Board of Governors of the Federal Reserve System

from studying the past and the present, I will lay out some of the conditions...from the actions of individual economic agents and not from the directives

from increased net imports and from goods and services produced by the...from abroad. But these safety valves that have been supplying goods and

from business and other contacts outside the Federal Reserve and is not...from the twelve Federal Reserve Districts suggested continued growth in

from economic activity and from risk-taking in financial markets, where...from the sharp drop in equity prices immediately following September 11

from August to September, and seemed softer than the national trend in...from cost containment rather than revenue gains. One contact suggested

from April to May. Around one-half of the manufacturers surveyed noted...from firms in many industries and from nonprofit institutions. However

from the typical postwar business cycle has emerged in recent years. Not...from its rather tepid pace during the preceding quarter century but that

From early January to mid-February, labor markets loosened slightly, while...from October through January. A ski resort in Montana reported good snow

from certain job-security provisions. Some of these renegotiations have...from November to December. Both the auto and steel industries reported

from mid-November to early January, labor markets weakened and overall...from a year earlier. Bank directors noted that recent homebuilding and