Cross Timbers Business Report, Volume 6, Number 4, Summer 1992 Page: 2
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the number of available jobs. Services represented the
fastest growing sector, while government, finance, insur-
ance, real estate, transportation, public utilities, trade,
manufacturing, and construction noted smaller advances.
Mining was the only major sector reporting job losses.
Texas' jobless ratio averaged 6.4 percent between April
and June of 1991.
Joblessness has been a continuing problem during
this business cycle. The unemployment rate rose immedi-
ately after the recession began in mid-1990. The reces-
sion officially ended in early 1991, but jobless statistics
remained high, and even increased over the past year.
Most analysts attribute this pattern to the economic upturn's
weak growth rate, which has averaged less than two
percent over the past four quarters. Others see more
fundamental sources. In a recent Wall Street Journal
article, A. Gary Schilling argues that high debt levels and
productivity improvements in the service sector imply aslow job market, possibly for the rest of the decade.
Labor market data are collected and reported on a
monthly basis by the Bureau of Labor Statistics. All
values are adjusted for seasonal variations.
UNEMPLOYMENT RATES
U.S., TexasPercent
91
Source: Bureau of Labor StatisticsI 92
Local Dairy Farmers Continue Output Gains
Data recently released by the Texas Milk Market
Report indicate that milk output in two Cross Timbers
counties continued to expand through the first six months
of 1992. These counties also maintained their relative
positions among Texas counties between January and
June.
A total of 540.1 million pounds of milk was produced
on Erath county's 194 dairy farms between January and
June. This total reflects gains of 3.2 percent and 8.3 percent
over 1991 and 1990 values. Over this time span, Erath
remained the state's top milk producing county.
Comanche county maintained the fastest milk output
growth rate among Texas' top ten counties during 1992's
first six months. Its 137 million pound total is 21 percent
greater than the 1991 value and 23.1 percent above the
MILK PRODUCTION
Area Counties, January - JuneSource: Texas Milk Market Reoort
figure posted for 1990. Between January and June,
Comanche county was Texas' third largest milk producer.
The Cross Timbers area continues to be a major milk
producer for the state. During the first half of this year,
Erath and Comanche counties accounted for 23.5 percent
of the state's total output.
Interest Rates Steady
The Federal Reserve maintained an "even keel"
monetary policy during the second quarter, as it attempted
to keep inflation in check while resisting the sluggish
economy's tendency toward higher unemployment. As a
result of this policy, interest rates showed little movement
between April and June. Interest rates on both short and
long-term debt securities were significantly below their
levels for the same three months in 1991.
The interest rate on three-month Treasury bills de-
clined from 3.8 percent in April to 3.6 percent in May, then
moved to 3.7 percent in June. During the second quarter of
1991, this rate averaged 5.6 percent.
The Aaa corporate bond rate held at 8.3 percent in
April and May, then slipped to 8.2 percent in June. The
interest rate on this low-risk, long-term debt instrument
averaged 8.9 percent during the same three months of last
year.
The prime rate is the interest percent which banksMillions of Pounds
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Tarleton State University. Department of Social Sciences. Cross Timbers Business Report, Volume 6, Number 4, Summer 1992, periodical, Summer 1992; Stephenville, Texas. (https://texashistory.unt.edu/ark:/67531/metapth298195/m1/2/: accessed April 30, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Tarleton State University.