Economic 2

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held interest rates steady for most of 1997 and 1998 during which time the economy moved forward at a slow pace. Inflation was kept in check, the federal deficit declined, and unemployment was at near-record lows throughout the country. Despite this, there was little upward pressure on wages and, in general, consumers have seen some slight interest in their purchasing power. By late 1998, there was an increase in wages in some service industries and among computer and technical professionals; this has led to some increase in service prices.
Consumer spending as measured through retail sales generally increased throughout the country during 1997 and 1998 with sales of durable goods (such as home furnishings and appliances) posting steady increases. These increases indicated that the economy continued to experience growth, but at a slow pace. This growth was also reflected in manufacturing where gains were seen in the Midwest and east. Construction materials and related goods ...

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