WEFA Weir Farm National Historic Site (US National Park Service)
WEFA Water Earth Fire Air
WEFA Women Economic Empowerment Association Group, developed this index. The Recession Barometer is a composite of many economic indicators Economic indicators
The key statistics of the economy that reveal the direction the economy is heading in; for example, the unemployment rate and the inflation rate. , and it measures the likelihood of a recession in the next 12 months. The lower the number on the barometer, the more likely a recession.
Figure 1 shows the Recession Barometer from 1992 through 1999. During that period, the U.S. economy had two close calls with a recession. One was in 1995, and another occurred approximately ap·prox·i·mate
1. Almost exact or correct: the approximate time of the accident.
2. a year ago.
At present, the barometer is at or near a two-year high, and the chance of a recession is small. In the next 12 months, there is only a 15 percent chance of a recession; last year at this time, there was a 35 percent chance of a recession.
Why is the U.S. Economy Stronger?
Since last year, a number of factors have caused the improved outlook. They are:
* Consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. is stronger than anticipated.
* The "Asian Flu Asian Flu may refer to:
* The Federal Reserve lowered interest rates early last year.
* State and local governments have been spending more than predicted.
The result of this stronger economy is that the Federal Reserve is no longer worried about a recession. They now think inflation is the danger, and they began raising interest rates late last year in an attempt to cool an overheated o·ver·heat
v. o·ver·heat·ed, o·ver·heat·ing, o·ver·heats
1. To heat too much.
2. To cause to become excited, agitated, or overstimulated.
The U.S. Economy
The U.S. outlook calls for slightly slower Gross Domestic Product (GDP GDP (guanosine diphosphate): see guanine. ) growth and a slight inflation increase (Table 1). In 2000, the GDP will increase about 3.2 percent, which is down from 4.0 percent in 1999. Prices will increase by about 2.5 percent per year compared to 2.1 percent in 1999.
Even though a recession in the next 12 months is unlikely, there are some risks for the U.S. economy.
* International risks. Although the Asian Flu is over, some areas such as Brazil Brazil (brəzĭl`), Port. Brasil, officially Federative Republic of Brazil, republic (2005 est. pop. 186,113,000), 3,286,470 sq mi (8,511,965 sq km), E South America. , Korea Korea (kôrē`ə, kə–), Korean Hanguk or Choson, region and historic country (85,049 sq mi/220,277 sq km), E Asia. , and China are still experiencing economic problems. If these areas go into recession, it will affect U.S. exports.
* Commodity inflation. Increased worldwide growth resulting from the end of the Asian Flu may lead to increased commodity prices. In contrast, commodity (including energy) prices have been stable or declining in the past few years.
* Stock market crash. This is the one event that is probably big enough to stop the juggernaut Juggernaut, India: see Puri.
(Jagannath) huge idol of Krishna drawn through streets annually, occasionally rolling over devotees. [Hindu Rel.: EB, V: 499]
See : Destruction U.S. economy. A major stock market crash would have two effects. First, it would kill consumer confidence and greatly affect consumer wealth and purchases. Secondly, a stock market crash would quickly end the tax revenue growth due to capital gains and put a damper damp·er
1. One that deadens, restrains, or depresses: Rain put a damper on our picnic plans.
2. An adjustable plate, as in the flue of a furnace or stove, for controlling the draft. on growth of state and local government spending Government spending or government expenditure consists of government purchases, which can be financed by seigniorage, taxes, or government borrowing. It is considered to be one of the major components of gross domestic product. .
Is There a New Economy?
Some say forecasts of 3.2 percent GDP growth and 2.5 percent inflation are too pessimistic pes·si·mism
1. A tendency to stress the negative or unfavorable or to take the gloomiest possible view: "We have seen too much defeatism, too much pessimism, too much of a negative approach" . They believe the nation is experiencing a new phenomenon--a "new economy" that will be much more productive.
New economy advocates say the U.S. economy is more productive than ever, and that the nation will have even faster growth with less inflation. Others believe temporary factors and special circumstances special circumstances n. in criminal cases, particularly homicides, actions of the accused or the situation under which the crime was committed for which state statutes allow or require imposition of a more severe punishment. are responsible for the improved economy. Following is a look at both sides.
Between 1996 and 1999, the U.S. economy grew faster than 3 percent, and three of those years were in excess of 4 percent. Economists This is an alphabetical list of notable economists. Economists are experts in the science of economics. There is also a list of politicians and statesmen with economic training. used to think that the long-term Long-term
Three or more years. In the context of accounting, more than 1 year.
1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. potential growth rate was somewhere around 2.5 percent, and that this many years of faster-than-sustainable growth combined with tighter and tighter labor markets labor market A place where labor is exchanged for wages; an LM is defined by geography, education and technical expertise, occupation, licensure or certification requirements, and job experience should lead to inflation. But according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. the numbers, inflation had actually been declining most of this period.
What reconciles these trends of fast growth and no inflation? The answer is increases in labor productivity. During most of the past few decades, labor productivity has been growing by about 1 percent annually. In more recent years, the Years, The
the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109]
See : Time annual increases have been about 2 percent.
Why has labor productivity increased? The new economy boosters point out that U.S. businesses were on an investment binge during much of the 1990s. A large portion of the investment was in computers and information technology, and these investments are now paying off in increased labor productivity.
The new economy proponents expect faster growth, low inflation, continued growth in business profits, and no crash in the stock market.
While these are convincing arguments, detractors also have credible arguments. They agree that there has been fast growth, low inflation, and increased measured labor productivity. But they believe that these factors don't don't
1. Contraction of do not.
2. Nonstandard Contraction of does not.
A statement of what should not be done: a list of the dos and don'ts. necessarily make for a new economy. They argue that recent trends have occurred for several reasons, including:
* Measured labor productivity typically increases late in the business cycle, and we are certainly late in the current cycle.
* Inflation is low because energy and commodity prices fell during much of the 1996 to 1999 period but are now starting to rise.
* Health care costs have been contained by HMOs, but we don't know Don't know (DK, DKed)
"Don't know the trade." A Street expression used whenever one party lacks knowledge of a trade or receives conflicting instructions from the other party. how much longer the HMOs can keep the lid on health care inflation,
In addition, these skeptics point out that the measured productivity increases are not where we expect. The biggest labor productivity increases have been occurring in manufacturing, and we would expect them to occur throughout the computer-using sectors of the economy.
Both of these arguments have merit. Whether these conditions are due to a new and more productive economy or to good luck and some fortuitous circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact.
2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or remains to be seen. At any rate, the U. S. economy is strong and a recession in the near future is unlikely.
New Data Provide New Perspectives
Montana Montana (mŏntăn`ə), Rocky Mt. state in the NW United States. It is bounded by North Dakota and South Dakota (E), Wyoming (S), Idaho (W), and the Canadian provinces of British Columbia, Alberta, and Saskatchewan (N). and most of its communities have grown during the 1990s, with the state's traditional basic industries contributing to these trends. A look at Gross State Product (GSP GSP Good Scientific Practice
GSP Generalized System of Preferences
GSP Gross State Product
GSP German Shorthaired Pointer (dog breed)
GSP Geometer's Sketchpad (KTP Technologies geometry software)
GSP Georges St. ) data provide new perspectives into the role of these industries.
GSP, which measures the value of production in Montana, is easier to conceptualize con·cep·tu·al·ize
v. con·cep·tu·al·ized, con·cep·tu·al·iz·ing, con·cep·tu·al·iz·es
To form a concept or concepts of, and especially to interpret in a conceptual way: on the national level. Gross Domestic Product (GDP) is the most used method of measuring an economy. GDP is the value of goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. produced in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , which are evaluated at market prices.
The value measure of production is more difficult to conceptualize at the state level because only part of most goods' production occurs in a single state. For example, only part of the new house sold in Seattle Seattle (sēăt`əl), city (1990 pop. 516,259), seat of King co., W Wash., built on seven hills, between Elliott Bay of Puget Sound and Lake Washington; inc. 1869. was produced with a Montana product, only part of the steak dinner bought in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. was produced with Montana beef. But GSP does measure the production that occurs in Montana regardless of where the final good or service is consumed con·sume
v. con·sumed, con·sum·ing, con·sumes
1. To take in as food; eat or drink up. See Synonyms at eat.
In addition, GSP provides a common unit of measurement. It is directly comparable to GDP for the United States, which is now the most widely-used unit to compare economies around the world.
In the past, we have used employment and labor income data to describe the Montana economy in terms of how we are employed and where we earn our income. Gross State Product allows us to go a step further and describe the Montana economy in terms of what is produced.
What difference does this make? In general, capital-intensive Capital-intensive
Used to describe industries that require large investments in capital assets to produce their goods, such as the automobile industry. These firms require large profit margins and/or low costs of borrowing to survive. industries such as agriculture and mining appear larger when they are measured using value of production measures such as GSP. On the other hand, labor-intensive la·bor-in·ten·sive
Requiring or having a large expenditure of labor in comparison to capital: "Intrigue and subversion are labor-intensive undertakings" George F. Kennan. industries like nonresident non·res·i·dent
1. Not living in a particular place: nonresident students who commute to classes.
2. travel generally decrease using this measure.
Montana's basic industries provide a good example. These are the industries that generally produce products that are sold outside the state and are responsible for injecting new funds into the state's economy. The GSP produced in each basic industry is measured in terms of the new price index denoted as chained 1992 dollars.
To be specific, last year when we used labor income, agriculture represented about 11 percent of the economic base. Using GSP, this number rises to 18 percent. Mining shows the biggest difference. Using labor income, it represented about 10 percent of the state's economic base. Using Gross State Product, this figure rises to 21 percent. In contrast, nonresident travel decreased, accounting for about 16 percent of the state's economic base using labor income but only 9 percent using GSP.
A New Economy for Montana?
The GSP data help shed some light on labor productivity in Montana, and there is some evidence that we may be experiencing aspects of the new economy in Montana.
There has been a dramatic change in labor productivity for three of the industries that benefit most from information technology and computerization--wholesale trade, retail trade, and services (Figure 1). Each of these industries has experienced a noticeable acceleration in labor productivity.
For example, labor productivity in wholesale trade grew 5.6 percent per year in 1995-1997 period, up from 3 percent per year during the 1982-1995 period.
Retail trade experienced an annual increase in labor productivity of 4.1 percent per year from 1995-1997, up from -0.9 percent from 1982-1997.
Labor productivity in the services industry declined in both time periods, but there was a significant improvement during the most recent. Between 1982 and 1995, the decline was 1.8 percent per year. That improved to -.03 percent per year during the 1995 to 1997 period.
The trend is obvious. In each of these major sectors, which together account for almost 55 percent of the jobs, we see a marked improvement in labor productivity growth.
Nonfarm labor income is also used to measure growth in the Montana economy (Figure 3). Unlike Gross State Product, which is available only with a long lag, nonfarm labor income is estimated several times a year and provides an up-to-date measure of economic performance. The rates of growth in GSP and nonfarm labor income are almost identical in the long run.
Population continues to be an important measure of Montana's economic performance. With the 2000 census underway, population becomes an important political issue for Montanans. For example, will Montana regain its second congressional seat?
Montana has experienced significant population growth since 1990, but almost all of it occurred before 1996 (Table 1). Since 1997, the state's population has been stable at about 880,000. Two years ago, we projected that Montana's population would be about 920,000 in the year 2000. But the forecast for 2000 has been trimmed down to about 885,000.
Montana's population forecast for 2010 has also been scaled back. The most recent projection projection, in psychology: see defense mechanism.
See rear-projection TV, front-projection TV and LCD panel.
(theory) projection - In domain theory, a function, f, which is (a) idempotent, i.e. is for 970,000 people. Two years ago, the forecast was for slightly more than one million people in the year 2010. The slowdown For articles with similar titles, see Slow Down (disambiguation).
A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. may reflect the renewed re·new
v. re·newed, re·new·ing, re·news
1. To make new or as if new again; restore: renewed the antique chair.
2. prosperity in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, , which has resulted in fewer Californians migrating to Montana.
When Montana's population was growing rapidly early in the 1990s, it was a safe bet that we would regain our second congressional seat. But the currently stable population combined with continued growth elsewhere in the nation means that Montanans will have to wait and see how the arithmetic turns out in order to determine whether or not we get our second seat back.
Since 1992, Montana's annual growth rate has been greater than 2 percent. We used to think that 2 percent per year was the long-run adj. 1. relating to or extending over a relatively long time; as, the long-run significance of the elections s>.
Adj. 1. long-run potential rate for the Montana economy. How long will the "above average" growth continue? New economy advocates might say it will continue indefinitely in·def·i·nite
Not definite, especially:
a. Unclear; vague.
b. Lacking precise limits: an indefinite leave of absence.
c. . But the Bureau's forecast calls for continued 3.5 percent growth in 2000, with the growth rate slipping back to between 2 percent and 2.5 percent in later years.
This forecast calls for greater than 2 percent growth and may seem relatively optimistic op·ti·mist
1. One who usually expects a favorable outcome.
2. A believer in philosophical optimism.
op to some people. But as always, risks plague plague, any contagious, malignant, epidemic disease, in particular the bubonic plague and the black plague (or Black Death), both forms of the same infection. forecasts.
The major risk is still the possibility of a U.S. recession caused by a sizable siz·a·ble also size·a·ble
Of considerable size; fairly large.
siza·ble·ness n. and sustained stock market crash. Another risk is the possibility of one of the state's large plants closing. Some of them are old, and several of them have new owners. And since agriculture is the state's dominant industry, Montanans always have to worry about the weather, world markets, and insects Insects
See also ants; bees; biology; butterflies; zoology.
a fear of itching or of the mites or ticks that cause it.
perception by means of the air, said to be a function of the antennae of insects. . Also, specific industries have a number of individual risks. For example, timber supply issues continue to be a concern for the state's wood products industry.
Economic Trends for the U.S Economy, 1996-2004 Actual and Projected as of January 2000 Actual Projected 1996 1997 1998 1999 2000 2001 Real GDP (chained $), percent change 3.7 4.5 4.3 4.0 3.2 3.4 Inflation (CPI-U), percent change 2.9 2.3 1.6 2.1 2.5 2.5 Interest rates 90-day T-bills, percent 5.0 5.1 4.8 4.6 5.5 5.6 Mortgage rates, percent 7.7 7.7 7.1 7.5 7.7 7.8 Housing starts, millions 1.5 1.5 1.6 1.7 1.5 1.4 Unemployment rate, percent 5.4 4.9 4.5 4.2 4.4 4.3 2002 2003 2004 Real GDP (chained $), percent change 3.3 3.1 3.1 Inflation (CPI-U), percent change 2.3 2.5 2.5 Interest rates 90-day T-bills, percent 5.6 5.6 5.6 Mortgage rates, percent 7.6 7.5 7.5 Housing starts, millions 1.4 1.4 1.4 Unemployment rate, percent 4.6 4.6 4.7 Source: The WEFA Group (January 2000). Montana GSP Per Worker Chained 1992 Dollars 1982-1995 1995-1997 Wholesale Trade 3.0 5.6 Retail Trade -0.9 4.1 Services -1.8 -0.3 Source: U.S. Bureau of Economic Analysis. Gross State Product and Basic Industry Gross Product Montana, 1982-1999 1999 Gross Product (Chained 1992 dollars) Total gross state product $ 18,479 Total basic gross product $5,099 100% Agriculture $924 18% Wood & paper products $412 8% Railroad $487 10% Nonresident travel $449 9% Mining $1,048 21% Selected manufacturing $881 17% Military $239 5% Federal government $658 13% Sources: Bureau of Economic Analysis, U.S. Department of Commerce; Bureau of Business and Economic Research, The University of Montana-Missoula; and Research and Analysis Bureau, Montana Department of Labor and Industry. Population, Montana and BEA Regions 1990-2010 Thousands of Persons Actual Projected 1990 1999 2000 2010 Montana 799 883 885 970 West 334 390 394 444 Missoula 79 89 92 105 Flathead 59 72 74 88 Butte-Anaconda 44 45 43 40 Lewis & Clark 47 54 55 62 Ravalli 25 35 37 43 Rest of West 79 95 93 106 North Central 156 153 152 155 Cascade 78 79 80 81 Hill 18 17 17 17 Valley 8 8 8 8 Restof North Central 52 49 47 49 Southeast 309 340 339 371 Yellowstone 113 126 129 144 Gallatin 50 63 66 74 Rest of Southeast 146 151 144 153 Average Annual Percent Change 1990-1999 2000-2010 Montana 1.1% 0.9% West 1.7% 1.2% Missoula 1.3% 1.3% Flathead 2.2% 1.7% Butte-Anaconda 0.2% -0.7% Lewis & Clark 1.6% 1.2% Ravalli 3.8% 1.5% Rest of West 2.0% 1.3% North Central -0.2% 0.2% Cascade 0.1% 0.1% Hill -0.6% 0.0% Valley 0.0% 0.0% Restof North Central -0.7% 0.4% Southeast 1.1% 0.9% Yellowstone 1.2% 1.1% Gallatin 2.6% 1.1% Rest of Southeast 0.2% 0.6% Source: Bureau of the Census, U.S. Department of Commerce; Bureau of Business and Economic Research, The University of Montana-Missoula. Actual and Projected Percent Change in Nonfarm Labor Income, Montana 1992-2004 Percent 92 4.7 93 4.1 94 3.2 95 2.3 96 3.1 97 2.4 98 6.2 99 2.2 00 3.5 01 2.7 02 1.9 03 2.2 04 2.3 Sources: Bureau of Economic Analysis, U.S. Department of Commerce; Bureau of Business and Economic Research, The University of Montana-Missoula; and Research and Analysis Bureau, Montana Department of Labor and Industry.
MISSOULA Missoula (mĭz`lə), city (1990 pop. 42,918), seat of Missoula co., W Mont., on the Clark Fork of the Columbia River; inc. 1889. COUNTY
Outlook for Missoula County
Missoula continues as the state's second largest trade and service center, next to Billings. The Gross County Product numbers remind us that the traditional economic mainstays of wood and paper products and transportation (both rail and trucking) continue to be major contributors to Missoula's economy. The latest data show Missoula's traditionally high unemployment rate at less than 3.5 percent, a figure not seen for decades.
Percent of Population Age 65 and Older County Rank Percent age 65 and older Missoula 51 10.6 Ravalli 35 14.6 Lake 36 14.4 Sanders 31 15.6 Mineral 41 13.4 Actual and Projected Percent Change in Nonfarm Labor Income, Missoula County 1992-2004 (In Constant 1998 Dollars) Percent 92 8.3 93 5.5 94 2.1 95 3.7 96 4.5 97 2.6 98 6.9 99 4.3 00 4.7 01 3.8 02 3.0 03 3.2 04 3.3 Gross County Product and Basic Industry Gross Product Missoula County, 1982-1999 1999 Gross Product (Chained 1992 dollars) Total gross county product $2,210 Total basic gross product $711 100% Trade center activity $217 31% Wood and paper products $114 16% Transportation $181 25% Nonresident travel $26 4% Other basic $22 3% University of Montana $67 9% Federal government $84 12% Sources: Bureau of Economic Analysis, U.S. Department of Commerce; Bureau of Business and Economic Research, The University of Montana-Missoula; and Research and Analysis Bureau, Montana Department of Labor and Industry.
FLATHEAD Flathead, river, Canada and the United States
Flathead (flăt`hĕd), river, c.240 mi (390 km) long, rising as the North Fork, in SE British Columbia, Canada, and flowing generally SE through NW Montana, to Coram, where it is joined by COUNTY
Outlook for Flathead County
Flathead County was among the fastest growing counties in Montana List of 56 counties in the U.S. state of Montana. Montana has two consolidated city-counties—Anaconda with Deer Lodge County and Butte with Silver Bow County. The portion of Yellowstone National Park that lies within Montana was not part of any county until 1997, when part of it during the 1990s. But the growth was volatile With regard to computer memory, it means "temporary" and not "highly changeable," which is the usual meaning of the word. See volatile memory.
1. (programming) volatile - volatile variable.
2. (storage) volatile - See non-volatile storage. , ranging from about 8 percent in 1992 and 1993, to roughly 1 percent in 1997. The sharp increase in 1998 and the decline in 1999 reflect the Columbia Falls Columbia Falls is the name of several places in the United States:
Percent of Population Age 65 and Older County Rank Percent age 65 and older Flathead 44 12.8 Lincoln 37 14.5 Glacier 53 9.4 Lake 36 14.4 Actual and Projected Percent Change in Nonfarm Labor Income, Flathead County 1992-2004 (In Constant 1998 Dollars) Percent 92 7.5 93 7.6 94 3.4 95 2.3 96 5.3 97 1.3 98 13.6 99 -1.7 00 4.2 01 3.2 02 2.5 03 2.7 04 2.9 Gross County Product and Basic Industry Gross Product Flathead County, 1982-1999 1999 Gross Product (Chained 1992 dollars) Total gross county product $1,470 Total basic gross product $483 100% Selected manufacturing $61 13% Wood products $103 21% Primary metals $54 11% Trade center activity $47 10% Nonresident travel $52 11% Agriculture & other $39 8% Transportation $78 16% Federal government $49 10% Sources: Bureau of Economic Analysis, U.S. Department of Commerce; Bureau of Business and Economic Research, The University of Montana-Missoula; and Research and Analysis Bureau, Montana Department of Labor and Industry.
Outlook for Butte-Silver Bow and Anaconda-Deer Lodge lodge
Originally an insubstantial dwelling, or one erected for a temporary occupational purpose (e.g., woodcutting or masonry) or for use during the hunting season. The lodge became a more permanent type of house as the lands around European mansions were developed as parks. Counties
BUTTE Butte, city, United States
Butte (byt), city (1990 pop. 33,336), seat of Silver Bow co., SW Mont.; inc. 1879. It is a trade, ranching, and industrial center. AND ANACONDA Anaconda, city, United States
Anaconda (ănəkŏn`də), city (1990 pop. 10,278), seat of Deer Lodge co., SW Mont.; inc. 1887. COUNTIES
The construction impacts of the Advanced Silicon plant in Butte turned out to be much larger than anticipated, accounting for the sizable labor income increases in 1997 and 1998. The production workforce is smaller than the construction workforce, leading to the 1999 decline. The large Gross County Product figures for the Montana Power Company are due to high average labor productivity for the utility industry. These numbers may change as the company's recent reorganization The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent. becomes incorporated into the data. The recently announced plan to sell Montana Power Company assets may affect the Butte-Anaconda economy. But there are not yet enough details to accurately estimate the impacts.
Percent of Population Age 65 and Older County Rank Percent age 65 and older Silver Bow 30 15.9 Deer Lodge 10 18.6 Beaverhead 45 12.7 Granite 26 16.2 Actual and Projected Percent Change in Nonfarm Labor Income, Butte-Silver Bow and Anaconda-Deer Lodge Counties, 1992-2004 [In Constant 1998 Dollars) Percent 92 4.1 93 1.8 94 0.5 95 3.4 96 -3.3 97 12.3 98 13.8 99 -2.9 00 2.2 01 2.3 02 1.6 03 1.9 04 2.1 Gross County Product and Basic Industry Gross Product Butte-Silver Bow and Anaconda-Deer Lodge Counties, 1982-1999 1999 Gross Product (chained 1992 dollars) Total grass county product $878 Total basic gross product $410 100% Mining $108 26% Selected manufacturing $24 6% Utility HQ and related $208 51% Other $2 [less than]1% Nonresident travel $17 4% Education and institutions $25 6% Federal government $26 6% Sources: Bureau of Economic Analysis, U.S. Department of Commerce; Bureau of Business and Economic Research, The University of Montana-Missoula; and Research and Analysis Bureau, Montana Department of Labor and Industry.
CASCADE COUNTY Cascade County refers to:
Outlook for Cascade County
Malmstrom Air Force Base Malmstrom Air Force Base (mälm`strəm, mălm`–), U.S. military installation, 3,573 acres (1,446 hectares), W central Mont., E of Great Falls; est. 1942. and trade center activities account for more than one-half of Cascade County's economic base. Great Falls Great Falls, city (1990 pop. 55,097), seat of Cascade co., N central Mont., second largest city in the state, at the confluence of the Missouri and Sun rivers and near the falls that give the city its name; inc. 1888. serves as a trade and service center for Northeast “Northeastern” redirects here. For the Boston college, see Northeastern University, Boston.
Northeast or north east is the ordinal direction halfway between north and east. It is the opposite of southwest. See boxing the compass. Montana, the region most dependent on agriculture. Productivity increases on farms and ranches have stabilized sta·bi·lize
v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es
1. To make stable or steadfast.
2. or possibly reduced employment. The rapid, nonfarm labor income growth in 1998 can be attributed to construction.
Percent of Population Age 65 and Older County Rank Percent age 65 and older Cascade 40 13.4 Chouteau 9 18.9 Teton 27 16 Fergus 8 18.9 Actual and Projected Percent Change in Nonfarm Labor Income, Cascade County 1992-2004 (In Constant 1998 Dollars) Percent 92 3.7 93 0.8 94 1.4 95 2.2 96 3.5 97 0.3 98 5.0 99 3.6 00 2.9 01 2.2 02 1.3 03 1.6 04 1.8 Gross County Product and Basic Industry Gross Product Cascade County, 1982-1999 1999 Gross Product (Chained 1992 dollars) Total gross county product $1,675 Total basic gross product $564 100% Nonresident travel $24 4% Agriculture $63 11% Malmstrom AFB $195 35% Selected manufacturing $47 8% Trade center activity $111 20% Education & other $44 8% Transportation $52 9% Federal government $29 5% Sources: Bureau of Economic Analysis, U.S. Department of Commerce; Bureau of Business and Economic Research, The University of Montana-Missolua; and Research and Anaysis Bureau, Montana Department of Labor and Industry.
LEWIS & CLARK COUNTY Clark County is the name of twelve counties in the United States of America:
Outlook for Lewis & Clark County
The precipitous drop in employment during 1999 must be interpreted with a grain of salt. Last year, there were also decreases in the latest employment data, but later revisions moderated the trend. Helena Helena.
1 Town (1990 pop. 7,491), seat of Phillips co., E central Ark., on the Mississippi River and at the southern end of Crowley's Ridge; inc. 1833. depends on state and federal government and neither is likely to be a growth engine in the near future. However, recent construction activity associated with the military has boosted the economy and is likely to continue to do so for at least another year.
Percent of Population Age 65 and Older County Rank Percent age 65 and older Lewis & Clark 47 11.9 Jefferson 52 9.7 Broadwater 25 16.2 Meagher 12 18.2 Powell 39 13.6 Actual and Projected Percent Change in Nonfarm Labor Income, Lewis & Clark County 1992-2004 (In Constant 1998 Dollars) Percent 92 6.4 93 3.6 94 5.3 95 3.9 96 3.5 97 0.5 98 4.7 99 2.5 00 2.3 01 2.2 02 1.6 03 1.8 04 2.0 Gross County Product and Basic Industry Gross Product Lewis & Clark County, 1982-1999 1999 Gross Product (Chained 1992 dollars) Total gross county product $1,310 Total basic gross product $537 100% Federal government $88 16% Trade center activity $75 14% Transportation and utilities $79 15% State government $187 35% Agriculture and other $22 4% Selected manufacturing $46 9% Education $40 7% Sources: Bureau of Economic Analysis, U.S. Department of Commerce; Bureau of Business and Economic Research, The University of Montana-Missoula; and Research and Analysis Bureau, Montana Department of Labor and Industry.
Outlook for Yellowstone Yellowstone, river, 671 mi (1,080 km) long, rising in NW Wyo., and flowing NE through Mont. to enter the Missouri River near the N.Dak. line; it drains c.70,400 sq mi (182,340 sq km). The Yellowstone receives the Bighorn, Powder, Tongue, and many smaller rivers. County
Labor income growth has slowed slightly since the early 1990s. The spike A burst of extra voltage in a power line that lasts only a few nanoseconds. See power surge, power swell, sag and surge suppression.
(jargon) spike - To defeat a selection mechanism by introducing a (sometimes temporary) device that forces a specific result. in 1998 was caused by construction activity. In Yellowstone County, Billings continues as Montana's major trade and service center. Wholesale trade is one of the largest components of trade center activity in Billings, and there is still some worrisome softness in the latest data for this industry.
Percent of Population Age 65 and Older County Rank Percent age 65 and older Yellowstone 42 13.1 Park 33 14.9 Madison 28 16 Sweet Grass 16 17.8 Custer 21 17.1 Actual and Projected Percent Change in Nonfarm Labor Income, Yellowstone County 1992-2004 (In Constant 1998 Dollars) Percent 92 4.3 93 3.9 94 3.3 95 1.9 96 2.2 97 2.3 98 6.3 99 2.8 00 3.2 01 2.4 02 1.6 03 1.9 04 2.1 Gross County Product and Basic Industry Gross Product Yellowstone County, 1982-1999 1999 Gross Product (Chained 1992 dollars) Total gross county product $3,030 Total basic gross product $1,115 100% Agriculture and mining $68 6% Oil and refining $238 21% Trade center activity S376 34% Nonresident travel $49 4% Higher education $22 2% Transportation $150 14% Selected manufacturing $95 9% Federal government $117 10% Sources: Bureau of Economic Analysis, U.S. Department of Commerce; Bureau of Business and Economic Research, The University of Montana-Missoula; and Research and Analysis Bureau, Montana Department of Labor and Industry.
GALLATIN COUNTY Gallatin County is the name of three counties in the United States:
Outlook for Gallatin County
Gallatin County has consistently posted some of the fastest income growth during the 1990s. The Bozeman Bozeman, city (1990 pop. 22,660), seat of Gallatin co., SW Mont.; inc. 1883. Named after John M. Bozeman, who led settlers here in 1864, it is the hub of a farming and ranching area; tourism and lumber are also important. The Big Sky ski area is just southwest. area has been a center for high-tech high-tech also hi-tech
Of, relating to, or resembling high technology.
same as hi-tech
Adj. 1. manufacturing, and the recent improvement in international markets has led to growing sales for many of these firms. Unemployment rates in Gallatin County have been among the lowest in Montana's major cities. Much of the nonresident travel industry is located outside Bozeman, in Big Sky, and West Yellowstone.
Percent of Population Age 65 and Older County Rank Percent age 65 and older Gallatin 54 8.8 Park 33 14.9 Madison 28 16 Stillwater 38 14 Actual and Projected Percent Change in Nonfarm Labor Income, Gallatin county 1992-2004 (In Constant 1998 Dollars) Percent 92 7.6 93 6.9 94 7.8 95 6.0 96 6.3 97 4.9 98 7.8 99 4.8 00 4.9 01 4.0 02 3.1 03 3.4 04 3.5 Gross County Product and Basic Industry Gross Product Gallatin County, 1982-1999 1999 Gross Product (Chained 1992 dollars) Total gross county product $1,400 Total basic gross product $505 100% Agriculture $51 10% Trade center activity $85 17% Nonresident travel $90 18% Selected manufacturing $113 22% Mining, rail, & other $11 2% Montana State University $120 24% Federal government $35 7% Sources: Bureau of Economic Analysis, U.S. Department of Commerce; Bureau of Business and Economic Research, The University of Montana-Missoula; and Research and Analysis Bureau, Montana Department of Labor and Industry.
Outlook for Ravalli County
Gross County Product data does not, unfortunately, take into account the commuters who live in Ravalli County but work in Missoula. We have presented commuter earnings as an addendum addendum n. an addition to a completed written document. Most commonly this is a proposed change or explanation (such as a list of goods to be included) in a contract, or some point that has been subject of negotiation after the contract was originally proposed by to the Gross County Product graph. Much of the recent population growth was in northern Ravalli County and represents an expansion of the Missoula area economy. Population growth will continue, but at slower rates. Wood products is the major basic industry as measured by Gross County Product.
Percent of Population Age 65 and Older County Rank Percent age 65 and older Ravalli 35 14.6 Missoula 51 10.6 Sanders 31 15.6 Mineral 41 13.4 Granite 26 16.2 Actual and Projected Percent Change in Nonfarm Labor Income, Ravalli County 1992-2004 (In Constant 1998 Dollars) Percent 92 11.3 93 8.7 94 10.1 95 4.0 96 5.7 97 4.1 98 9.3 99 2.9 00 3.6 01 3.8 02 3.0 03 3.2 04 2.8 Gross County Product and Basic Industry Gross Product Ravalli County, 1982-1999 1999 Gross Product (Chained 1992 dollars) Total gross county product $415 Total basic gross product $112 100% Nonresident travel $6 5% Agriculture and mining $7 6% Wood products $30 27% Trucking $13 12% Medical research $16 14% Other manufacturing $16 14% Federal government $24 21% Sources: Bureau of Economic Analysis, U.S. Department of Commerce; Bureau of Business and Economic Research, The University of Montana-Missoula; and Research and Analysis Bureau, Montana Department of Labor of Industry.
HILL & VALLEY COUNTIES
Hill and Valley County
1. A road composed of parallel steel rails supported by ties and providing a track for locomotive-drawn trains or other wheeled vehicles.
2. and agriculture dominate the economic base in both Hill and Valley counties. In Hill County, the recent increase in mining is primarily due to the oil and gas industry. Hill County trade center activity is mostly associated with health care. In Valley County many Glasgow Glasgow, city, Scotland
Glasgow (glăs`gō, –kō, glăz`gō), city (1991 pop. 688,500) and council area, S central Scotland, on the river Clyde. merchants serve residents of nearby rural areas, but the outflow of shoppers and others is larger to Havre Havre (hăv`ər), city (1990 pop. 10,201), seat of Hill co., N Mont., on the Milk River; inc. 1892. Founded in 1887 with the coming of the railroad, it is a processing and shipping center for a livestock and wheat region. and even to Great Falls and Billings.
HILL & VALLEY COUNTIES Gross County Product and Basic Industry Gross Product, Hill County, 1982-1999 1999 Gross Product (Chained 1992 dollars) Total gross county product $388 Total basic gross product $191 100% Agriculture $55 29% Railroad $89 47% Trade Center Activity $6 3% Communication $3 2% Nonresident travel $1 [less than] 1% Mining $20 10% Higher Education $7 4% Manufacturing $2 1% Federal government $8 4% Percent Change in Nonfarm Labor Income, Hill County, 1992-2004 (In Constant $1999) Percent 92 -1.0 93 1.0 94 1.0 95 2.0 96 4.6 97 0.9 98 1.8 99 2.3 00 1.8 01 1.7 02 1.8 03 1.5 04 1.6 Gross County Product and Basic Industry Gross Product, Valley County, 1982-1999 1999 Gross Product (Chained 1992 dollars) Total gross county product $157 Total basic gross product $64 100% Agriculture $21 33% Railroad $27 42% Mining $6 9% Nonresident travel $3 5% Federal government $7 11% Percent Change in Nonfarm Labor Income, Valley County, 1992-2004 (In Constant $1999) Percent 92 2.0 93 1.4 94 -0.7 95 0.3 96 3.1 97 1.7 98 1.5 99 1.7 00 1.4 01 1.3 02 1.7 03 1.3 04 1.5
Paul Paul, 1901–64, king of the Hellenes (1947–64), brother and successor of George II. He married (1938) Princess Frederika of Brunswick. During Paul's reign Greece followed a pro-Western policy, and the Cyprus question was temporarily resolved. E. Polzin is director of The University of Montana-Missoula The University of Montana is a state university located in Missoula, Montana, USA. The school was founded in 1893. It is the largest campus in the five-campus University of Montana System. Bureau of Business and Economic Research.