Economy: June 8, 2001
Productivity dropped to the lowest levels since 1993, falling at a revised annual rate of 1.2 percent for non-farm business output the first quarter of 2001 and decreasing 2.1 percent for manufacturing during the same period, according to the Department of Labor; the department revised its original productivity figure to reflect a revised lower rate of economic growth during the quarter...Federal Reserve governor Edward Kelley announced plans to resign from the seven-member board; the president appoints Fed governors, who, with the 12 regional Fed bank presidents, determine monetary policy; Kelley said he would remain in his position until one of the existing two vacant seats are filled.
