Overview of the Current Labor Market

Transcription

1 November 2017 Overview of the Current Market The analysis below is based on the most current labor market data available at any point in time. Supply The number of South Dakotans who would be available to staff a new or expanding business, or South Dakota's labor supply, was estimated at 51,080 in October Included in this labor supply are those who currently hold jobs (and would like to change) and those who, for a variety of reasons, do not have jobs. South Dakota Supply October 2017 Force This data is seasonally adjusted. Preliminary estimates show the October 2017 South Dakota labor force increased over the month by 300 workers (0.1%) to 459,100 workers. The level of unemployed increased by 200 (1.3 percent) to 16,000. Page 1 of 21

2 South Dakota Unemployment Rates by County Not seasonally adjusted October 2017 Notes about labor force data The unemployment rate represents the number of unemployed as a percent of the labor force. People are classified as unemployed if they do not have jobs, have actively looked for work in the prior four weeks and are currently available for work. People who were not working and were waiting to be recalled to jobs from which they were temporarily laid off are also included as unemployed. force estimates for South Dakota are produced by the Market Information Center in cooperation with the U.S. Bureau of Statistics. The concepts and definitions underlying the labor force data come from the Current Population Survey (CPS), the household survey which is the official measure of the labor force for the nation. The statewide estimate of the number of nonfarm jobs is a component of the model used to produce the labor force estimates. Other data used in this model include the number of continued unemployment insurance claims and survey data from the Current Population Survey (CPS) which is specific to the state. Although state specific data is used in the production of the labor force estimates for South Dakota, the state monthly model estimates are controlled in "real time" to sum to national monthly labor force estimates from the CPS. Therefore, variation in the estimates of the employed and unemployed are somewhat controlled by what is happening nationally. Page 2 of 21

3 South Dakota Nonfarm Wage & Salaried Workers by Industry This data is not seasonally adjusted. Over-the-month comparisons Based on a monthly survey of South Dakota establishments, preliminary estimates show the total nonfarm wage and salaried worker level decreased by 800 (or 0.2 percent) from September 2017 to October The Leisure and Hospitality sector experienced the largest worker loss, decreasing by 2,100 workers (4.3 percent), correlating with the end of the tourist season. Construction decreased by 200 workers (0.8 percent) from September 2017 to October Historically, the construction sector peaks in the summer as crew workers fix the roads and highways across the state and continue until cold weather starts. Professional and Business Services increased by 400 workers (1.3 percent) to 31,800 in October 2017 compared to 31,400 in September. Other Services had an over-the-month gain of 200 workers (1.2 percent). Education and Health Services increased by 300 workers (0.4 percent) over the month to 71,400 in October This sector continues to grow and expand overall. Retail Trade decreased over the month by 200 (0.4 percent), dropping from 52,400 in September 2017 to 52,200 in October Manufacturing increased by 300 workers (0.7 percent) to 42,200 in October 2017 compared to 41,900 in September Financial Activities had a loss of 100 workers (0.3 percent). Over-the-year comparisons Based on a monthly survey of South Dakota establishments, preliminary estimates show the total nonfarm wage and salaried worker level increased by 600 (0.1 percent) from October 2016 to October Since 2005, the South Dakota total nonfarm worker level has continued to trend upward. Leisure and Hospitality decreased by 600 (1.3 percent) over the year to 47,300 workers in October Worker levels in this sector commonly fluctuate due to the seasonality of this sector, depending on the time of year. Worker level trends for this sector have been fairly consistent, typically peaking in August and reflecting lower levels during January and February. Retail Trade lost 2,100 workers (3.9 percent), decreasing to a level of 52,200 in October The Construction sector levels fell over the year, with the employment level decreasing by 400 workers (1.7 percent) by October Historically, worker levels in this industry hit highs during the summer months and decline when colder weather hits. Page 3 of 21

4 Education and Health Services increased over the year to 71,400 in October 2017, gaining 300 workers (0.4 percent). The Education and Healthcare Services sector has remained fairly stable and has continued to trend upward. The aging population continued to impact the demand for health care services. The Professional and Business Services sector increased over-the-year by 500 workers (1.6 percent) to 31,800. The Wholesale Trade worker level decreased over the year by 200 workers (0.9 percent) to 21,100 workers in October The Wholesale Trade sector includes establishments engaged in wholesaling merchandise, as well as rendering services incidental to the sale of merchandise. Manufacturing experienced an increase over the year of 100 workers (0.2 percent). Worker levels had been steadily trending upward until the recession hit in Since then, worker levels have continued to trend upward overall. Durable Goods decreased over-the-year by 200 workers (0.7 percent). Durable Goods, such as cars, refrigerators and mobile phones, are not for immediate consumption and are able to be kept for a period of time. Non-Durable Goods increased by 300 workers (2.0 percent). Non-Durable Goods are immediately consumed in one use or have a lifespan of less than three years. Examples of Non-Durable Goods are cosmetics, cleaning supplies, food and fuel. The Other Services sector gained 100 workers (0.6 percent), rising to a level of 16,300 workers in October Other Services include a wide variety of activities, including repair and maintenance, personal and laundry services, religious, grant making, private households and other similar organizations. Historical trends reflect consistent fluctuations with worker levels increasing during the summer months and declining in the spring months. Financial Activities gained 500 workers (1.7 percent), reaching a level of 29,800 workers in October Worker levels within this sector had been trending upward, with a high point in Although a downturn occurred in 2014, worker levels have been trending upward again. Government increased by 1,500 workers (1.9 percent) to a level of 81,700 in October The Government sector includes Federal, State and Local Government. Page 4 of 21

5 South Dakota Nonfarm Worker Levels Not Seasonally Adjusted Percent Change Industries October 2017 September 2017 October 2016 Last Month Last Year TOTAL 438, , , % 0.1% Total Private 356, , , % -0.3% Goods Producing 66,900 66,800 67, % -0.3% Service Providing 371, , , % 0.2% Private Service Providing 289, , , % -0.2% Mining/Logging/Construction 24,700 24,900 25, % -1.2% Mining and Logging 1,100 1,100 1, % 10.0% Construction 23,600 23,800 24, % -1.7% Construction of Buildings 6,000 6,100 6, % 0.0% Heavy/Civil Engineering Construction 4,300 4,500 4, % -6.5% Speciality Trade Contractors 13,300 13,200 13, % -0.8% Manufacturing 42,200 41,900 42, % 0.2% Durable Goods 27,100 27,000 27, % -0.7% Non-Durable Goods 15,100 14,900 14, % 2.0% Trade, Transportation & Utilities 87,400 87,800 89, % -1.9% Wholesale Trade 21,100 21,100 21, % -0.9% Retail Trade 52,200 52,400 54, % -3.9% Transportation/Warehousing/Utilities 14,100 14,300 13, % 4.4% Information 5,900 5,900 5, % 3.5% Financial Activities 29,800 29,900 29, % 1.7% Professional Business Services 31,800 31,400 31, % 1.6% Education/Health Service 71,400 71,100 71, % 0.4% Educational Services 7,900 7,700 7, % 0.0% Health Care/Social Assistance 63,500 63,400 63, % 0.5% Hospitals 24,800 24,900 24, % 1.2% Leisure/Hospitality 47,300 49,400 47, % -1.3% Other Services (except Public Administration) 16,300 16,100 16, % 0.6% Government 81,700 80,900 80, % 1.9% Federal Government 11,900 11,900 11, % 5.3% State Goverment 19,100 19,200 19, % -1.0% State Education 10,300 10,100 10, % 0.0% Local Government 50,700 49,800 49, % 2.2% Local Education 27,500 26,100 27, % 1.1% Notes: 2017 data is preliminary and subject to revision. Data may not sum to totals because of rounding. Source: Market Information Center, South Dakota Department of and Regulation. Produced in cooperation with the U.S. Bureau of Statistics Access historical South Dakota nonfarm wage and salaried worker data. See the definition of nonfarm wage and salaried workers. See technical notes about nonfarm worker estimates. Page 5 of 21

6 Rapid City Metropolitan Statistical Area (MSA) Nonfarm Worker Levels Not Seasonally Adjusted Percent Change Industry October 2017 September 2017 October 2016 Last Month Last Year TOTAL 68,700 69,200 67, % 1.6% Total Private 57,100 58,000 56, % 1.2% Goods Producing 8,000 8,100 7, % 2.6% Service Providing 60,700 61,100 59, % 1.5% Private Service Providing 49,100 49,900 48, % 1.0% Mining/Logging/Construction 5,000 5,100 5, % 0.0% Manufacturing 3,000 3,000 2, % 7.1% Trade/Transportation/Utilities 13,700 13,800 13, % -1.4% Wholesale Trade 2,500 2,500 2, % 0.0% Retail Trade 9,500 9,400 9, % -1.0% Transportation/Warehousing/Utilities 1,700 1,900 1, % -5.6% Information % 0.0% Financial Activities 4,000 4,000 4, % 0.0% Professional/Business Services 5,300 5,200 5, % 1.9% Educational/Health Services 11,600 11,600 11, % 1.8% Leisure/Hospitality 10,500 11,300 10, % 4.0% Other Services 3,100 3,100 3, % 0.0% Government 11,600 11,200 11, % 3.6% Notes: 2017 data is preliminary and subject to revision. Data may not sum to totals because of rounding. Source: Market Information Center, South Dakota Department of and Regulation. Produced in cooperation with the U.S. Bureau of Statistics. Access historical Rapid City MSA nonfarm wage and salaried worker data. See the definition of nonfarm wage and salaried workers. See the definition of the Rapid City MSA. See technical notes about nonfarm worker estimates. Page 6 of 21

7 Sioux Falls Metropolitan Statistical Area (MSA) Nonfarm Worker Levels Not Seasonally Adjusted Percent Change Industry October 2017 September 2017 October 2016 Last Month Last Year TOTAL 154, , , % 0.1% Total Private 140, , , % 0.2% Goods Producing 22,300 22,200 22, % 0.9% Service Providing 132, , , % -0.1% Private Service Providing 118, , , % 0.1% Mining/Logging/Construction 8,700 8,700 8, % 1.2% Manufacturing 13,600 13,500 13, % 0.7% Trade/Transportation/Utilities 32,300 32,600 33, % -2.1% Wholesale Trade 8,400 8,400 8, % 1.2% Retail Trade 18,300 18,600 19, % -4.7% Transportation/Warehousing/Utilities 5,600 5,600 5, % 1.8% Information 2,500 2,600 2, % 0.0% Financial Activities 15,500 15,600 15, % -1.9% Professional/Business Services 15,500 15,300 14, % 4.0% Educational/Health Services 32,300 32,000 31, % 1.9% Leisure/Hospitality 15,100 16,200 15, % -1.3% Other Services 5,200 5,100 5, % 2.0% Government 13,600 13,800 13, % -1.5% Notes: 2017 data is preliminary and subject to revision. Data may not sum to totals because of rounding. Source: Market Information Center, South Dakota Department of and Regulation. Produced in cooperation with the U.S. Bureau of Statistics. Access historical Sioux Falls MSA nonfarm wage and salaried worker data. See the definition of nonfarm wage and salaried workers. See the definition of the Sioux Falls MSA. See technical notes about nonfarm worker estimates. Page 7 of 21

8 South Dakota Supply October 2017 Area Unemployed Underemployed Discouraged Workers Total Supply South Dakota 13,815 33,165 4,090 51,080 Rapid City MSA 2,360 5, ,075 Sioux Falls MSA 3,850 11, ,205 Aurora County Beadle County Bennett County Bon Homme County Brookings County 530 1, ,240 Brown County 555 1, ,190 Brule County Buffalo County Butte County Campbell County Charles Mix County Clark County Clay County ,175 Codington County 420 1, ,655 Corson County Custer County Davison County ,340 Day County Deuel County Dewey County Douglas County Edmunds County Fall River County Faulk County Page 8 of 21

9 South Dakota Supply, continued October 2017 Area Unemployed Underemployed Discouraged Workers Total Supply Grant County Gregory County Haakon County Hamlin County Hand County Hanson County Harding County Hughes County ,160 Hutchinson County Hyde County Jackson County Jerauld County Jones County Kingsbury County Lake County Lawrence County 395 1, ,610 Lincoln County 750 1, ,470 Lyman County Marshall County McCook County McPherson County Meade County ,095 Mellette County Miner County Minnehaha County 2,885 9, ,195 Moody County Oglala Lakota County ,165 Pennington County 1,760 4, ,570 Page 9 of 21

10 South Dakota Supply, continued October 2017 Area Unemployed Underemployed Discouraged Workers Total Supply Perkins County Potter County Roberts County Sanborn County Spink County Stanley County Sully County Todd County Tripp County Turner County Union County ,055 Walworth County Yankton County ,270 Ziebach County Please note: Data for labor supply components (unemployed, underemployed and discouraged workers) may not add to total labor supply due to rounding. Source: Market Information Center, South Dakota Department of and Regulation. See the definition of labor supply. See technical notes about labor supply estimates. Page 10 of 21

11 United States and South Dakota Force Seasonally Adjusted October 2017 October 2016 Area Force Employed Unemployed Rate Force Employed Unemployed Rate United States 160,381, ,861,000 6,520, % 159,643, ,902,000 7,740, % South Dakota 459, ,100 16, % 454, ,900 13, % Note: 2017 data is preliminary and subject to revision. Data may not sum to totals because of rounding. Source: Market Information Center, South Dakota Department of and Regulation. Produced in cooperation with the U.S. Bureau of Statistics. Access historical labor force data. See the definition of labor force. See technical notes about labor force data. Page 11 of 21

12 South Dakota and County Force Not Seasonally Adjusted October 2017 October 2016 Area Force Employment Unemployment Rate Force Employment Unemployment Rate South Dakota 458, ,867 13, % 454, ,886 11, % Aurora County 1,474 1, % 1,461 1, % Beadle County 9,470 9, % 9,474 9, % Bennett County 1,121 1, % 1,150 1, % Bon Homme County 2,840 2, % 2,825 2, % Brookings County 19,745 19, % 19,533 19, % Brown County 21,192 20, % 21,124 20, % Brule County 2,477 2, % 2,438 2, % Buffalo County % % Butte County 5,075 4, % 5,149 4, % Campbell County % % Charles Mix County 3,816 3, % 3,757 3, % Clark County 1,866 1, % 1,866 1, % Clay County 7,536 7, % 7,404 7, % Codington County 15,344 14, % 15,228 14, % Corson County 1,400 1, % 1,429 1, % Custer County 3,932 3, % 3,849 3, % Davison County 11,317 11, % 11,395 11, % Day County 2,784 2, % 2,770 2, % Deuel County 2,179 2, % 2,256 2, % Dewey County 2,217 2, % 2,162 2, % Douglas County 1,625 1, % 1,607 1, % Edmunds County 2,151 2, % 2,147 2, % Fall River County 2,952 2, % 2,996 2, % Faulk County 1,067 1, % 1,058 1, % Grant County 4,427 4, % 4,279 4, % Gregory County 2,070 2, % 2,089 2, % Haakon County 1,069 1, % 1,070 1, % Hamlin County 3,162 3, % 3,120 3, % Page 12 of 21

13 South Dakota and County Force, continued Not Seasonally Adjusted October 2017 October 2016 Area Force Employment Unemployment Rate Force Employment Unemployment Rate Hand County 1,844 1, % 1,866 1, % Hanson County 1,738 1, % 1,759 1, % Harding County % % Hughes County 10,234 9, % 10,323 10, % Hutchinson County 3,566 3, % 3,582 3, % Hyde County % % Jackson County 1,248 1, % 1,240 1, % Jerauld County 1,104 1, % 1,032 1, % Jones County % % Kingsbury County 2,721 2, % 2,705 2, % Lake County 6,620 6, % 6,527 6, % Lawrence County 13,113 12, % 13,150 12, % Lincoln County 31,636 30, % 31,401 30, % Lyman County 1,783 1, % 1,753 1, % Marshall County 2,332 2, % 2,375 2, % McCook County 3,131 3, % 3,137 3, % McPherson County 1, % 1,044 1, % Meade County 13,797 13, % 13,494 13, % Mellette County % % Miner County 1,174 1, % 1,180 1, % Minnehaha County 110, ,603 2, % 109, ,375 2, % Moody County 3,956 3, % 3,918 3, % Oglala Lakota County 3,626 3, % 3,687 3, % Pennington County 56,673 54,915 1, % 55,320 53,866 1, % Perkins County 1,597 1, % 1,525 1, % Potter County 1,116 1, % 1,139 1, % Roberts County 4,979 4, % 4,905 4, % Sanborn County 1,107 1, % 1,153 1, % Page 13 of 21

14 South Dakota and County Force, continued Not Seasonally Adjusted October 2017 October 2016 Area Force Employment Unemployment Rate Force Employment Unemployment Rate Spink County 3,207 3, % 3,216 3, % Stanley County 1,845 1, % 1,854 1, % Sully County % % Todd County 3,158 2, % 3,018 2, % Tripp County 2,971 2, % 2,925 2, % Turner County 4,629 4, % 4,609 4, % Union County 8,134 7, % 8,023 7, % Walworth County 2,190 2, % 2,158 2, % Yankton County 11,665 11, % 11,706 11, % Ziebach County % % Note: 2017 data is preliminary and subject to revision. Data may not sum to totals because of rounding. Source: Market Information Center, South Dakota Department of and Regulation. Produced in cooperation with the U.S. Bureau of Statistics. Access historical labor force data. See the definition of labor force. See technical notes about labor force data. Page 14 of 21

15 South Dakota Area Force Not Seasonally Adjusted October 2017 October 2016 Area Force Employment Unemployment Rate Force Employment Unemployment Rate Rapid City MSA 74,402 72,045 2, % 72,663 70,732 1, % Sioux Falls MSA 149, ,037 3, % 148, ,782 3, % Aberdeen MiSA 23,343 22, % 23,271 22, % Brookings MiSA 19,745 19, % 19,533 19, % Huron MiSA 9,470 9, % 9,474 9, % Mitchell MiSA 13,055 12, % 13,154 12, % Pierre MiSA 12,902 12, % 13,010 12, % Spearfish MiSA 13,113 12, % 13,150 12, % Vermillion MiSA 7,536 7, % 7,404 7, % Watertown MiSA 15,344 14, % 15,228 14, % Yankton MiSA 11,665 11, % 11,706 11, % Dewey-Ziebach LMA 3,179 2, % 3,114 2, % Note: 2017 data is preliminary and subject to revision. Data may not sum to totals because of rounding. Source: Market Information Center, South Dakota Department of and Regulation. Produced in cooperation with the U.S. Bureau of Statistics. Access historical labor force data. See the definition of labor force. See the definition of MSA. See the definition of MiSA. See the definition of LMA. See technical notes about labor force data. Page 15 of 21

16 South Dakota City Force Not Seasonally Adjusted October 2017 October 2016 Areas Force Employment Unemployment Rate Force Employment Unemployment Rate Aberdeen 15,299 14, % 15,254 14, % Brookings 13,917 13, % 13,754 13, % Huron 6,792 6, % 6,798 6, % Mitchell 8,961 8, % 9,022 8, % Pierre 8,328 8, % 8,402 8, % Rapid City 37,180 36,035 1, % 36,405 35,346 1, % Sioux Falls 102,151 99,449 2, % 101,369 99,243 2, % Sioux Falls - Lincoln 15,546 15, % 15,444 15, % Sioux Falls - Minnehaha 86,605 84,263 2, % 85,925 84,085 1, % Spearfish 6,120 5, % 6,170 5, % Vermillion 5,713 5, % 5,626 5, % Watertown 11,947 11, % 11,866 11, % Yankton 7,192 6, % 7,225 7, % Note: 2017 data is preliminary and subject to revision. Data may not sum to totals because of rounding. Source: Market Information Center, South Dakota Department of and Regulation. Produced in cooperation with the U.S. Bureau of Statistics. Access historical labor force data. See the definition of labor force. See technical notes about labor force data. Page 16 of 21

17 South Dakota and Area Annualized Pay of Workers Covered by Unemployment Insurance April 2016 to March 2017 Statewide $41,796 Douglas County $33,724 McPherson County $30,613 Rapid City MSA $40,318 Edmunds County $37,130 Marshall County $36,861 Sioux Falls MSA $46,626 Fall River County $35,278 Meade County $38,985 Aurora County $31,423 Faulk County $32,334 Mellette County $26,118 Beadle County $38,886 Grant County $39,340 Miner County $32,501 Bennett County $30,574 Gregory County $29,990 Minnehaha County $46,766 Bon Homme County $32,994 Haakon County $35,427 Moody County $37,401 Brookings County $42,317 Hamlin County $35,380 Oglala Lakota County $38,689 Brown County $40,558 Hand County $32,754 Pennington County $40,753 Brule County $31,112 Hanson County $35,962 Perkins County $30,950 Buffalo County $37,666 Harding County $39,602 Potter County $33,265 Butte County $32,674 Hughes County $42,718 Roberts County $33,616 Campbell County $32,596 Hutchinson County $34,403 Sanborn County $31,485 Charles Mix County $32,918 Hyde County $38,730 Spink County $35,822 Clark County $32,361 Jackson County $28,432 Stanley County $34,056 Clay County $36,425 Jerauld County $35,957 Sully County $34,664 Codington County $37,731 Jones County $28,412 Todd County $35,855 Corson County $35,700 Kingsbury County $35,379 Tripp County $33,645 Custer County $33,703 Lake County $38,988 Turner County $33,581 Davison County $38,227 Lawrence County $33,893 Union County $52,599 Day County $30,533 Lincoln County $47,847 Walworth County $33,229 Deuel County $39,981 Lyman County $29,246 Yankton County $40,244 Dewey County $38,543 McCook County $34,581 Ziebach County $33,499 Source: Market Information Center, South Dakota Department of and Regulation. Produced in cooperation with the U.S. Bureau of Statistics. Access historical annual pay data. See the definition of covered workers. See the definition of Metropolitan Statistical Area (MSA). See technical notes about the Quarterly Census of Employment and Wages, the program that makes this data possible. Page 17 of 21

18 Activities of the Unemployment Insurance Division, South Dakota Department of and Regulation Percent Change Activities October 2017 September 2017 October 2016 Last Month Last Year Initial Claims , % -15.2% Weeks Claimed 4,499 3,692 5, % -14.7% Amount of Benefit Payments $1,189,994 $931,454 $1,237, % -3.8% Unemployment Trust Fund Balance $120,701,256 $120,151,325 $111,175, % 8.6% Source: Unemployment Insurance Division, South Dakota Department of and Regulation. See the definitions of terms used above. Page 18 of 21

19 Activities of the Job Services Offices of the South Dakota Department of and Regulation Activities Oct 2016 to Sep 2017 Oct 2015 to Sep 2016 Percent Change Job Seekers 51,190 54, % Entered Employments n/a 21,049 n/a Job Openings Received 84,414 91, % Please note: An n/a indicates data not available due to the transition to new reporting formulas. Source: South Dakota Department of and Regulation. See the definition of the terms used above. Find a job service office. Page 19 of 21

20 Activities of the Unemployment Insurance Division of the South Dakota Department of and Regulation Weeks Claimed October 2017 Aurora 19 Fall River 23 McPherson 4 Beadle 28 Faulk 0 Meade 175 Bennett 15 Grant 30 Mellette 19 Bon Homme 6 Gregory 13 Miner 2 Brookings 108 Haakon 3 Minnehaha 1,187 Brown 119 Hamlin 33 Moody 18 Brule 21 Hand 0 Oglala Lakota 186 Buffalo 36 Hanson 6 Pennington 667 Butte 39 Harding 4 Perkins 1 Campbell 14 Hughes 73 Potter 6 Charles Mix 38 Hutchinson 10 Roberts 35 Clark 7 Hyde 2 Sanborn 5 Clay 54 Jackson 10 Spink 14 Codington 121 Jerauld 0 Stanley 16 Corson 3 Jones 3 Sully 5 Custer 33 Kingsbury 13 Todd 109 Davison 98 Lake 105 Tripp 16 Day 27 Lawrence 108 Turner 42 Deuel 7 Lincoln 250 Union 123 Dewey 60 Lyman 72 Walworth 18 Douglas 5 Marshall 13 Yankton 122 Edmunds 9 McCook 5 Ziebach 34 Source: Unemployment Insurance Division, South Dakota Department of and Regulation. See the definitions of terms used above. Page 20 of 21

21 National Economic Indicators Percent Change Indicators October 2017 September 2017 October 2016 Last Month Last Year Consumer Price Index % 2.0% Nonfarm Payroll Employment (not seasonally adjusted) % 1.4% Privately Owned Housing Starts 1,290 1,135 1, % -2.9% Bank Prime Loan Rate % 21.4% Gross Domestic Product (Links to a Bureau of Economic Analysis news release containing the most recent data available.) Sources: Consumer Price Index and Nonfarm Payroll Employment (in thousands), U.S. Bureau of Statistics. Privately Owned Housing Starts, U.S. Census Bureau. Bank Prime Loan Rate, Federal Reserve Board. See definitions of terms used above. Page 21 of 21