Chronology of Significant Events
The following summary lists economic, political, and natural developments which have influenced California economic indicators.
|January 1|| California statewide minimum wage increases from $10.50 to $11.00 per hour for employers with 26 or more employees.
Cupertino city minimum wage increases from $12.00 to $13.50 per hour.
El Cerrito city minimum wage increases from $12.25 to $13.60 per hour.
Los Altos city minimum wage increases from $12.00 to $13.50 per hour.
Mountain View city minimum wage increases from $13.00 to $15.00 per hour.
Oakland city minimum wage increases from $12.86 to $13.23 per hour.
Palo Alto city minimum wage increases from $12.00 to $13.50 per hour.
Richmond city minimum wage increases from $12.30 to $13.00 per hour.
San Mateo city minimum wage increases from $12.00 to $13.50 per hour.
Santa Clara city minimum wage increases from $11.10 to $13.00 per hour.
Sunnyvale city minimum wage increases from $13.00 to $15.00 per hour.
Minimum wage increases go into effect in 17 other states.
|January 1||Vehicle registration fees in California increase by $25 to $175—depending on the current market value of the vehicle—due to the new transportation improvement fee created by the “California Road Repair and Accountability Act of 2017”.|
|January 20–22||Budget impasse causes partial federal government shutdown and furlough of non-essential federal employees.|
|January 22||President Trump signs bill to fund the government through February 8, 2018 ending the federal government shutdown.|
|January 22||President Trump imposes tariffs of as much as 30 percent on imported solar panels and washing machines.|
|January 26||U.S. real GDP grew at a 2.6 percent annual rate in the fourth of 2017 led by strong consumer spending, up 3.8 percent and accounting for all of the quarter's gains. In the third quarter, real GDP increased by 3.2 percent.|
|February 2||U.S. average hourly earnings increased 2.9 percent annualized in January 2018—the largest increase since June 2009. Leading to concerns about inflation the Dow closes down 666 points, or 2.5 percent, the largest percentage decline since the Brexit turmoil in June 2016.|
|February 5||Jerome H. Powell takes over as chairman of the Federal Reserve.|
|February 5||The Dow plunges 1,175 points, or 4.6 percent, the worst point decline in history, and the biggest percentage decline since the European debt crisis in August 2011. S&P 500 falls 113 points, or 4.1 percent. Nasdaq drops 273 points, or 3.8 percent.|
|February 8||The U.S. stock market is officially in correction territory. The Dow and S&P 500 closes down more than 10 percent from their peak in late January 2018. The last market correction was in early 2016.|
|February 28||U.S. real GDP grew at a 2.5 percent annual rate in the fourth quarter of 2017, slightly less than the initially reported 2.6 percent pace. The downward revision largely reflected a smaller inventory build and a lower estimate of software investment. Consumer spending remained strong while net exports were revised slightly higher.|
|March 6||The latest benchmark revision to the California labor market statistics shows nonfarm payroll employment growth was considerably stronger than what was first estimated.|
|March 8||President Trump enacts new tariffs of 25 percent on imported steel and 10 percent on imported aluminum, with exemptions for Canada and Mexico. The tariffs will go into effect on March 23 and remain in force for an indefinite period.|
|March 21||The Federal Reserve raises the federal funds rate target by a quarter-point, to a range of 1.5 percent to 1.75 percent, the sixth increase since the financial crisis.|
|March 22||President Trump proposes new tariffs on up to $60 billion worth of Chinese technology product imports. The U.S. stock market closes sharply lower with major indexes down around 2-3 percent.|
|March 22||Personal income in California grew by 4.1 percent in 2017, up from 3.7 percent in 2016. The national growth rate was 3.1 percent in 2017, up from 2.3 percent in 2016.|
|March 23||U.S. tariffs on steel and aluminum imports take effect. Temporary exemptions were given to Canada, Mexico, the European Union, Australia, Argentina, Brazil, and South Korea.|
|March 28||U.S. real GDP growth for fourth quarter 2017 was revised higher by 0.4 points to 2.9 percent on stronger consumer spending and business fixed investment, according to the final estimate released by Bureau of Economic Analysis.|
|Winter||Storms fueled by a stream of tropical moisture set rain records in California causing damage to Oroville Dam. Between October 2016 and February 2017, California has averaged 27.81 inches of precipitation, the highest average in 122 years of record-keeping. California’s largest reservoirs are collectively at 117 percent of average while the Sierra Nevada snowpack is at 185 percent of normal.|
California minimum wage increases from $10.00 to $10.50 per hour for employers with 26 or more employees.
Minimum wage increases go into effect in 18 other states and the District of Columbia.
|January 6||U.S. average hourly earnings grew at 2.9 percent in 2016, the best annual increase since 2009.|
|January 18||The earth averaged its warmest temperature on record in 2016, passing previous records set in 2014 and 2015, according to the NOAA and NASA.|
|January 20||Donald Trump is inaugurated as the 45th president of the United States.|
|January 25||The Dow Jones industrial average closes above 20,000 for the first time at 20,068.51.|
|January 26||The University of California Regents approve a 2.5 percent increase in tuition beginning this fall, lifting a six-year freeze.|
|February 15||U.S. consumer prices rose 2.5 percent in January from a year ago, the biggest year-over-year increase since March 2012.|
|February 28||U.S. real GDP grew by 1.9 percent in the fourth quarter of 2016 after rising 3.5 percent in the third quarter, according to the second estimate released by the Bureau of Economic Analysis.|
|March 8||U.S. productivity rose 0.2 percent in 2016, the smallest increase since a 0.1 percent gain in 2011.|
U.S. consumer prices rose 2.7 percent in February from a year ago, the biggest year-over-year increase since February 2012.
The Federal Reserve raises the federal funds rate target by a quarter-point, to a range between 0.75 percent and 1 percent.
The California State University Trustees approve a tuition increase of 5 percent for undergraduate students and 6.5 percent for graduate students starting this fall, ending the six-year freeze.
Terrorist attack on Westminster Bridge in London.
|March 24||The California Air Resources Board votes to continue with the vehicle greenhouse gas emission standards and zero-emission vehicle program for cars and light trucks sold in California through 2025.|
|March 28||President Trump issues executive order unwinding former President Obama’s climate programs and policies, including the Clean Power Plan, oil and gas methane regulations, the coal leasing moratorium, the social cost of carbon metric, the National Environmental Policy Act’s greenhouse gas guidance, and the Climate Action Plan.|
|March 29||The United Kingdom invokes Article 50 beginning the formal process to leave the European Union (Brexit).|
|April 6||The U.S. military strikes Syrian air base with cruise missiles in response to a suspected chemical weapons attack in Syria’s Idlib province.|
|April 7||Governor Brown declares an official end to the drought in California, except in Fresno, Kings, Tulare, and Tuolumne counties.|
|April 10||Aerojet announces that it will eliminate 1,100 jobs and cease manufacturing operations in Rancho Cordova, California by the end of 2019.|
|April 11||The U.S. Bureau of Reclamation says it will provide a 100-percent allocation of water to California’s Central Valley Project customers this year for the first time since 2006.|
|April 25||The Nasdaq closes above 6,000 for the first time at 6,026.|
U.S. real GDP grew by 0.7 percent in the first quarter of 2017, the weakest quarterly growth rate in three years, according to the first estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2016, U.S. real GDP increased 2.1 percent.
California Governor Brown signs The Road Repair and Accountability Act of 2017 which would raise an average of $5.4 billion per year through a 12‑cent increase in the base gasoline excise tax rate, a new fee based on vehicle value, and other means over ten years to pay for California’s road repairs and maintenance, bridge repairs, public transit, and other projects.
|May 1||According to an annual population and housing report released by the California Department of Finance, California’s population grew by 0.85 percent in 2016, adding 335,000 residents to total 39,524,000 as of January 1, 2017. California's statewide housing growth, as measured by net unit growth in completed housing units for 2016, was up over 31 percent from the previous year, adding 89,000 units. The total number of housing units in the state has now passed the 14 million mark for the first time (14,071,000).|
|May 3||Puerto Rico files for bankruptcy.|
|May 7||Emmanuel Macron wins the French presidential election.|
|May 9||President Trump fires FBI Director James Comey.|
|May 11||California’s economy remained the 6th largest in the world in 2016 with a gross domestic product of $2.6 trillion in 2016.|
|May 12||A ransomware cyberattack called WannaCry targets Windows-based computers worldwide by encrypting data and demanding ransom payments. More than 230,000 computers in over 150 countries were estimated to have been infected.|
|May 17||U.S. federal court approves $225 million Volkswagen emissions settlement. California expects to receive $66 million from this settlement for mitigation and clean car investment.|
|May 18||California's Occupational Safety and Health Standards Board approves new safety rules for oil refineries.|
|May 22||Terrorist attack at a concert venue in Manchester, England.|
|May 24||Moody's downgrades China’s credit rating for first time since 1989, from Aa3 to A1. Moody's also downgrades Hong Kong’s credit rating from Aa1 to Aa2.|
|May 25||OPEC agrees to extend oil production cuts through March 2018.|
|May 26||U.S. real GDP growth in the first quarter of 2017 was upwardly revised to 1.2 percent from the initially reported 0.7 percent on better data on consumer expenditure and business fixed investment.|
President Trump announces that the U.S. is to withdraw from the Paris climate accord.
California joins New York and Washington states to form the United States Climate Alliance, a bipartisan group of states that are committed to upholding the objectives of the Paris climate accord.
|June 3||Terrorist attack in the Southwark district of London.|
Saudi Arabia, the United Arab Emirates, Egypt, Bahrain, Yemen, the Maldives, Libya, and Mauritania cut diplomatic relations with Qatar.
Montenegro becomes the 29th member of the North Atlantic Treaty Organization (NATO).
|June 6||California and China sign climate deals that include investments in low-carbon energy sources, cooperation on climate research, and the commercialization of cleaner technologies.|
|June 8||Britain’s general election ends in hung parliament, where the Conservative Party lost their majority but remained the largest party.|
|June 14||The Federal Reserve raises the federal funds rate target by a quarter-point, to a range between 1 percent and 1.25 percent.|
|June 16||Amazon announces plan to buy Whole Foods Market for $13.7 billion.|
|June 27||California Governor Jerry Brown signs the 2017-18 state budget bill which calls for $125.1 billion in General Fund spending and $54.9 billion in special fund spending, along with $3.3 billion in bond spending.|
|June 27-30||Maersk’s shipping terminal, the biggest terminal at the Port of Los Angeles, shuts down after its IT systems and websites were infected by the global cyber attack called Petya.|
|June 29||U.S. real GDP growth in the first quarter of 2017 was upwardly revised to 1.4 percent from the initially reported 1.2 percent on better data on consumer expenditure and exports according to the final estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2016, real GDP increased 2.1 percent.|
|July 1||Emeryville city minimum wage increases from $14.82 to $15.20 per hour.
Los Angeles city and county minimum wage increases from $10.50 to $12.00 per hour for employers with 26 or more employees.
|July 1||New consumer credit reporting standards take effect. Credit reporting bureaus will begin excluding records of civil judgments and tax liens that don't have minimum identifying information including Social Security numbers or dates of birth as well as any record of judgments or liens that hasn't been updated within 90 days.|
|July 3||Iran signs a $5 billion deal with France's Total S.A. and the state-owned China National Petroleum Corporation to develop Iran’s offshore natural gas field.|
|July 5||Volvo announces plan to build only electric and hybrid vehicles from 2019.|
|July 6||The European Union and Japan agree on a free-trade deal that would allow for trading in goods without tariff barriers between the two economies.|
|July 14||Investment returns at the nation's two largest public pension systems, CalPERS and CalSTRS, beat earnings target for the first time in three years, earning 11.2 percent and 13.4 percent respectively, for the fiscal year that ended June 30, 2017.|
|July 25||Governor Brown signs legislation to extend California’s cap-and-trade program by ten years until 2030. The program is designed to provide a financial incentive for companies to reduce carbon emissions.|
|July 26||Britain announces plan to phase-out sales of gasoline- and diesel-powered vehicles in favor of electric, hybrid, and alternative fuel vehicles by 2040 joining other countries that have earlier announced similar pledges and target dates including: Austria by 2020; Denmark, the Netherlands, and Norway by 2025; Germany, India, Ireland, and Portugal by 2030; and France by 2040.|
|July 28||U.S. real GDP grew by 2.6 percent in the second quarter of 2017, according to the first estimate released by the Bureau of Economic Analysis. Growth in the first quarter of 2017 was downwardly revised to 1.2 percent from the initially reported 1.4 percent.|
|August 2||The United States levies new sanctions on Russia’s defense and energy sectors.|
|August 5||The United Nations Security Council approves new sanctions on North Korea for its continued intercontinental ballistic missile testing. The new sanctions target North Korea's primary exports, including coal, iron, lead, and seafood; and other revenue streams, such as banks and joint ventures with foreign companies.|
|August 14||Japan’s economy grew by 4 percent in the second quarter, its strongest pace in more than two years reflecting stronger domestic demand.|
|August 17-18||Terrorists attack in Barcelona and Cambrils, Spain.|
|August 25–30||Hurricane Harvey strikes Texas and Louisiana causing 77 deaths and damages estimated at between $70 and $200 billion.|
|August 30||U.S. real GDP grew at a 3.0-percent annual rate in the second quarter of 2017, revised up from the first estimate of 2.6 percent. The 3.0 percent growth rate was the fastest in more than two years.|
|September 3||North Korea conducts its sixth and most powerful nuclear test.|
|September 7||A magnitude 8.1 earthquake hit the southern part of Mexico, the strongest to hit the country in a century.|
|September 6–10||Hurricane Irma strikes the Caribbean islands and the states of Florida and Georgia causing at least 134 deaths and approximately $63 billion in damages.|
|September 11||The United Nations Security Council increased sanctions against North Korea, including capping the country’s oil imports, banning textile exports, ending additional overseas laborer contracts, suppressing smuggling efforts, and stopping joint ventures with other countries.|
|September 12||California’s poverty rate remains highest in the nation when factoring in living costs such as housing, taxes, and medical costs. An estimated 20.4 percent of California residents lived in poverty in a three-year average of 2014, 2015, and 2016, according to the U.S. Census Bureau’s Supplemental Measure of Poverty.|
|September 19||A magnitude 7.1 earthquake hit central Mexico.|
|September 19–20||Hurricane Maria strikes the Caribbean causing at least 88 deaths and damages estimated in excess of $50 billion.|
|September 21||Standard & Poor’s downgrades China's credit rating to A+ from AA-.|
|September 23||A magnitude 6.1 earthquake hit Oaxaca state in southern Mexico.|
|September 28||Second quarter U.S. real GDP growth revised to 3.1 percent from the previous estimate of 3.0 percent.|
|September 29||Governor Jerry Brown signs a package of housing legislation aimed at addressing California’s housing affordability crisis. The legislation will provide new funding for affordable housing projects for low-income to moderate-income residents and housing developments near jobs and public transportation, seek to lower the cost of construction, fast-track building, restrict the ability of cities and counties to block new development, expand the low-income tax credit program, and assist the homeless in California.|
|October 1||Berkeley city minimum wage increases from$12.53 to $13.75 per hour.|
|October 8 – 31||Wildfires hit northern California burning over 245,000 acres and causing 43 deaths and damages in excess of $9 billion. A state of emergency was declared for the counties of Napa, Sonoma, Yuba, Butte, Lake, Mendocino, Nevada, Orange, and Solano.|
|October 27||U.S. real GDP increased at an annual rate of 3.0 percent in the third quarter of 2017, according to the first estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 3.1 percent.|
|October 31||Terrorist attack in lower Manhattan, New York.|
|November 1||California’s gasoline excise tax increases by 12 cents per gallon, diesel excise tax increases by 20 cents per gallon, and diesel sales tax increases by 4 percent.|
|November 27||Online shopping on Cyber Monday reached a record $6.59 billion in sales, a 16.8 percent increase from a year ago.|
|November 29||U.S. real GDP growth for third quarter was revised up by 0.3 points to a three-year high of 3.3 percent. The upward revision reflected increases in business investment, private inventories, and net exports.|
|December 4, 2017 –
January 12, 2018
|Wildfires hit southern California burning over 307,000 acres and causing damages in excess of $3 billion. A state of emergency was declared for the counties of Ventura, Los Angeles, and San Diego.|
|December 13||The Federal Reserve raises the federal funds rate target by a quarter-point, between 1.25 percent and 1.5 percent, the third increase in the benchmark rate this year and the fifth since the financial crisis.|
|December 14||The U.S. Federal Communications Commission repeals the so-called net neutrality rules which required internet service providers to offer equal access to all web content and applications and to not charge differently by user, content, and website.|
|December 21||U.S. real GDP growth for third quarter 2017 was revised lower by 0.1 point to 3.2 percent, according to the final estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased by 3.1 percent.|
President Trump signs the “Tax Cuts and Jobs Act” into law. Selected highlights of the tax reform legislation are listed below:
Individual Tax Changes take effect in 2018 and expire after 2025, unless noted otherwise.
Business Tax Changes take effect in 2018 and will be permanent, unless noted otherwise.
|December 29||The Dow Jones industrial average posts a 25.1 percent annual gain in 2017 to close at 24,719 points, the S&P 500 ends the year at 2,674 points, a 19.4 percent increase from 2016, and the Nasdaq gains 28.2 percent for the year to close at 6,903—its sixth consecutive yearly gain. All three posted their best annual gain in four years.|
|January 1||California minimum wage increases from $9.00 to $10.00 per hour.|
|January 1||California expands Medi-Cal coverage to children under age 19 who do not have legal status.|
|January 3||Saudi Arabia ends its diplomatic relations with Iran.|
|January 4||U.S. stocks plunge on first trading day of 2016: Dow Jones industrial average down 276.09 points, or 1.6 percent, biggest loss on the first trading day of the year in eight years; S&P 500 down 31.28 points, or 1.5 percent, worst first trading day since 2001; Nasdaq ends the day lower by 104.32 points, or 2.1 percent.|
|January 5||U.S. auto sales hit a record high of 17.5 million in 2015, breaking the previous record set in 2000.|
|January 15||WTI crude oil price falls below $30 a barrel for the first time in 12 years.|
|January 16||Iran sanctions are lifted by the United States and European nations after inspections proved that Iran has adequately dismantled its nuclear weapons program.|
|January 19||China’s economy grew by 6.9 percent in 2015, its slowest pace since 1990.|
|January 29||Bank of Japan cuts benchmark interest rate below zero.|
|February 2||The California state water board extends mandatory water conservation measures through the end of October.|
|February 5||The U.S. unemployment rate falls below 5 percent for the first time in eight years.|
|February 18||Oregon approves three-tier minimum wage hike to be phased in over six years to the following levels: $14.75 in Portland metro area, $13.50 in smaller counties, and $12.50 in rural counties. The first increase is scheduled on July 1, 2016.|
|March 3||U.N. tightens sanctions on North Korea following nuclear testing by the country in January.|
|March 10||The European Central Bank increases asset purchases from 60 billion euros to 80 billion euros a month until the end of March 2017 and beyond, if necessary. Key interest rates, already negative or close to zero, are cut further.|
|March 22||Terrorists associated with the Islamic State attack Brussels, where the European Commission is located, killing over 30 people and injuring hundreds.|
|March 24||Personal income in California grew by 6.3 percent in 2015, up from 4.9 percent in 2014. The national growth rate was 4.4 percent in 2015, the same rate as in 2014.|
|March 25||U.S. real GDP grew by 1.4 percent in the fourth quarter after rising 2.0 percent in the third quarter.|
|April 4||Governor Brown signs legislation that phases in a $15/hour California statewide minimum wage by 2023, with indexing thereafter. The Governor can choose to pause any scheduled increase for one year if certain economic or budget conditions are met. In-Home Supportive Services employees will receive up to three days of paid sick leave annually on a phased-in schedule beginning in July 2018.|
|April 4||Governor Cuomo of New York signs legislation that sets a $15/hour minimum wage for all businesses by 2019 in New York City, by 2021 in Nassau, Suffolk, and Westchester counties, and by 2021 or later in the remaining counties. The legislation also phases in a 12-week Family Care Leave program over a four-year period beginning in 2018.|
|April 5||City of San Francisco approves an ordinance that requires employers to offer six weeks of fully-paid leave for new parents of either gender and to both full-time and part-time employees. The ordinance takes effect on January 1, 2017 for businesses with 50 or more employees, July 1, 2017 for businesses with 35 or more employees, and July 1, 2018 for businesses with 20 or more employees.|
|April 11||Governor Brown signs legislation that expands benefits available under the Paid Family Leave and State Disability Insurance programs. Starting in 2018, California will provide 70 percent wage replacement to workers paid at or close to the minimum wage, with lower replacement for higher income workers.|
|April 16||Ecuador experiences an earthquake of magnitude 7.8 on the Richter scale, with over 500 dead and thousands injured.|
|April 28||The first estimate of first-quarter U.S. real GDP growth came in at 0.5 percent, down from 1.4 percent growth in the fourth quarter.|
|May 1-9||Wildfires in Canada’s oil sands capital of Fort McMurray in Alberta disrupts oil production, averaging about 800,000 barrels per day in May with a daily peak of more than 1.1 million barrels per day.|
|May 2||Puerto Rico fails to make a $422 million bond payment, submitting just $23 million to cover the interest component. This is the third time Puerto Rico has defaulted on bond payments.|
|May 18||California suspends its mandatory statewide 25 percent reduction in urban water use, allowing cities, water districts, and private companies to each set their own water conservation standards after a relatively wet winter partly filled reservoirs in Northern California and partly replenished the mountain snowpacks.|
|May 18||The U.S. Department of Labor issues new rules on overtime that will take effect on December 1, 2016. The new rules raise the threshold for overtime eligibility from $455/week to $913/week, or the equivalent of $22.83/hour or $47,476/year. The new rules also include a methodology that updates the threshold every three years.|
|May 18||Japan’s economy expands by 1.7 percent in the first quarter, rebounding from a 1.7 percent contraction in the previous quarter.|
|May 27||The second estimate of first-quarter U.S. real GDP growth came in at 0.8 percent compared to 0.5 percent as initially estimated on better data on consumer expenditure and residential investment offsetting weak business investment.|
|May 29-30||Verizon reaches a tentative agreement with the labor unions, the Communications Workers of America and the International Brotherhood of Electrical Workers, representing nearly 40,000 striking workers, bringing to an end the work stoppage which began on April 13. The agreement would give U.S. Verizon workers a nearly 11 percent increase in pay over four years.|
|June 14||California GDP totaled $2.46 trillion in 2015, making it the 6th largest economy in the world.|
|June 23-July 3||Wildfire near Lake Isabella in Kern County burns over 48,000 acres and destroys
more than 250 structures.
|June 23||The United Kingdom votes to leave the European Union (Brexit) after more than forty years of membership.|
|June 24||U.S. stocks close sharply lower a day after the Brexit referendum, with major indexes down around 3-4 percent. The value of the British pound dropped nearly 9 percent against the U.S. dollar to a level not seen since 1985.|
|June 26||Panama opens expanded canal which will allow for the passage of ships that can carry nearly three times as many containers.|
|June 27||California Governor Jerry Brown signs the 2016-17 state budget bill which calls for $122.5 billion in General Fund spending and $44.6 billion in special fund spending, along with $3.6 billion in bond spending.|
|June 28||U.S. real GDP grew by 1.1 percent in the first quarter after rising 1.4 percent in the fourth quarter, according to the final estimate released by the Bureau of Economic Analysis.|
|June 30||President Obama signs into law the Puerto Rico Oversight, Management and
Economic Stability Act which will allow the Government of Puerto Rico to restructure its debt using U.S. federal courts in exchange for establishing a federally appointed control board with authority over Puerto Rico’s fiscal policy.
|July 1||Los Angeles city minimum wage increases from $10.00 to $10.50 per hour for employers of more than 25 workers.|
|July 1||Puerto Rico misses $911 million in bond payments, including $779 million in payments of general obligation debt. This is the first time Puerto Rico has defaulted on its general obligation debt, and underscored the magnitude of the task facing the new federal control board for Puerto Rico.|
|July 29||U.S. real GDP increased at an annual rate of 1.2 percent in the second quarter after a revised 0.8 percent increase in the first quarter, according to the advance estimate released by the Bureau of Economic Analysis.|
|August 2||Japan announces a new fiscal stimulus package worth 28 trillion yen or 276 billion U.S. dollars.|
|August 5||Following the Brexit referendum in June, the Bank of England cuts key interest rate for the first time in over seven years, from 0.5 percent to 0.25 percent; downgrades economic growth forecast for 2017 from 2.3 percent to 0.8 percent; and launches a monetary stimulus of 70 billion pounds.|
|August 24||A 6.2-magnitude earthquake struck central Italy.|
|August 26||The U.S. real GDP growth rate for the second quarter was revised slightly lower, from 1.2 percent to 1.1 percent.|
|August 31||South Korea's Hanjin Shipping Co., the seventh largest cargo container carrier in the world, files for bankruptcy protection.|
|September 8||Governor Brown signs climate change legislation that extends the California’s goal for reducing greenhouse gas emissions to 40 percent below 1990 levels by 2030, invests in the communities hardest hit by climate change, and increases public oversight of climate programs.|
|September 8||Wells Fargo Bank was fined $185 million by the Consumer Financial Protection Bureau, the Los Angeles City Attorney, and the Office of the Comptroller of the Currency for opening unauthorized deposit and credit card accounts between May 2011 and July 2015 to satisfy sales goals and earn financial rewards. Approximately 5,300 bank employees were terminated as a result.|
|September 12||Governor Brown signs legislation that raises overtime wages for farmworkers incrementally over several years with full implementation in 2025.|
|September 13||The U.S. real median household income rose by 5.2 percent in 2015 to $56,500, the first increase since 2007, while California’s real median household income rose by 2.7 percent in 2015 to $64,500. The official poverty rate in the U.S. fell to 13.5 percent in 2015 from 14.8 percent in 2014, while California’s rate fell to 14 percent in 2015 from 15.9 percent in 2014.|
|September 22||The U.S. Department of Education withdrew its recognition of the Accrediting Council for Independent Colleges and Schools, the largest accreditor of for-profit schools.|
|September 28||The Organization of the Petroleum Exporting Countries (OPEC) announces a preliminary agreement to reduce oil production from 33.4 million barrels per day to a range of 32.5 to 33.0 million barrels per day. The last time OPEC curbed oil production was in 2008.|
|September 29||The U.S. real GDP growth rate for the second quarter 2016 was revised higher by 0.3 percentage points to 1.4 percent, following a 0.8 percent growth in the first quarter.|
|October 8-9||Hurricane Matthew hits the coast of eastern North Carolina.|
|October 15||Over 170 countries sign a legally binding accord to phase out the use of hydrofluorocarbons, a greenhouse gas used in air-conditioners and refrigerators. The phase-out will begin in 2019 in developed countries such as the United States and the European Union, and in 2024 in most developing countries with some beginning in 2028.
|October 28||U.S. real GDP increased at a seasonally adjusted annual rate of 2.9 percent in the third quarter of 2016 according to the advance estimate released by the Bureau of Economic Analysis.|
|October 30||Canada and the European Union sign trade agreement.|
|November 3||The British High Court rules that the British government must get approval from Parliament to exit the European Union.|
|November 8||California voters pass the following Propositions:
Proposition 51—Borrows $9 billion in bonds to fund improvement and construction of school facilities for K-12 schools and community colleges.
Proposition 52—Restricts diverting funds away from Medi-Cal.
Proposition 54—Requires legislation to be published online before final vote.
Proposition 55—Extends the personal income tax increases on incomes over $250,000 approved in 2012 for 12 years in order to fund education and healthcare.
Proposition 56—Raises the cigarette tax by $2 a pack, with equivalent increases on other tobacco products and electronic cigarettes.
Proposition 57—Increases parole and good behavior opportunities for felons convicted of nonviolent crimes and allows judges, not prosecutors, to decide whether to try certain juveniles as adults in court.
Proposition 58—Repeals bilingual education ban.
Proposition 59—Instructs California officials to work for the repeal of Citizens United.
Proposition 63—Institutes a number of gun controls.
Proposition 64—Legalizes recreational marijuana for persons aged 21 years or older under state law and establishes certain sales and cultivation taxes.
Proposition 66—Changes the procedures governing state court appeals and petitions that challenge death penalty convictions and sentences.
Proposition 67—Prohibits grocery and other stores from providing customers single–use plastic or paper carryout bags but permits sale of recycled paper bags and reusable bags to customers at checkout.
|November 22||A U.S. District Court Judge has halted implementation of a new federal regulation setting higher salary thresholds for overtime work that was due to be implemented on December 1, 2016.|
|November 25||Fidel Castro of Cuba dies.|
|November 29||The U.S. real GDP growth rate in the third quarter of 2016 was revised up by 0.3 points to 3.2 percent on better data on consumer spending.|
|December 1||Airbnb agrees, for the first time, to enforce limits on the number of nights a year a host can rent out a home, starting in London at 90 days-per year and in Amsterdam at 60 days-per year, to begin on January 1, 2017.|
|December 3||OPEC signs deal to cut oil production by 1.2 million barrels per day to 32.5 million barrels per day for six months starting in January 2017, the first production cut since 2008.|
|December 5||Italian voters rejected constitutional reforms in a referendum. The prime minister resigns.|
|December 8||The European Central Bank extends its monetary stimulus program until December 2017 and reduces asset purchases from 80 billion euros to 60 billion euros a month starting in April 2017.|
|December 8||Life expectancy in the United States drops for the first time since the peak of the HIV/AIDS crisis in 1993. For U.S. men, life expectancy dropped 0.2 years from 76.5 years in 2014 to 76.3 years in 2015. For U.S. women, life expectancy decreased 0.1 year to 81.2 years in 2015.|
|December 10||Non-OPEC producers agree to cut oil production by 558,000 barrels per day starting in January 2017.|
|December 14||The Federal Reserve raises the federal funds rate target by a quarter-point, to a range between 0.5 percent and 0.75 percent.|
|December 14||California adopts the nation’s first energy-efficiency standards for computers and monitors sold in the state, which starts in 2018.|
|December 19||Terrorists attack a Christmas market in Berlin, Germany.|
|December 20||President Obama permanently bans offshore oil and gas drilling in federal waters in the Arctic and the Atlantic oceans.|
|December 22||The U.S. real GDP growth rate in the third quarter of 2016 was revised up by 0.3 points to 3.5 percent on stronger data on business investment, according to the final estimate released by the Bureau of Economic Analysis.
||The Obama administration announces new sanctions against Russia.|
|December 30||The Dow Jones industrial average posts a 13.4 percent annual gain in 2016 to close at 19,763 points, the best annual gain in three years. The S&P 500 ends the year at 2,239 points, a 9.5 percent increase from 2015, and the Nasdaq gains 7.5 percent for the year to close at 5,383—its fifth consecutive yearly gain.|
|January||No rain in January had occurred in California, the first time in 165 years.|
|January 1||The California Cap & Trade program—a market based regulation that is designed to reduce carbon emissions from multiple sources—expands to include producers of transportation fuels.|
|January 1||Minimum wage increases go into effect in 19 states and the District of Columbia.|
|January 1||Minimum wage rate increase takes effect in the following California cities:
San Francisco, from $10.74 to $11.05
San Jose, from $10.15 to $10.30
Richmond, from $9.00 to $9.60
San Diego, from $9.00 to $9.60
|January 1||Lithuania becomes the 19th country to join the European currency union.|
|January 2||Undocumented immigrants in California become eligible to obtain driver’s licenses and insurance.|
|January 6||The nation’s first high-speed rail project breaks ground in Fresno, California.|
|January 6||WTI crude oil price falls below $50 a barrel to $48.46, the first time it has been below $50 since April 2009.|
|January 7||Eurozone consumer prices fall in December for the first time since 2009, by 0.2 percent.|
|January 15||Switzerland’s central bank announces dropping the three-year old cap on the value of its currency, the franc, against the euro.|
|January 16||The year 2014 was the warmest year in a global temperature record that stretches back to 1880, according to NOAA and NASA.|
|January 20||Oil services company Baker Hughes plans to lay off 7,000 people due to falling crude oil prices.|
|January 20||China’s economy grew 7.4 percent in 2014, its slowest growth in 24 years.|
|January 22||European Central Bank announces monetary stimulus of 60 billion euros a month to start in March and intended to run through to September 2016.|
|January 23||Saudi Arabia's King Abdullah dies.|
|January 26-27||Blizzard hits the northeastern United States.|
|February 1 - March 12||The United Steelworkers union strikes at major U.S. oil refineries and petrochemical plants. Tesoro Corporation in Martinez, California, was the only refinery to cease operations due to the strike.|
|February 3||Standard & Poor's agrees to pay a total fine of $1.5 billion to U.S. federal and state government entities to settle charges it inflated ratings on residential mortgage-backed securities in the run up to the financial crisis. The State of California will receive $210 million, from which CalPERS and CalSTRS will receive allocations for their losses. Separately, Standard & Poor's will also pay CalPERS $125 million to settle CalPERS’ specific lawsuit.|
|February 5||RadioShack files for Chapter 11 bankruptcy.|
|February 10||Apple, Inc. becomes the first company in the world to close with a market capitalization of over $700 billion.|
|February 18||Explosion at an Exxon Mobil refinery in Torrance, California.|
|February 18||The European Central Bank agrees to lend 3.3 billion euros more in emergency funds to Greece, extending the amount of time available for negotiations with creditors.|
|February 19||Wal-Mart announces its entry-level employees will receive more than the federal minimum wage starting in April 2015.|
|February 20||The International Longshore & Warehouse Union and the Pacific Maritime Association reach a tentative labor contract covering U.S. West Coast port workers.|
|February 25||Fitch upgrades California’s bond rating to A+ from A.|
|February 25||The City of Stockton in California exits bankruptcy.|
|February 26||U.S. consumer prices fell in January for the fourth straight month while year-over-year inflation turned negative for the first time since 2009, largely because of lower gasoline prices.|
Minimum wage rate increases in Oakland, California, from $9.00 an hour to $12.25 an hour.
NASDAQ closes above 5,000 for first time since 2000.
|March 6||State employment benchmark revision reveals that California’s job growth totals in 2013 and 2014 were stronger than initially estimated.|
|March 9||The European Central Bank begins buying public and private sector debt at a pace of 60 billion euros per month.|
|March 12|| The United Steelworkers union and Royal Dutch Shell reaches a tentative labor contract agreement to end a six-week strike that has affected twelve U.S. oil refineries, including the Tesoro refineries in Martinez and Carson, California.
|March 27||Governor Brown signs emergency legislation that would fast-track $1.1 billion in funding for drought relief and critical water infrastructure projects in California.
|April 1||Governor Brown announces first-ever mandatory water restrictions in California in response to its worst drought in history.
|April 23||Deutsche Bank agrees to pay a $2.5 billion fine to settle U.S. and U.K.
investigations into its role in rigging the London Interbank Offered Rate (LIBOR).
|April 25||Nepal earthquake
|April 27||Fitch downgrades Japan's credit rating from A+ to A.
|April 27 - May 1|| Port truck drivers in Los Angeles and Long Beach strike.
|May 13||The USDA reports that more than 40 percent of honey bee colonies died during April 2014 to April 2015.|
|May 19||Inflation in the United Kingdom turns negative for the first time since 1960.|
|May 19||Underground pipeline spills up to 101,000 gallons of crude oil in Santa Barbara county California.|
|May 20||Barclays, Citigroup, JP Morgan, RBS, UBS, and Bank of America are fined $5.7 billion for rigging foreign exchange markets.|
|May 22||California farmers volunteer to cut their water use by 25 percent in exchange for assurances they would not face further restrictions later this summer as the record drought continues.|
|May 26||SpaceX wins U.S. Air Force approval to launch military satellites.|
|Kaiser Permanente reaches a deal through September 2018 with its health care workers in California and other states that include annual wage increases ranging from 2 to 4 percent.|
|California’s economy remains eighth largest in the world as the state’s gross domestic product reached $2.3 trillion in 2014.|
|June 12||California officials order water cuts to farmers with water rights in the Sacramento, San Joaquin, and delta watersheds, the first reduction in their water use since 1977.|
|June 13||Los Angeles mayor signs into law a measure raising the citywide minimum wage to $15 by 2020.|
|June 16||The California Labor Commission rules that a San Francisco Uber driver is an employee, not a contractor.|
|June 24||California Governor Jerry Brown signs the 2015-16 state budget bill.|
|June 25||The U.S. Supreme Court upholds a key provision of the Affordable Care Act, allowing subsidies on federal marketplaces to continue. In a separate case, the Court also upholds the principle of disparate impact under the Fair Housing Act, whereby policies do not have to be intentionally biased to be discriminatory.|
|June 26||The U.S. Supreme Court rules in favor of same-sex marriage nationwide.|
|June 27||Greece announces a referendum on the bailout program for July 5 and imposes capital controls to stop money from leaving the country.|
|June 28||Puerto Rico’s governor declares that the commonwealth cannot pay its estimated $72 billion debt.|
|June 29||President Obama announces a rule change that makes more U.S. workers eligible for overtime pay. The rule raises the overtime salary threshold to $50,440 from $23,660 per year.|
|June 30||Greece misses a payment of €1.5 billion to the IMF.|
|July 2||S&P upgrades California's credit rating to AA-, its highest level in 14 years.|
|July 3||The California Public Utilities Commission approves a plan that will reduce the existing four-tier electricity rate structure to two tiers, plus a “super-user” surcharge for customers of investor-owned utilities in California, including Pacific Gas and Electric Company, Southern California Edison and San Diego Gas & Electric Company.|
|July 5||Greek voters reject bailout terms from international creditors.|
|July 8||The NYSE suspends trading for hours due to a technical glitch.|
|July 8||The Shanghai Composite Index drops by more than 30 percent from its peak in June 2015 after surging by more than 150 percent from mid-2014.|
|July 13||Greece reaches new bailout agreement with international creditors.|
|July 20||Greek banks reopen but capital controls remain|
|July 22||The New York wage board recommends $15 minimum wage—to be phased in over the next three years—for fast-food chain workers throughout the state.|
|July 23||The Greek parliament approves bailout reform package.|
|July 27||Chevron announces plan to cut 500 jobs from its headquarters in San Ramon California.|
|July 27||The Shanghai Composite Index drops by 8.5 percent, the biggest one-day decline in the index since 2007.|
|July 31||Governor Brown declares state of emergency for California wildfires.|
|August 1||Puerto Rico fails to make a $58 million bond payment.|
|August 3||Greece’s stock market reopens after a five-week closure over the country's debt crisis. Shares fell more than 16 percent at closing.|
|August 5||The U.S. Securities and Exchange Commission approves rule requiring most public companies starting in 2017 to regularly disclose the ratio of the compensation of its chief executive officer to the median compensation of its employees.|
|August 11||China devalues its currency by nearly 2 percent against the U.S. dollar, the largest movement since 1994.|
|August 14||U.S. embassy reopens in Cuba after 54 years.|
|August 17||Japan’s economy shrinks by 1.6 percent in the second quarter due to weak consumer spending and exports.|
|August 21||Crude oil prices fall below $40 a barrel for the first time since January 2009.|
|August 24||The Dow Jones Industrial average drops 588 points to 15,871 down 13 percent from its May 19 peak while the S&P 500 falls 77.68 to 1,893, more than 11 percent below its May 21 peak.|
|August 25||China cuts interest rates and lowers minimum requirements for bank reserves for the second time in two months to support its slowing economy and falling stock market.|
|September 1||A federal judge grants class action status to a lawsuit challenging the contractor status of Uber drivers.|
|September 1||Canada is in recession. According to Statistics Canada, GDP fell 0.8 percent in the first quarter and 0.5 percent in the second quarter.|
|September 16||California’s uninsured rate drops to 12.4 percent in 2014, down from 17.2 percent in 2013. The reduction drop is the fifth largest decline among all states.|
|September 17||Governor Brown declares state of emergency for California wildfires in Lake, Napa, Amador, and Calaveras counties.|
|September 18||The U.S. Environmental Protection Agency and the California Air Resources Board issue a Notice of Violation to the Volkswagen Group for NOx tailpipe emissions standards involving its diesel light vehicles from model years 2009-2015.|
|September 25||U.S. real GDP grew by 3.9 percent in the second quarter after increasing 0.6 percent in the first quarter, according to the final estimate released by the Bureau of Economic Analysis.|
|September 30||Congress approves a temporary spending measure to keep federal government agencies operating through December 11.|
|September - October||The immigration crisis in Europe intensifies as the number of refugees arriving from Africa, the Middle East, and South Asia, rises to an estimated 360,000 in August and September bringing the total for the year so far to 710,000.|
|October 1||Minimum wage rate increases in Berkeley, California, from $10.00 an hour to $11.00 an hour.|
|October 5||The Trans-Pacific Partnership (TPP) trade agreement wins approval of the U.S. and 11 other nations, and now requires separate legislative approval from each.|
|October 7||California Governor Brown signs into law a bill requiring the state to generate half of its electricity from renewable sources by 2030 and to double the energy efficiency of buildings over the next 15 years.|
|October 19||China’s third-quarter GDP grew by 6.9 percent year-over-year, its slowest pace in more than six years.|
|October 23||China cuts interest rate and lowers minimum requirements for bank reserves for the third time in four months to support its slowing economy.|
|October 27||The Sacramento City Council approves a measure that gradually raises the city’s minimum wage to $12.50 in 2020 and ties it to inflation thereafter.|
|October 28||Northrop Grumman wins a $60 billion Air Force contract to build the nation’s new fleet of long-range stealth bombers. Much of the work is expected to be done in Palmdale, California.|
|October 29||U.S. real GDP grew by 1.5 percent in the third quarter after rising 3.9 percent in the second quarter, according to the preliminary estimate released by the Bureau of Economic Analysis.|
|October 29||China announces that it will end its one-child policy, allowing all families to have two children for the first time since the policy was instituted 30 years ago.|
|November 2||President Obama signs into law a bipartisan budget bill that would suspend the federal debt limit until March 15, 2017 and boost federal spending by $80 billion through September 2017, with increases for both defense and non-defense programs.|
|November 13||Terrorists attack Paris.|
|November 30||The International Monetary Fund approves adding the Chinese renminbi to its basket of reserve currencies that includes the U.S. dollar, the euro, the British pound, and the Japanese yen.|
|December 2||Terrorists attack San Bernardino, California.|
|December 12||Officials from 195 nations approve a global climate accord in Paris.|
|December 16||The Federal Reserve raises the federal funds rate target for the first time since 2006, by a quarter-point, to a range of 0.25% to 0.50%.|
|December 18||President Obama signs a federal fiscal package that consists of a $1.1 trillion omnibus budget measure to fund federal government agencies through fiscal year 2016 and a $650 billion tax package that renews, for the next ten years, various tax breaks for businesses and low-income workers.|
|December 29||The largest container ship ever to unload in North America arrives at the Port of Los Angeles, California.|
|December 31||The Dow Jones industrial average posts a 2.2 percent annual loss in 2015 to close at 17,425 points, ending six years of gains. The S&P 500 ends the year at 2,044 points, a 0.7 percent drop from 2014, ending 3 years of gains. Meanwhile, the Nasdaq gains 5.7 percent for the year to close at 5,007—its fourth consecutive yearly gain.|
|Winter||El Nino-fueled storms set rain records in California.|
|2014||January||Cold wave affecting parts of eastern U.S. and Canada caused by southward shifts of the north polar vortex.|
|January 1||Recreational marijuana stores open in Colorado.|
|January 8||A train transporting crude oil derails and catches fire in Plaster Rock, New Brunswick.|
|January 10||Porsche, Audi and Bentley announce record sales for 2013.|
|January 11||Former Israeli Prime Minister Ariel Sharon dies.|
|January 17||Governor Brown declares drought emergency for California.|
|January 22||TransCanada begins shipping crude oil through the southern leg of the Keystone pipeline, from the storage and distribution facilities in Cushing, Oklahoma into the Texas Gulf Coast refineries.|
|January 29||President Obama signs a presidential memorandum creating a federally-backed savings account program for low and middle income wage earners called MyRA, short for My Retirement Account.|
|January 31||California State Water Project announces zero water allocation to urban residents or farmers in 2014 due to a record-setting drought.|
Cold wave affecting parts of eastern U.S. and Canada caused by southward shifts of the north polar vortex.
Crisis in Ukraine.
|February 1||Janet Yellen takes over as chairman of the Federal Reserve.|
|February 12||Minimum wage for federal contract workers raised to $10.10 an hour.|
|February 13||Comcast buys Time Warner Cable.|
|February 13||Ivanpah Solar Electric Generating System located in the California Mojave Desert formally opens.|
|February 24||Budget cuts shrink U.S. army to pre-World War II size.|
|March||Cold wave affecting parts of eastern U.S. and Canada caused by southward shifts of the north polar vortex.|
|March 7||Genesis Solar Energy Project Unit 1, located in Riverside County, is on line and producing power.|
|March 21||California's private sector has fully recovered its recessionary job losses in February 2014.|
|March 21||Russia formally annexes Crimea.|
|March 22||Galveston Bay fuel oil spill.|
|March 27||U.S. real GDP grew 2.6 percent in the fourth quarter of 2013.|
|March 28||Los Angeles 5.1 earthquake near La Habra after another smaller earthquake 4.4 (March 18) in Westwood.|
|March 31||IPCC’s climate impacts report predicts dire effects of climate change.|
|April 4||Meningitis outbreak in the greater Los Angeles area.|
|April 27-29||Tornadoes strike the southeastern states.|
|April 28||Toyota announces it is moving headquarters from Torrance, California to Plano, Texas.|
|April 29||The U.S. Supreme Court allows the EPA to regulate air pollution from power plants that crosses state lines.|
|April 30||The World Bank announces that India has become the world's third-largest economy in purchasing power parity after the U.S. and China, moving ahead of Japan.|
|May 1||U.S. consumer spending rises by 0.9 percent in March 2014, its largest increase since August 2009.|
|May 12||The Dow Jones Industrial average and S&P 500 hit record highs of 16,695 and 1,897, respectively.|
|May 13||Fannie Mae and Freddie Mac to keep current limits on the size of loans they guarantee.|
|May 14||Los Angeles and San Diego wildfires.|
|May 15||A petroleum pipeline ruptures in Los Angeles.|
|May 16||GM fined by the U.S. government for delays in recalling faulty vehicles.|
|May 16||San Diego wildfires.|
|May 20||The U.S. Energy Information Agency cuts recoverable Monterey shale oil estimate by 96 percent, to 600 million barrels, from 13.7 billion barrels estimated in 2011.|
|May 21||China and Russia sign a 30-year natural gas export contract.|
|May 22||Marathon Oil agrees to buy Hess Corporation's retail gas stations.|
|May 22||Italian GDP to include underground economy.|
|May 29||Russia, Kazakhstan, and Belarus sign treaty forming Eurasian Economic Union.|
|May 30||Sony Pictures Imageworks announces it is moving its Los Angeles headquarters to Vancouver, Canada.|
|June||Crisis in Iraq.|
|June 2||EPA issues new regulations aiming to cut carbon emissions in the U.S. power sector by 30 percent from 2005 levels by 2030.|
|June 2||Seattle approves $15 minimum wage to be phased in over several years.|
|June 2-4||San Francisco Muni transit operators stage a three-day sickout.|
|June 5||The European Central Bank cuts its prime interest rate to 0.15 percent and sets the deposit rate at -0.10 percent.|
|June 8||AT&T to buy DirecTV.|
|June 9||President Obama signs executive order allowing student-loan borrowers to cap their payments at 10 percent of their monthly income.|
|June 14||Crude oil price near $107 a barrel rises 4 percent in one week.|
|June 16||Shale boom boosts U.S. energy production for a second year in a row in 2013.|
|June 20||Governor Brown signs the 2014-15 state budget bill.|
|June 25||Moody's raises California's bond credit rating from A1 to Aa3.|
|July 1||California minimum wage increased to $9.00 per hour from $8.00.|
|July 7-11||Port truck drivers and their supporters strike at the Ports of Los Angeles and Long Beach.|
|July 10||Chinese and Japanese shipping companies announce they will start a regular service to carry Siberian natural gas across the Arctic Ocean to East Asia.|
|July 11||Governor Brown signs legislation affecting business incentives in California with new employment credit, California Competes tax credit, and sales tax exemption.|
|July 31||California breaks drought record as 58 percent of the state is now under the most severe level of drought for the first time since regular drought reports began in the late 1990.|
|August 1||Million-dollar home sales in California hit a seven-year high in the second quarter.|
|August 3||Governor Brown declares state of emergency for California wildfires.|
|August 6||Russia bans imports of beef, pork, fruit, vegetables, poultry, fish, cheeses and milk from the United States, the European Union, Australia, Canada, and Norway.|
|August 21||Bank of America agrees to pay a record $16.65 billion fine to settle charges it sold flawed mortgage securities in the run up to the financial crisis. California homeowners and pension funds expect to receive $800 million from this settlement.|
|August 24||A 6.0 magnitude earthquake strikes Napa, California, the strongest to hit Northern California since the Loma Prieta earthquake in 1989.|
|August 26||The S&P 500 closes above 2,000 for the first time.|
|September 4||The European Central Bank cuts its prime interest rate to 0.05 percent from a previous record low of 0.15 percent.|
|September 18||California Governor signs legislation that would increase the amount of tax credits available for movies and television shows produced in the state, from $100 million to $330 million per year, for the next five years beginning in 2015.
|September 22||Alibaba's IPO ranks as the world's biggest at $25 billion, surpassing a previous world record set by Agricultural Bank of China in 2010.|
|September 23||The United States and allies launch first air strikes against ISIS in Syria.|
|September 26||Bill Gross, co-founder and chief investment officer of PIMCO, announces his resignation from the firm.|
|September 26 -
|Hong Kong protests.|
|September 30||First case of Ebola in the U.S. is confirmed.|
|September 2014 -
|Congestion builds at U.S. West Coast ports, most notably in the ports of Los Angeles and Long Beach. A stalemate between the International Longshore & Warehouse Union and the Pacific Maritime Association on contract renewals is causing shipping to become delayed, creating cargo backups at West Coast ports.|
|October 3||Unemployment rate in the United States drops to 5.9 percent in September, the first time it has been below 6 percent since July 2008.|
|October 9||The Dow Jones Industrial average drops 334 points, the biggest point drop since June 2013.|
|October 21||China’s third-quarter GDP grew by 7.3 percent year-over-year, its slowest pace in more than five years.|
|October 30||Russia and Ukraine reach an agreement to resume deliveries of natural gas from Russia to Ukraine until March 2015.|
|October 31||Bank of Japan announces expanded monetary stimulus.|
|October 31||The Federal Reserve makes the final bond purchase under the stimulus program known as quantitative easing 3 (QE3).|
U.S. midterm election. The Republican Party retains control of the U.S. House of Representatives and regains control of the U.S. Senate. State minimum wage raises pass in Alaska, Arkansas, Nebraska, and South Dakota.
Proposition 1—Water Bond. Funding for Water Quality, Supply, Treatment, and Storage Projects. Authorizes $7.545 billion in general obligation bonds for state water supply infrastructure projects, including surface and groundwater storage, ecosystem and watershed protection and restoration, and drinking water protection.
|November 4||Saudi Arabia cuts the price of its crude oil exports to the U.S. but raises the price to Asia and Europe. The West Texas Intermediate benchmark oil price falls to a four-year low of $77.20 a barrel.|
|November 5||Standard and Poor’s upgrades California’s bond credit rating from A to A+.|
|November 10||The U.S. and China sign the Information Technology Agreement (ITA) and a new visa agreement. The ITA aims to eliminate tariffs on a range of technology products. The new visa arrangement aims to increase business and tourist travel.|
|November 11||China and the U.S. reach an agreement on climate change. China commits to stop its CO2 emissions from increasing by 2030 and the U.S. commits to cut CO2 emissions 26-28 percent below 2005 levels by 2025.|
|November 17||Japan announces a drop in its third-quarter GDP following a contraction in the second quarter. A sales tax increase was deferred and a snap election on December 14 was announced.|
|November 20||President Obama announces a series of executive actions on immigration, which include expanding the population eligible for the Deferred Action for Childhood Arrivals (DACA) program, allowing parents of some U.S. citizens and lawful permanent residents to request deferred deportation and employment authorization, and expanding the use of provisional waivers of unlawful presence to include the spouses and sons and daughters of lawful permanent residents and the sons and daughters of U.S. citizens.|
|November 21||China cuts its benchmark one-year loan rate for the first time since July 2012.|
|November 24||Limits for mortgage loans backed by Fannie Mae and Freddie Mac to rise in San Diego, Ventura, Monterey, and Napa counties in 2015.|
|November 28||OPEC decides not to cut its oil production output amid falling oil prices. The West Texas Intermediate benchmark oil price falls to $65.94 a barrel, the first time it has been below $70 since May 2010.|
|Mid-December||Rainstorms sweep across California bringing high winds, heavy rain, and flooding. A state of emergency was declared in Marin, Mendocino, Ventura, and San Mateo counties.|
|December 14||Over 190 nations agree on a draft plan to address climate change by reducing greenhouse gas emissions at a United Nations conference in Lima, Peru.|
|December 14||Hong Kong protests end.|
|December 15||The Russian ruble falls to historic low of 73 against the U.S. dollar. Apple Inc. halts online sales in Russia.|
|December 15||The Bank of Russia hikes its key interest rate for a sixth time this year.|
|December 17||The U.S. restores full diplomatic relations with Cuba and plans to open an embassy in Havana. In addition, the U.S. eases restrictions on remittances, travel, and banking relations.|
|December 17||The Federal Reserve says it “can be patient” about the timing of its first rate hike after an extended period of near-zero rate target, signaling interest rate increases will be slow and steady.|
|December 18||The Dow Jones Industrial average surged 421 points, its best one-day point gain since November 30, 2011 while the S&P 500 jumped 48.34 points, its biggest one-day gain in nearly two years.|
|December 23||U.S. real GDP grew by 5 percent in the third quarter of 2014, according to the “third” estimate released by the Bureau of Economic Analysis. This is the highest quarterly growth since third quarter of 2003.|
|December 31||The S&P 500 closes at 2,058.90, an increase of 11.39 percent for 2014.|
|December 31||The West Texas Intermediate benchmark oil price settles at $53.45 a barrel, a 46 percent decline for 2014.|
|December 31||Minimum wage increases go into effect in New York and West Virginia.|
|January 1||Congress approves a budget deal raising taxes and postponing automatic spending cuts (sequestration), avoiding the “fiscal cliff.”|
|January 7||Ten U.S. banks settle with the Securities and Exchange Commission to stop mortgage foreclosure process audits.|
|January 8||2012 was the hottest year for the contiguous U.S. since records began in 1895.|
|January 16||New Boeing 787 aircraft, the Dreamliner, grounded over lithium-ion battery concerns.|
|January 21||President Obama is inaugurated for a second term.|
|January 24||Ukraine signs shale gas deal with Royal Dutch Shell.|
|January 29–30||Severe thunderstorms and tornadoes affect the midwestern and southern U.S.|
|February 1||Dow Jones Industrial average closes above 14,000 points for the first time since 2007.|
|February 8-9||Massive blizzard hits the northeastern U.S. and southeastern Canada.|
|February 14||The Eurozone slides into deeper recession, making 2012 the first year with no growth in any quarter since tracking began in 1995.|
|February 20||Japan records the first trade deficit since 1979 for January 2013.|
|February 22||Moody's downgrades United Kingdom's credit rating from AAA to AA1.|
|February 27||JPMorgan to cut 17,000 jobs over the next two years, primarily from the mortgage unit.|
|February 28||U.S. real GDP grew by 0.1 percent in the fourth quarter of 2012.|
|March 1||Automatic federal government budget cuts known as “sequestration” takes effect.|
|March 5||Dow Jones Industrial average surpasses pre-financial crisis levels, reaching an all-time high of 14,254.|
|March 5||President Hugo Chavez of Venezuela dies.|
|March 8||U.N. passes more sanctions against North Korea.|
|March 8||Fitch downgrade Italy’s credit rating from A- to BBB+|
|March 13||The European Parliament rejects a European Union budget for the first time in its history.|
|March 14||Xi Jingping becomes President of China.|
|March 16-25||Cyprus financial crisis.|
|March 28||U.S. real GDP growth revised to 0.4 percent for the fourth quarter of 2012.|
|March 31||Exxon Mobil crude oil pipeline ruptures near Mayflower, Arkansas.|
|April 2||Fannie Mae and Freddie Mac announce record profits for 2012.|
|April 5||Bank of Japan to pump monetary stimulus into economy.|
|April 8||Former U.K. Prime Minister Margaret Thatcher dies.|
|April 10||Worldwide sales of personal computers fall during the first quarter of 2013, the largest drop on record.|
|April 15||Boston Marathon bombing.|
|April 20||Powerful earthquake strikes southwestern China.|
|April 22||European Union lifts oil trade embargo to Syria.|
|April 23||U.S. stock market flash crash.|
|April 24||Bangladesh factory building collapses, killing hundreds.|
|May 2||Record snowfall in the central northern U.S.|
|May 2-6||Wildfires in Ventura and Los Angeles counties.|
|May 6||U.S. Senate passes a bill allowing states to tax internet sales.|
|May 7||Dow Jones Industrial average closes above the 15,000 mark for the first time.|
|May 16||U.S. announces new sanctions against Syria.|
|May 17||U.S. to expand exportation of natural gas.|
|May 30||Japan suspends imports of U.S. wheat after the discovery of genetically modified wheat on a U.S. farm.|
|June 3||U.S. expands sanctions against Iran.|
|June 7||San Onofre nuclear power plant near San Diego closes.|
|June 12||U.S. dollar suffers significant losses against a variety of currencies.|
|June 13||A tsunami hits the east coast of the U.S.|
|June 18||Boeing launches the 787-10, Dreamliner’s biggest version.|
|June 20||The Dow Jones Industrial average and S&P 500 record their worst day of 2013, falling 2.3 percent and 2.5 percent respectively.|
|June 26||U.S. real GDP grew 1.8 percent in the first quarter of 2013.|
|June 28||Gold falls below $1200 per ounce for the first time since 2010.|
|July 1||Croatia becomes the 28th member of the European Union.|
|July 2||The Obama administration postpones enforcement of a major requirement of the Affordable Care Act giving employers an extra year to provide health insurance.|
|July 6||A train transporting crude oil derails and explodes in Lac-Megantic, Quebec.|
|July 11||The Dow Jones Industrial average and S&P 500 close at record highs of 15,460 and 1,675, respectively, with the NASDAQ hitting 3,578, its highest level in ten years.|
|July 17||Heat wave settles over the U.S.|
|July 18||Detroit files for Chapter 9 bankruptcy protection, the largest municipal bankruptcy in U.S. history.|
|July 18-30||Wildfire in Riverside county, California.|
|July 25||China institutes business tax breaks and export liberalization in an effort to boost its economic growth.|
|July 28||U.S. and Japan announce they are moving closer to tapping a new energy source, methane hydrate.|
|July 31||Comprehensive revision of U.S. gross domestic product released.|
|August 1||The S&P 500 climbed 1.3 percent and closed above 1,700 for the first time, while the Dow Jones Industrial average rose 0.8 percent to a record high of 15,628.|
|August 14||The Eurozone has returned to growth in the second quarter, led by Germany and France.|
|August 14||Cisco Systems announces plans to cut 4000 jobs.|
|August 17||The North Rim Fire, the third largest wildfire in California's history, erupts near Yosemite National Park.|
|August 22||NASDAQ shuts down for 3 hours due to a computer problem.|
|September 2||The new eastern span of the San Francisco–Oakland Bay Bridge opens to the public.|
|September 12||China unveils its “Atmospheric Pollution Prevention Action Plan”.|
|September 12||Twitter files for an IPO.|
|September 15||Saboteurs blow up an export oil pipeline in Yemen.|
|September 18||The Federal Reserve announces that it will continue its bond-buying program due to concerns about weakening growth.|
|September 20||EPA outlines first steps to limit U.S. coal plant pollution.|
|September 20||California Governor signs SB 4 imposing new requirements on hydraulic fracturing.|
|September 26||U.S. real GDP growth revised to 2.5 percent in the second quarter of 2013.|
|October 1-16||Federal government shuts down.|
|October 1||The Affordable Care Act’s health insurance exchanges debuts.|
|October 5||Department of Defense calls back its furloughed civilian workers.|
|October 15||Fitch places the U.S. under a "rating watch negative".|
|October 16||Congress agrees to fund the government through January 15 at sequestration levels and suspend the debt limit until February 7 to end shutdown of federal government.|
|October 18||China's real GDP grew 7.8 percent in the third quarter of 2013.|
|October 29||NASDAQ freezes for an hour.|
|November 8||A train transporting crude oil derails and explodes in western Alabama.|
|November 17||Several tornadoes strike the midwestern U.S.|
|November 24||Iran agrees with the U.S., Great Britain, France, Germany, China and Russia, to limit their nuclear development program in exchange for sanctions relief.|
|November 27||Greece demoted to “emerging market” status by the MSCI Emerging Markets Index.|
|November 27||Bitcoin price rises above $1,000.|
|November 30||Genesis Solar Energy Project Unit 2, located in Riverside county, is on line and producing power.|
|December 5||Former President of South Africa Nelson Mandela dies.|
|December 6||U.S. unemployment rate falls to 7 percent in November 2013, the lowest since November 2008.|
|December 9||American Airlines and U.S. Airways merge.|
|December 20||U.S. real GDP growth revised to 4.1 percent for the third quarter of 2013.|
|December 20||The Dow Jones Industrial average and S&P 500 hit record highs of 16,221 and 1,818, respectively.|
|December 24||Deadline for U.S. residents to sign up for health care insurance without penalty.|
|December 30||A train transporting crude oil derails and catches fire near Casselton, North Dakota.|
|December 31||Latvia becomes 18th Eurozone member.|
Facebook filed for an IPO.
|February 8||States reached $25 billion settlement with banks over foreclosure abuses.|
|February 14||S&P upgrades California's financial outlook.|
|February 22||President Obama signed into law the extension of the payroll tax cut and unemployment benefits.|
|April 20||California’s labor market continued its slow improvement in March as employers added jobs for the eighth straight month.|
|April 27||Advance estimate of first-quarter Real GDP growth came in at 2.2 percent, down from 3.0 percent growth in the fourth quarter.|
|May 18||Facebook IPO|
|June 20||The Federal Reserve extends 'Operation Twist' through the end of 2012.|
|June 21||Moody's cuts credit ratings of 15 major banks.|
|June 28||Revised estimate of first-quarter Real GDP growth came in at 1.9 percent, down from 3.0 percent growth in the fourth quarter.|
Supreme Court upholds health care law.
|August 1||The city of San Bernardino, CA files for bankruptcy.|
|August 6||Fire at the Chevron refinery in Richmond, CA|
|Late-August||Hurricane Isaac caused destruction along the northern Gulf Coast.|
|August 29||Revised estimate of second-quarter Real GDP growth came in at 1.7 percent.|
|September 6||European Central Bank to launch an “outright monetary transactions” program.|
|September 15||Amazon.com to start collecting California sales tax.|
|October 10||Spain’s credit rating downgraded by S&P|
|October 11||The nation’s foreclosures fall to 5-year low.|
|October 28-29||Superstorm Sandy slams the Northeast and mid-Atlantic states.|
|November 14||California’s cap-and-trade program is launched.|
|December 20||Third-quarter Real GDP grew at a seasonally adjusted annual rate of 3.1percent,
the fastest rate of growth since the fourth quarter of 2011.
Commodity prices soaring.
|February 25||Fourth quarter real GDP increased at an annual rate of 2.8 percent.
In the third quarter, real GDP increased 2.6 percent.
|March 11||Powerful earthquake and tsunami devastate Northern Japan.
|March 19||U.S. joins airstrikes in Libya.
|March 25||Fourth quarter real GDP increased at an annual rate of 3.1 percent.
In the third quarter, real GDP increased 2.6 percent.
|April 27||Tornadoes ravaged the South.
|May 1||Osama bin Laden has been killed.
|May 26||First quarter real GDP increased at an annual rate of 1.8 percent.
In the fourth quarter, real GDP increased 3.1 percent.
|July 11||Debt problems in Europe and U.S. weigh on U.S. stocks.
|July 15||Monthly inflation retreats on lower gas prices.
Real GDP rose by 1.3 percent in Q2.
Downward adjustments to the prior 3 quarters were made.
|August 2||Obama signs debt ceiling bill.
|August 4||Wall Street suffers worst selloff in two years.
|August 5||S&P downgrades U.S. credit rating.
|August 28||Hurricane Irene hammers the Northeast.
|September 21||The Federal Reserve decided to extend the average maturity of their security holdings by buying $400 billion of longer-dated securities and selling $400 billion of shorter-dated securities by the end of June 2012.
| September 22
||Dow Jones industrials sees biggest two-day decline since December 2008.
|October 21||Obama signs free-trade agreements with South Korea, Colombia, and Panama..
|November 30||Six Central Banks take joint action to enhance global liquidity.
|December 15||U.S. marks end to Iraq war.
|December 23||President Obama signed a two-month extension of the payroll tax cut.
|January 12||Haiti earthquake|
|January 13||S&P lowered California's bond rating to A- from A.|
|January 28||The Senate confirmed Federal Reserve Chairman Ben Bernanke's second term.|
|February 18||The Federal Reserve raised the discount rate charged to banks for direct loans by a quarter point to 0.75 percent..|
|February 26||Fourth quarter GDP increased at an annual rate of 5.9 percent.|
|February 27||Chile earthquake|
|March 23||Obama signs landmark health care overhaul bill.|
|April 2-||BP massive oil spill in the Gulf of Mexico.|
|April 14-20||Ash clouds from an Icelandic volcano shut down airports across Europe.|
|April 15||Obama signs extension of jobless benefits..|
|April 30||First quarter GDP increased at an annual rate of 3.2 percent.|
|May 27||Revised first quarter GDP increased at an annual rate of 3.0 percent.|
|July 21||The Wall Street Reform and Consumer Protection Act was signed into law
by President Obama.
|July 22||President Obama signed a six-month extension of emergency jobless benefits for the long-term unemployed.|
|July 30||Second quarter GDP increased at an annual rate of 2.4 percent.
In the first quarter, GDP increased 3.7 percent.
|September 16||US poverty rate jumped to 14.3% in 2009, its highest level since 1994, and the 43.6 million Americans in need is the highest number in 51 years of record-keeping, according to the Census Bureau.|
The US recession ended in June 2009, according to the NBER.
Californians’ income falls for the first time since WWII.
|September 30||Second quarter GDP increased at an annual rate of 1.7 percent.
In the first quarter, GDP increased 3.7 percent.
|October 15||In 2011, for the second straight year, there will be no inflation-based increase in Social Security benefits.|
|November 3||The Federal Reserve announced a second round of quantitative easing through the purchase of $600 billion in long term Treasury bonds.|
|December 17||President Obama signed into law an extension of the existing federal income tax cuts and long-term unemployment benefits. The bill also includes a 2% rollback of Social Security payroll taxes.|
|December 22||Third quarter GDP increased at an annual rate of 2.6 percent.
In the second quarter, GDP increased 1.7 percent.
|January 20||Barack Obama inaugurated as the 44th President of the U.S.|
|January 23||British economy is officially in recession.|
|February 3||S&P lowered California's bond rating to A from A+.|
President Obama signed the $787 billion economic stimulus package into law.
President Obama unveiled the Homeowner Affordability and Stability Plan.
|February 20||California Governor Arnold Schwarzenegger signs the 2009-10 state budget bill.|
|February 27||Fourth quarter GDP decreased at an annual rate of 6.2 percent.|
|March 2||Dow Jones Industrial Average drops below 7000 for the first time since 1997.|
|March 19||Moody's lowered California's bond rating from A1 to A2.
Fitch lowered California's bond rating from A+ to A.
|March 23||U.S. Treasury Secretary unveils the Public-Private Investment Program.|
|April 23||California adopts low carbon fuel standards.|
|April 26||Swine Flu declared public health emergency.|
|April 29||First quarter GDP decreased at annual rate of 6.1 percent.|
|April 30||Chrysler files for bankruptcy.|
|May 7||Governor Schwarzenegger proclaims state of emergency in Santa Barbara due to Jesusita wildfire.|
|June 1||General Motors files for bankruptcy.|
|June 10||Fiat completes acquisition of Chrysler assets.|
|June 25||First quarter GDP decreased at annual rate of 5.5 percent.|
|July 6||Fitch Ratings downgraded California’s long-term bond rating from A- to BBB.
Moody's lowered the State's rating from A2 to Baa1.
Dow closes above 9000; first time since January.
Federal minimum wage jumps from $6.55 an hour to $7.25 an hour.
|July 28||Case-Shiller index shows first rise in U.S. housing prices in 3 years.|
|August 24||Cash-for-Clunkers program ends.|
|August 27||Second quarter GDP fell 1 percent, unchanged from the advance estimate in July and following a 6.4% drop in Q1.|
|October 14||Dow closes above 10,000 for the first time in a year.|
|October 29||Third quarter GDP increased at an annual rate of 3.5 percent..|
Jobless benefit extended.
Homebuyer tax credit extended and expanded.
|December 22||Third quarter GDP annual growth rate is 2.2%, per final estimate.|
|December 31||Down 25 percent at its March 9, 2009 nadir, the Dow Jones industrial average rose 59 percent, and finished the year up 19 percent. The Nasdaq increased 79 percent and ended 2009 up 44 percent. The S&P 500 rose 65 percent, finishing the year up 23 percent.|
|January 1||California minimum wage increased to $8.00 per hour from $7.50.|
|January 11||Bank of America agrees to purchase Countrywide Financial.|
|January 14||Fitch assigns Negative Rating Watch to State of California.|
|January 21-22||Global stock markets plunge.|
|January 22||Federal funds rate target reduced from 4.25 percent to 3.5 percent, the biggest one-day interest rate reduction on record.|
|January 30||Federal funds rate target reduced from 3.5 percent to 3 percent.|
|February 12||Hollywood writers strike ends.|
|February 19||Crude oil price tops $100 a barrel.|
|March 13||Gold futures hit $1000 an ounce for the first time.
Crude oil price tops $110 a barrel. Gas prices rise to another record high.
|March 16||JPMorgan agrees to buy Bear Stearns for a mere fraction of what it was once worth.|
|March 17||The Fed expanded the range of programs to boost financial market liquidity and cut the discount rate by 25 basis points, to 3.25 percent|
|March 18||Federal funds rate target reduced from 3 percent to 2.25 percent.|
|March 27||Fourth quarter GDP increased at an annual rate of 0.6 percent, compared with 4.9 percent in the third quarter.|
|April 15||Retail chains caught in a wave of bankruptcies.|
|April 16||Consumer prices, over the past 12 months, is up by 4 percent, reflecting sharp gains in energy costs, which are up 17 percent over that period, and food prices, which are up 4.4 percent.|
|April 30||Federal funds rate target reduced from 2.25 percent to 2 percent.
First quarter GDP increased at an annual rate of 0.6 percent.
|May 12||China earthquake|
|May-June||Gasoline prices set new all-time highs.|
|June 26||First quarter GDP increased at an annual rate of 1 percent.
Crude oil hits new high of $140 a barrel.
|July 6||Extended unemployment insurance benefits begin.|
|July 11||IndyMac Bank seized by federal regulators.|
|July 30||President Bush signs housing rescue law.|
|August 8||Georgia-Russia conflict escalates.|
|August 28||Second quarter GDP increased at an annual rate of 3.3 percent.|
|September 1||Hurricane Gustav strikes land west of New Orleans.|
|September 7||The U.S. government takes over Fannie Mae and Freddie Mac.|
|September 13||Hurricane Ike hits Texas.|
|September 14||Merrill Lynch sold to Bank of America.|
|September 15||Lehman Brothers files for bankruptcy protection.|
|September 17||The Federal Reserve loans $85 billion to American International Group (AIG).|
|September 19||Treasury to provide temporary guarantees for money market mutual funds.|
|September 23||Governor Schwarzenegger signs record-late state budget.|
|September 25||Washington Mutual was seized by the FDIC, and its banking assets were sold to JP MorganChase.|
|September 26||Second quarter GDP increased at an annual rate of 2.8 percent.|
|September 29||Citigroup buys banking operations of Wachovia.|
|October 1||Financial crisis spreads to Europe.|
|October 3||The Emergency Economic Stabilization Act (commonly referred to as a bailout of the U.S. financial system) became law.
Wells Fargo to merge with Wachovia.
|October 6 - 10||Worst week for the stock market in 75 years.|
|October 6||Fed provides $900 billion in short-term cash loans to banks.|
|October 7||Fed makes emergency move to lend around $1.3 trillion directly to companies.|
|October 8||Federal funds rate target reduced from 2 percent to 1.5 percent.
The discount rate was cut to 1.75 percent.
|October 11||The Dow Jones Industrial Average caps its worst week ever with its highest volatility day ever recorded in its 112 year history.|
|October 12||European leaders announce recapitalization plans for Europe's banks.|
|October 24||OPEC to cut oil output by 1.5 million barrels a day.|
|October 29||Federal funds rate target reduced from 1.5 percent to 1 percent.|
|October 30||Third quarter GDP declines 0.3 percent.|
|November 3||Boeing machinists’ 57-day strike ends.|
|November 15-||Wildfires burn five Southern California counties.|
|November 17||Japan is officially in recession.|
|November 24||The federal government approves plan to help Citigroup.|
|December 1||Recession in the US began in December 2007, according to NBER.|
|December 16||The Federal Reserve cut the federal funds rate target to a range of between zero percent and 0.25 percent.|
|December 17||OPEC to cut oil production starting January in a bid to prop up falling oil prices.|
|December 19||U.S. auto industry bailout approved.|
|December 23||Third quarter GDP decreased at an annual rate of 0.5 percent.|
|January 1||California minimum wage increased to $7.50 per hour from $6.75.|
|January 11||Vietnam becomes WTO member.|
|Mid-January||Freezing temperatures in California caused some $1.3 billion in crop losses.|
|January 25-26||Sales of both new and existing homes in the U.S. suffered sharp declines last year.
The plunge in new home sales was the biggest drop since 1990 and sales of existing homes saw its biggest decline since 1989.
|February||Crippling winter storms blanketed large swaths of the Midwest and Northeast with snow, ice and freezing rain.|
|February 21||Rising default rates hitting subprime mortgage industry hard.|
|February 27||Dow Jones industrial average down 416 points, biggest one-day point loss since 2001, after declining markets in China and Europe and a steep drop in durable goods orders triggered a massive sell-off on Wall Street.|
|February 28||GDP grew at a 2.2 percent pace in the 4th quarter –a considerably weaker rate than what the government first estimated.|
|March 2||The latest benchmark revision to the California labor market statistics shows nonfarm payroll employment growth was considerably stronger than what was first estimated.|
|March 14||President Bush issues a disaster declaration for California counties hurt by the January deep freeze.|
|March 29||Fourth quarter GDP revised upwards to 2.5 percent.|
|April 16||The number of default notices sent to California homeowners last quarter increased to its highest level in almost ten years, the result of flat appreciation, slow sales, and post teaser-rate mortgage resets.|
|April 25||Dow Jones Industrials close above 13,000 for the first time.|
|April 27||First quarter GDP increased at an annual rate of 1.3 percent.|
|May 3||S&P 500 closed above 1,500 for the first time in more than six years.
Dow Jones Industrials surged to a record high for the sixth time in seven sessions.
|May 4||US payroll job growth slowest since 2004. The Dow Jones industrial average hit another record high making this the longest bull run in 80 years.|
|May 31||First quarter GDP increased at an annual rate of 0.6 percent. That’s down from its initial estimate of 1.3 percent growth.|
|July 24||Federal minimum wage increased to $5.85 from $5.15 per hour.|
|July 26||The Dow Jones industrial average dropped 311.50 points or 2.3 percent amid concerns about housing and credit markets.|
|August 2||Mattel says it is recalling 1.5 million Chinese-made toys worldwide marking the latest in a string of recalls that have fueled U.S.-China tensions over the safety of Chinese products.|
|August 9||The Dow Jones industrial average was down 387.18 points or 2.8 percent as worries about the global credit market sparked a broad sell-off in stocks.|
|August 10||The Federal Reserve injected $38 billion into the banking system in an effort to provide liquidity as needed to keep financial markets operating normally.|
|August 17||The Federal Reserve, reacting to concerns about the subprime lending crisis, cut its discount rate half a percentage point to 5.75 percent.|
|August 23||Bank of America invests $2 billion in Countrywide Financial Corporation, helping the nation’s largest mortgage lender shore up its finances as it struggles with a liquidity crunch.|
|August 24||California Governor Arnold Schwarzenegger signs the 2007-08 state budget bill.|
|August 28||The Dow Jones industrial average closed down 280.28 points or 2.1 percent as investors were hit by fresh worries over declining consumer confidence, falling home prices, shrinking profits on Wall Street and uncertainty about the Federal Reserve.|
|August 30||Second quarter GDP increased at an annual rate of 4 percent. That’s up from its initial estimate of 3.4 percent growth.|
|September 10||Blasts rip Mexico gas and oil pipelines.|
|September 18||Federal funds rate target reduced from 5.25 percent to 4.75 percent.
Discount rate cut from 5.75 percent to 5.25 percent.
|September 27||Second quarter GDP increased at an annual rate of 3.8 percent. That’s down from its preliminary estimate of 4 percent.|
|October 21-26||Southern California wildfires|
|October 31||Federal funds rate target reduced from 4.75 percent to 4.50 percent.
Discount rate cut from 5.25 percent to 5 percent.
|November 1||The Federal Reserve injects $41 billion in temporary reserves into the US money markets.|
|November 5-||Members of the Writers Guild of America strike.|
|November 12||Citigroup, Bank of America, and JPMorganChase agree to a $75 billion superfund to restore confidence to credit markets.|
|November 15||US House of Representatives passes the Mortgage Reform and Anti-Predatory Lending Act of 2007.|
|December 6||President Bush announces a plan to voluntarily and temporarily freeze the mortgage rates of a limited number of mortgage debtors holding adjustable rate mortgages.|
|December 11||Federal funds rate target reduced from 4.50 percent to 4.25 percent.
Discount rate cut from 5 percent to 4.75 percent.
|December 12||The Federal Reserve injects $40B into the money supply and coordinates such efforts with central banks from Canada, United Kingdom, Switzerland and European Union.|
|December 18||The Federal Reserve approves measures to give mortgage holders more protection to prevent the current housing crisis from worsening further.|
|December 20||Third quarter GDP increased at an annual rate of 4.9 percent.|
|December 21||In California, sales of new and existing houses and condos were down 39 percent from a year ago in November. Sales have declined in the last 26 months on a year-over-year basis. The median price paid for a home was down 2.4 percent from the prior month and down 11.9 percent from a year ago. Financing with adjustable-rate mortgages and with multiple mortgages have dropped sharply. Foreclosure activity is at record levels.|
|December||Banks, mortgage lenders, real estate investment trusts, and hedge funds continue to suffer significant losses as a result of mortgage payment defaults and mortgage asset devaluation.|
|January 31|| Federal funds rate raised from 4.25 percent to 4.50 percent.
Alan Greenspan steps down after more than 18 years as chairman of the Federal Reserve.
Ben Bernanke was sworn in as the new chairman of the Federal Reserve.
|February 17||A total of 38,300 new and resale houses and condos were sold in California last month. That's down 27.5 percent from December and down 9.5 percent from January 2005.
Last month's sales count was the lowest since January 2002.
The median price paid for a home last month was $452,000. That’s down 1.3 percent from December and up 13.0 percent from January 2005. Last month's year-over-year increase was the lowest since a 12.4 percent increase in March 2003 when the median reached $290,000. Prices increased at their fastest rate in June 2004 when the $382,000 median was up 23.2 percent from the same month a year before.
|February 28||GDP increased at an annual rate of 1.6 percent in the fourth quarter of 2005, posting the smallest gain in three years.|
|March 28||Federal funds rate raised from 4.50 percent to 4.75 percent.
This is the fifteenth consecutive increase since June 2004 and the first since
Ben Bernanke took over as chairman of the Federal Reserve.
|May 10||Federal funds rate raised from 4.75 percent to 5.00 percent.|
|May 17|| Standard and Poor’s raised California’s bond rating to A+ from A.
Moody’s upgraded California’s bond rating to A1 from A2.
|June 9||Fitch upgraded California’s bond rating to A+ from A.|
|June 29||GDP increased at an annual rate of 5.6 percent in the first quarter of 2006.
It was the strongest quarterly growth in 2 1/2 years. Federal funds rate raised from 5.00 percent to 5.25 percent.
|June 30||California Governor Arnold Schwarzenegger signs the 2006-07 state budget bill.|
|July 12||Hezbollah attacks Israel.|
|July (mid-late)||Heat wave sets records across the United States and caused scattered power outages.|
|July 28||GDP increased at an annual rate of 2.5 percent in the second quarter of 2006.|
|August 7||BP announces plan to shutdown Prudhoe Bay oil field.|
|August 10||U.K. foils plot to bomb U.S.-bound airliners.
|September 5||Intel announced that it will lay off about 10 percent of its work force.
|September 12||California minimum wage legislation signed.
The $1.25 increase in the minimum wage will be phased in, with an increase of
75 cents on January 1, 2007 and an increase of 50 cents on January 1, 2008.
|October 19||Dow Jones Industrials close above 12,000 for the first time.|
|October 27||GDP increased at an annual rate of 1.6% in the third quarter, down from 2.6% in the second quarter.
|November 7||California Governor Arnold Schwarzenegger won a second term.
Voters in six states approved ballot measures raising the minimum wage, joining 18 other states in setting a wage higher than the federal mark of $5.15 an hour.
|December 21||GDP increased at an annual rate of 2.0 percent in the third quarter.|
|January 22-24||Blizzards blanketed large parts of the Northeast.|
|January 30||Iraq held its first free election in half a century.|
|February 2||Federal funds rate raised from 2.25 percent to 2.50 percent.|
|March 22||Federal funds rate raised from 2.50 to 2.75 percent.|
|March 30||GDP grew at an annual rate of 3.8 percent in the fourth quarter of 2004.|
|April 28||GDP increased at an annual rate of 3.1 percent in the first quarter of 2005.|
|May 3||Federal funds rate raised from 2.75 to 3.00 percent|
|June 29||GDP increased at an upwardly revised 3.8 percent in the first quarter of 2005.|
|June 30||Federal funds rate raised from 3.00 percent to 3.25 percent.|
|November 1||Federal funds rate raised from 3.75 percent to 4.00 percent.|
|December 13||Federal funds rate raised from 4.00 percent to 4.25 percent.|
|December 15||CPI posts biggest drop since 1949.|
|February 10||Unexpected cut in OPEC quota and cold weather contribute to higher oil prices.|
|February 11||Dow Jones Industrials closed at highest level in more than 2-1/2 years.|
|March 25||Fourth quarter GDP rose 4.1 percent.|
|April 30||International oil prices hit a 3-1/2 year high.|
|May 27||First quarter GDP grew at a 4.4 percent annual rate.|
|June 30||Federal funds rate increased by 25 basis points bringing the rate up to 1.25 percent. It is over four years since the Fed last tightened rates.|
|August 9||Fitch removes California from Rating Watch Negative.|
|August 10||Federal funds rate raised from 1.25 percent to 1.50 percent.|
|August 24||S&P raised California’s credit rating from “BBB” to “A”.|
|August 27||Second quarter GDP grew at a 2.8 percent annual rate.|
|Mid-August||Hurricane Charley hits Florida|
|September||Three powerful hurricanes (Frances, Ivan, and Jeanne) hit Florida and some neighboring states.|
|September 21||Federal funds rate raised from 1.50 percent to 1.75 percent.|
|October 29||GDP grew at a 3.7 percent rate in the third quarter.|
|November 10||Federal funds rate raised from 1.75 percent to 2.00 percent.|
|December 14||Federal funds rate raised from 2.00 percent to 2.25 percent.|
|December 22||GDP grew at a 4.0 percent annual rate in the third quarter.|
|December 26||A magnitude 9.0 earthquake –the largest in 40 years—struck the northern Indonesian island of Sumatra, triggering a tsunami that killed tens of thousands of people in more than 11 countries.|
|February 10||Moody’s lowered California’s bond rating to A2 from A1.|
|February 14-17||Major snowstorm hit Middle Atlantic and Eastern states.|
|February 26||Doctors in Hong Kong report the first case of a flu-type virus “Atypical Pneumonia,” now more commonly known as Severe Acute Respiratory Syndrome(SARS).|
|March 20||Operation Iraqi Freedom begins.|
|April 9||Baghdad falls and Iraqis and American troops topple stature of Saddam Hussein.|
|April 14||President Bush declares conclusion of major combat operations in Iraq.|
|June 25||Federal funds rate reduced from 1.25 percent to 1 percent, the lowest rate in 45 years.|
|June 26||GDP up 1.4 percent in Q1.|
|July 17||The US recession ended in November 2001, according to NBER.|
|July 24||S&P lowered California's bond rating from "A" to "BBB".|
|July 25||United States Treasury begins mailing $400 per child tax rebate checks.|
|August 2||Governor Gray Davis signs the 2003-04 state budget bill.|
|August 4||Moody's lowered California's bond rating from A2 to A3.|
|August 28||GDP grew at a revised 3.1 percent annual rate in the 2nd quarter.|
|September 3||Light vehicle sales in the U.S. reach 19.0 million in August, the second best monthly rate ever.|
|October 21||Wildfires breakout in Southern California, eventually burning 743,000 acres and destroying over 3,500 homes.|
|October 30||GDP grew by 7.2 percent, its fastest rate since 1984.|
|December 4||President Bush ends steel tariffs.|
|December 12||Dow Jones Industrial average closed above 10,000 for the first time since May 24, 2002.|
|December 13||Saddam Hussein captured by American troops.|
|December 23||Final report shows GDP grew by 8.2 percent in the third quarter, its fastest rate since 1984.|
|December 24||U.S. confirms first case of "mad cow" disease.|
|January 1|| Taiwan
becomes WTO member.
OPEC to cut oil production by 6.5 percent.
Euro becomes legal tender in 12 European countries.
|January 6||Unemployment insurance benefits increased in California.|
|February 28||GDP up 1.4 percent in Q4.|
|March 9||California’s "Job Creation and Worker Assistance Act of 2002" was signed into law that provides for temporary extended unemployment compensation.|
|March 28||GDP up 1.7 percent in Q4.|
|April 25||Security and Exchange Commission launched a formal investigation of Wall Street analysts' conflicts of interest.|
|May 13||President Bush signed a 10-year, $190 billion farm bill that promises to expand subsidies to growers.|
|June 27||GDP up 6.1 percent in Q1.|
|July 5||Foreign direct investment flows to developed countries declined by 56% in 2001, with the United States seeing the largest falloff to its lowest level since 1997.|
|July 8||Intel launches its Itanium 2 chip.|
|July 10||President Bush called for stiffer penalties to eradicate corporate fraud.|
|July 15||Pfizer to buy Pharmacia.|
|July 16|| The
dollar sank against the euro for the first time
in more than two years.
Intel to eliminate 4,000 jobs.
|July 21||WorldCom filed for bankruptcy protection.|
|July 22||The Dow Jones industrial average sank to its lowest level in nearly four years. Both the Nasdaq and S&P 500 are at their lowest levels since the first half of 1997.|
|July 30||President Bush signed into law the Public Company Accounting Reform and Investor Protection Act.|
|July 31|| GDP
growth slowed to 1.1 percent in Q2 from revised
5.0 percent in Q1. Last year's data was also
revised indicating that the economy shrank in
each of the first three quarters.
Venture capital investments hit four-year low.
|August 8||IMF signed an emergency loan to Brazil.|
|August 11||U.S. Airways filed for bankruptcy.|
|August 20||The U.S. trade deficit narrowed in June, following two straight record monthly deficits.|
|Cargo operations at 29 West Coast ports ground to a halt when terminal operators locked out unionized workers|
|November 6|| Federal
funds rate reduced from 1.75 percent to 1.25
Discount rate reduced from 1.25 percent to 0.75 percent.
|December 9||United Airlines filed for bankruptcy protection.|
|December19||Standard & Poor’s lowered California’s bond rating to an A from an A+.|
|January 1||California’s minimum wage raised from $5.75 to $6.25|
|January 1||The California state rate portion of the total 7.25% sales tax rate was reduced by .25%, to a total tax rate of 7.00%.|
|January 3|| Federal Reserve makes surprise rate cut.
Federal funds rate reduced to 6.0 percent from 6.5 percent.
Discount rate reduced to 5.5 percent from 6.0 percent.
Nasdaq jumped a record 14.17 percent.
|January 17||OPEC to cut oil production by 1.5 million barrels a day, or 5.6 percent of current output.|
|January 31|| Federal funds rate reduced from 6.0 percent to 5.5 percent.
Discount rate reduced from 5.5 percent to 5.0 percent.
|March 19||OPEC to cut oil production by 1 million barrels a day.|
|March 19-20||California suffered rolling blackouts.|
|March 20|| Federal funds rate reduced from 5.5 percent to 5.0 percent.
Discount rate reduced from 5.0 percent to 4.5 percent.
|March 27||California regulators approved retail electric rate increase.|
|March 29||GDP grew at an annual rate of 1 percent in the fourth quarter, the lowest in more than 5 years.|
|April 6||PG&E utility unit files for bankruptcy.|
|April 18|| Federal funds rate reduced from 5.0 percent to 4.5 percent.
Discount rate reduced from 4.5 percent to 4.0 percent.
|April 23||A Tosco refinery explosion pushed gasoline prices to near record highs.|
|April 24||Standard & Poors lowered California’s bond rating from AA to A+|
|April 27||GDP grew at an annual rate of 2 percent in the first quarter.|
|May 7-8||California hit by rolling blackouts.|
funds rate reduced from 4.5 percent to 4.0
Discount rate reduced from 4.0 percent to 3.5 percent.
|June 7||Federal tax cut was signed into law.|
|June 18||The Federal Energy Regulatory Commission adopted a price "mitigation" plan designed to reduce spikes in wholesale electricity prices in California and other Western states|
funds rate reduced from 4.00 percent to 3.75
Discount rate reduced from 3.50 percent to 3.25 percent.
|June 29||First quarter GDP growth rate revised to 1.2 percent.|
funds rate reduced from 3.75 percent to
Discount rate reduced from 3.25 percent to 3.00 percent.
|August 29||Second quarter GDP grew at a 0.2 percent annual rate.|
|September 11||Terrorists attack World Trade Center and the Pentagon.|
|September 11-14||U.S. stock trading halts.|
funds rate reduced from 3.50 percent to 3.00
Discount rate reduced from 3.00 percent to 2.50 percent.
Dow Jones industrials record biggest point drop in history, falling 684.41.
funds rate reduced from 3.00 percent to 2.50
Discount rate reduced from 2.50 percent to 2.00 percent.
|October 26||Lockheed Martin Corporation awarded defense contract.|
funds rate reduced from 2.50 percent to 2.00
Discount rate reduced from 2.00 percent to 1.50 percent
|November 26||Recession in the US began in March 2001, according to NBER.|
|December 2||Enron filed for bankruptcy.|
funds rate reduced from 2.00 percent to 1.75
Discount rate reduced from 1.50 percent to 1.25 percent.
China becomes WTO member
|December 21||GDP down 1.3 percent in Q3.|
|December 31||Markets fall for a second straight year for the first time since 1974.|
|January 14||Dow Jones industrials hit record high of 11,722.98.|
|January 27||Fourth quarter GDP grew at an annual rate of 5.8 percent.|
|February 2|| Federal funds rate raised from 5.50 percent to 5.75 percent.
Discount rate raised from 5.00 percent to 5.25 percent.
|February 4||The nation’s jobless rate at 4 percent is lowest in 3 decades.|
|February 7||Pfizer Inc. and Warner-Lambert Co complete merger deal.|
|March 10||Nasdaq hits record high of 5,048.62.|
|March 16||Dow Jones industrials rose 499.19 points, biggest point gain on record.|
|March 20|| Boeing Co. engineers and technical workers returned to work after
a 40-day strike ending one of the biggest white-collar walkouts in
Crude oil prices drop below $30 a barrel.
|March 21|| Federal funds rate raised from 5.75 percent to 6.0 percent.
Discount rate raised from 5.25 percent to 5.50 percent.
|March 30||GDP growth rate for 4th quarter was revised upward to 7.3 percent, its strongest pace since 1984.|
|April 7||President Clinton signed into law a bill allowing older Americans to work without losing any of their Social Security benefits.|
|April 10||Wells Fargo & Co agreed to acquire First Security Corporation of Utah.|
|April 27|| First quarter GDP grew at an annual rate of 5.4 percent with consumer
spending jumping 8.3 percent, the sharpest gain in more than 17 years.
Employment cost index jumped 1.4 percent in the first quarter, the sharpest increase in 11 years.
|May 16||Federal funds rate raised from 6.0 percent to 6.5 percent.|
|June 29||GDP 1st quarter growth rate revised from 5.4 to 5.5 percent.|
|July 28||GDP 2nd quarter grew at an annual rate of 5.2 percent.|
|August||World oil prices are rising because of increasingly tight supplies. U.S. inventories are at their lowest level since 1976 and crude prices have increased significantly contributing to costlier gasoline and heating oil.|
|September 19||China was granted permanent normal trade relations status with the U.S.|
|September 28||GDP growth rate for 2nd quarter was revised to 5.6 percent.|
|October 18||Social Security and Supplemental Security income payments will increase by 3.5 percent in 2001, the biggest in almost a decade.|
|October 31||OPEC plans to increase oil production by 500,000 barrels per day making it the fourth increase this year.|
|December 21||GDP for 3rd quarter grew at an annual rate of 2.2 percent.|
|December 31||Dow and Nasdaq record losing years for the first time since 1990.|
|January 1||A new reserve currency, the "euro" is introduced, creating a single market in Europe. It will be the currency of reference for the 11 countries participating in the European Monetary Union.|
|January 13||Brazil devalues its currency sending U.S. stocks into a free fall.|
|January 21||The 1998 trade deficit hit an all-time high of $175 billion, 58 percent more than the shortfall recorded in 1997.|
|March 22||OPEC agreed to reduce crude oil production by 2.1 million barrels per day and maintain lower levels of output for a full year.|
|March 29||Dow Jones Industrial average topped the 10,000 mark.|
|April 9||The European Central Bank cut its key discount rate, for the first time, from 3.0 to 2.5 percent.|
|April 29||GDP rose to 4.5 percent in the first quarter|
|May 3||Dow Jones Industrial average topped the 11,000 mark.|
|May 26||First quarter GDP growth revised down to 4.1 percent..|
|May 27||US companies’ after tax profit rose 4.3% in the first quarter, the largest quarterly gain in four years.|
|June 10||Japan’s economy grew 7.9 percent in the first quarter.|
|June 11||California’s unemployment rate moved down from 5.7% in April to 5.2% in May, the lowest level since mid-1990.|
|June 29||Federal funds rate raised from 4.75 to 5.00 percent.|
|July 28||GDP rose 2.3 percent in the second quarter.|
|August 24|| Federal funds rate raised from 5.00 to 5.25 percent.
Discount rate raised from 4.50 to 4.75 percent.
Mid-September: Hurricane Floyd batters the East Coast.
|September 21||A 7.6 magnitude earthquake hits Taiwan.|
|September 30||In 1998, the US poverty rate fell to its lowest in 20 years at 12.7 percent. Real median household income hit a record 3.5 percent growth surpassing its pre-recessionary peak in 1989, and for the first time since 1975, all four US regions experienced significant increases. September 30: Second quarter GDP growth rate revised to 1.6 percent, the smallest gain in four years.|
|October 4||MCI WorldCom to buy Sprint.|
|October 13||Producer Price Index for finished goods jumped 1.1 percent in September, the largest monthly increase in 9 years.|
|October 15||California’s unemployment rate dropped to 4.9 percent, the lowest since 1969.|
|October 27||GDP for third quarter grew at 4.8 percent, 2nd quarter growth rate was revised upward to 1.9 percent from the original 1.6 percent.|
|November 1||Dow Jones & Co. added the technology leaders Microsoft and Intel as well as two other issues, to its industrial average, the first time that Nasdaq stocks have been included. It also dropped four companies that have been components for most of the 20th century.|
|November 2|| Nasdaq closed above the 3000 mark for the first time.
Packard Bell says it will end its computer manufacturing business, close its Sacramento plant, and lay off 80 percent of its US workforce.
|November 16|| Federal funds rate raised from 5.25 to 5.50 percent.
Discount rate raised from 4.75 to 5.00 percent.
|November 17||Crude-oil futures hit an almost nine-year high, rising 90 cents to $26.60 a barrel.|
|November 24||Third quarter GDP grew at an annual rate of 5.5 percent, well above previous estimates.|
|November 30||Exxon and Mobil merger approved by federal regulators.|
|December 2||The euro fell to parity with the dollar for the first time since its launch in January as Europe’s common currency|
|December 17||Pharmacia and Monsanto agreed to merge.|
|December 22||Third quarter GDP rose at 5.7 percent annual pace, above the previous estimate of 5.5 percent.|
|December 29||Nasdaq closed above the 4000 mark for the first time.|
|January 5||Bond prices surged sending the 30-year Treasury to a record low yield of 5.73 percent, while comparable government-bond yields reached their lowest levels since the 1960s.|
|January 26||Compaq agreed to acquire Digital Equipment Corporation.|
|February 2||Standard and Poor’s stock index passed the 1000 milestone for the first time.|
|February 27||Fourth quarter 1997 GDP growth rate revised to 3.9 percent, down from an initial estimate of 4.3 percent.|
|March 1||California’s minimum wage raised from $5.15 to $5.75.|
|Winter||El Nino-fueled storms caused widespread flooding and landslides in California. Thirty-five counties declared federal disaster areas. The State’s agriculture industry estimates a flood-related loss of $57.4 million so far.|
|March 17||Washington Mutual and H.F. Ahmanson & Co. agreed to merge.|
|March 18||The NASD and AMEX boards agreed to join the two securities market.|
|March 19||The U.S. trade deficit for January widened to its worst level in six years.|
|March 20||Boeing plans to reduce approximately 6,200 jobs in California by the year 2000.|
|March 24||Xerox Corp. plans to cut 10,000 jobs worldwide or 11 percent of its workforce.|
|March 30||OPEC agreed to cut crude-oil production by 1.25 million barrels a day.|
|April 6|| Citicorp and Travelers Group agreed to merge.
Dow Jones Industrial average topped the 9000 mark.
|April 8||Tornadoes swept the South causing death and significant property damage.|
|April 13||NationsBank formally announced its merger with BankAmerica while BancOne confirmed its planned combination with First Chicago.|
|April 14||Intel announced that it will eliminate up to 3,000 jobs over the next six months.|
|April 22||National Semiconductor plans to cut its worldwide workforce by 10 percent, or about 1,400 people.|
|May 6|| Daimler Benz and Chrysler Corporation agreed to merge.
Compaq plans to eliminate 15,000 jobs following its purchase of Digital Equipment
|May 11||SBC formally announced plans to acquire Ameritech|
|June 4||Motorola plans to layoff 10 percent of its workforce, or about 15,000 workers.|
| June 5 -
|United Auto Workers strike at General Motors.|
|June 8||Wells Fargo & Co. and Norwest agreed to merge.|
|June 9||The Philadelphia Stock Exchange agreed to join AMEX and NASD.|
|June 12||California’s unemployment rate fell in May to its lowest level in nearly 8 years|
|June 18||Texas Instruments plans to eliminate 3,500 jobs worldwide, about 8 percent of its payroll.|
|June 24|| AT&T announced its plan to acquire cable giant TCI.
OPEC agreed to cut crude-oil production by 1.4 million barrels per day.
|June 25||Rockwell International Corporation will cut 9 percent of its workforce, or 3,800 jobs.|
|June 26||El Niño damage to California’s agricultural industry soars to $422 million. Lockheed announced its plan to lay off 2,500 workers at Sunnyvale, California.|
|June||Japan officially declares a recession.|
|June 29||Chinese and U.S. companies signed $1.1 billion in new business deals, including China’s agreement of intent to purchase 27 Boeing Co. jetliners.|
|July 10||IMF agreed to provide Russia with an assistance package worth $14 billion.|
|July 16|| Lockheed Martin called off its proposed merger with Northrop Grumman.
The Nasdaq composite edged over 2,000 for the first time.
|August 13||Boeing to transfer selected 737 assembly processes to Long Beach, California.|
|August 14|| California agriculture flourished in 1997, breaking records in both
production and income
NationsBank and BankAmerica merger gets federal approval.
|August 17||Golden State Bancorp and California Federal Bank agreed to merge|
|August 31||The Dow Jones Industrial average fell 512.61 points wiping out what remained of the year’s gains. The Nasdaq Composite fell 140.43, its worst point drop ever.|
|September 2||Northwest Airlines issued layoff notices to 27,500 employees, or 55 percent of its workforce.|
|September 15||Rockwell International Corp. to eliminate around 900 jobs.|
|September 17||Citigroup expects to eliminate about 8,000 jobs by year end, or 5 percent of its workforce.|
|September 21|| Russia devalues currency and restricts international transactions
including debt repayments.
Financial firms have lost more than $8 billion so far in the fallout from Russia’s financial collapse.
|September 23||Citicorp and Travelers merger gets federal approval.|
|September 29|| Federal funds rate reduced from 5.50 percent to 5.25 percent.
Dow Jones Industrial average fell 237.90 points the next day.
|October 2||California’s credit rating was upgraded by Moody’s Investors ServiceHewlett-Packard Co. will eliminate 2,500 jobs or 2 percent of its workforce.|
|October 6||Washington Mutual Inc. will close 161 branches in California as a result of its Home Savings of America acquisition.|
|October 7||Raytheon Co. to cut workforce by 14,000.|
|October 8||Packard Bell NEC to cut U.S. workforce by 20 percent.|
|October 12||Merrill Lynch will cut work force by 3,400 or 5 percent.|
|October 15|| Federal funds rate reduced from 5.25 to 5.00 percent.
Discount rate reduced from 5.00 to 4.75 percent.
The Dow Jones Industrial average rose to more than 330 points and led to rallies in European, Asian and Latin American stock markets. Canada and Argentina followed with rate cuts of their own.
|October 30||Third quarter GDP jumped to an annual rate of 3.3 percent exceeding estimates.|
|November 12||Brazil reached a pact with leading countries and lenders on a $42 billion rescue package, in a move aimed at preventing the financial crisis from spreading throughout South America.|
|November 17|| Federal funds rate reduced from 5.00 to 4.75 percent.
Discount rate reduced from 4.75 to 4.50 percent.
|December 1||Exxon and Mobil confirmed their plans to merge, creating the world's largest oil producer.|
|December 2||NEC Electronics lays off about 400 workers or 13 percent of its U.S. workforce.|
|December 9|| MCI WorldCom Inc. plans to layoff about 3,750 or between 3 to 5 percent
of its workforce.
Trans World Airlines announced its biggest plane order ever, confirming it has placed orders and options for up to 250 Airbus and Boeing jets.
|Winter|| Rivers in the West overflowed as rain and melting snow brought flooding
in the Northwestern states, California and Nevada.
The flooding has cost California's agricultural industry $155 million so far, according to state officials.
|January 13||Faced with unprecedented demand for new phone lines for Internet surfers and home offices, Pacific Bell will hire more than 2,500 employees in California.|
|January 15||Mexico announced that it will repay U.S. loan three years ahead of schedule.|
|January 16||General Motor's Hughes Electronics will be acquired by Raytheon Corp.|
|January 29||U.S. Treasury issues the first $7 billion in 10-year inflation-indexed notes.|
|February 13||Dow Jones Industrial average topped the 7000 mark.|
|February 19||U.S. trade deficit hits 8-year high.|
|March 1||California's minimum wage raised from $4.75 to $5.00.|
|March 7||Federal 10 percent tax on airline tickets was reimposed.|
|March 25||Federal funds rate raised from 5.25 percent to 5.50 percent.|
|April||The nation's unemployment rate falls to a 24-year low.|
|April 30||First quarter GDP grew at a robust 5.6 percent fueled by a big inventory buildup, warm weather and the biggest rise in consumer spending in ten years.|
|July 1||China regained sovereignty over Hong Kong.|
|July 4||Lockheed Martin agreed to buy Northrop Grumman.|
|July 16||Dow Jones Industrial average topped 8000 mark.|
|August 4||The European Commission formally cleared the merger of Boeing and McDonnell Douglas.|
|August 4-18||Teamsters union strike against United Parcel Service.|
|September 1||California's minimum wage raised from $5.00 to $5.15.|
|October 27||The Dow Jones Industrial average posted its worst one-day point loss ever. The relentless selling drove the industrial average down 554.26 points, or 7.18 percent.|
|November 21||Yamaichi Securities, Japan's no. 4 securities firm will shut down, its largest corporate failure since WWII.|
|December 3||South Korea agreed to a broad dismantling of its interlocked financial and industrial system as the price for a record $55+ billion IMF bailout.|
|November-December|| Asia's crashing currencies are rapidly destroying the financial health
of the regions.
The Indonesian rupiah and Korean won have lost more than half their value against the U.S. dollar this year.
|December 19||California's jobless figure fell sharply to 5.8 percent in November, the lowest in over seven years.|
| December 18 -
|The federal government shut down partially again as budget talks stalled.|
|January 3||AT&T will eliminate at least 40,000 jobs over the next three years as part of its plan to split into 3 companies.|
|January 8-10||Blizzard paralyzed the East Coast.|
|January 25||Wells Fargo & Co. will merge with First Interstate Bancorp.|
|January 31||Federal funds rate reduced from 5.50 percent to 5.25 percent.|
|February 8||President Clinton signed a landmark telecommunications bill into law.|
|February 9||Boeing Co. intends to fill 7,000 new jobs by early 1997 in its rebounding commercial-jet division.|
|March-June||Gasoline retail prices in California increased by 28 percent--sharply higher than the sizable nationwide increase of about 12 percent.|
| March 6 -
|United Auto Workers strike at General Motors Corp.’s brake-parts plants in Dayton OH|
|April 1||Pacific Telesis, parent of Pacific Telephone, agreed to be acquired by San Antonio based SBC (formerly Southwestern Bell).|
|April 23||Bell Atlantic and Nynex agreed to merge|
|May 14||The California Public Employees Retirement System reached the $100 billion mark.|
|June 5||Packard Bell and NEC will merge their personal computer operations creating one of the largest PC makers in the world|
|July 3||Lockheed Martin won the $1 billion federal contract to build a prototype for a next-generation space shuttle.|
|July 12||Hurricane Bertha hits the North Carolina coast.|
|July 29||First Nationwide Bank will acquire Cal Fed Bancorp Inc. creating the nation’s fourth largest savings and loan association.|
|July 30||Standard & Poor’s raised California’s credit rating to an A+ from an A.|
|August 1|| Rockwell International Corp. agreed to sell most of its aerospace
and defense businesses to Boeing Co.
Aerojet landed a $30 million contract that gives it a role in developing the nation’s next-generation space shuttle.
|August 5||PacificCare Health Systems Inc. will buy competitor FHP International Corp. making it the second largest managed care organization in California.|
|August 10||A massive disruption in a sprawling power system triggered a widespread electricity outage affecting millions of people in parts of at least nine Western states.|
|September 5||Hurricane Fran hits Carolina coast.|
|October 1||Federal minimum wage raised from $4.25 to $4.75.|
|October 14||Dow Jones Industrial average topped the 6000 mark.|
|December 13||Countries representing most of the world’s high-technology trade agreed to abolish tariffs on computers, software and related goods.|
|December 16||Boeing Co. agreed to acquire McDonnell Douglas Corp.|
|December 23||Apple Computer Inc. will buy Next Software for $400 million.|
|January||U.S. trade deficit soared by 68 percent to $12.2 billion.|
|January-March||California has been battered by its worst weeklong series of storms since 1986. Severe floods have forced the evacuation of thousands of residents and caused an estimated $2 billion of damage making it the costliest winter storm in the history of the State.|
|January 17||Earthquake, measuring 7.2 on the Richter scale, hits Kobe, Japan.|
|January 31||The Clinton Administration announced a program of loans and currency swaps to prop up the Mexican peso. The plan will utilize existing authority and will involve several international agencies. The peso has been devalued by more than 40 percent against the U.S. dollar since early December.|
|February 12||Federal funds rate raised from 5.5 percent to 6 percent.|
|February 24||Dow Jones industrial average closed above 4000 for the first time.|
|March 10||McDonnell Douglas won a $910 million order for at least 30 Apache attack helicopters from the Royal Netherlands Air Force.|
|March 13||China and the U.S. reached agreements that should further open Chinese markets to U.S. agricultural production, lift suspension of a 1992 market-access accord and open discussions on allowing U.S telecommunications and insurance services into China.|
|March 15||Boeing won a $1.17 billion order for its 737-600 airliners from Scandinavian Airlines.|
|March 23||U.S. trade deficit soared by 68 percent to a monthly record of $12.2 billion in January.|
|March-April||Dollar hits post WW II lows against the yen and mark.|
|April 19||Bomb blast at an Oklahoma City federal building.|
|April 30||President Clinton announced a cutoff of all trade by U.S. companies with Iran.|
|May 22||NASA intends to cut 28,860 jobs and consolidate space-shuttle activities under a single contractor within the next five years.|
|May 24||Boeing plans to cut 5,000 more jobs this year than previously projected, bringing the total to 12,000 by year-end.|
|June 5||Boeing won at least two-thirds of a $6 billion commercial-jetliner order from Saudi Arabian carrier Saudia, with the remainder going to McDonnel Douglas Corporation.|
|July 6||Federal funds rate reduced from 6 percent to 5.75 percent.|
|October|| Florida's panhandle was hit hard by Hurricane Opal.
Boeing Co. union machinists strike.
| November 14 -
|Budget impasse caused partial federal government shutdown and furlough of non-essential federal employees.|
|November 15||Boeing won a $12.7 billion order from Singapore Airlines.|
|November 20||Dow Jones Industrial average topped the 5000 mark.|
|December 4|| President Clinton authorized a vanguard of U.S. troops to move into
Bosnia. The advance troops will set up headquarters in preparation
for thousands more U.S. soldiers to follow.
Strikers at Caterpillar rejected a proposed six-year contract, but the United Auto Workers union called an end to the 17-month walkout anyway.
|December 19||Federal funds rate reduced from 5.75 percent to 5.50 percent.|
|January 17||A destructive earthquake registering 6.8 on the Richter scale, centered in Northridge, struck Southern California at 4:31 a.m.|
|February 4||Federal funds rate raised from 3.0 percent to 3.25 percent, the first increase in five years.|
|March 22||Federal funds rate raised from 3.25 percent to 3.50 percent.|
| March 21 -
| Stock market selloff reduces Dow Jones Industrials by 9.7 percent
from January peak.
Treasury 30-year bond yields 7.42 percent, up from 5.79 percent in October.
Fixed rate mortgages exceed 8 1/2 percent, compared to 6.8 percent in October, 1993.
|April 18||Federal funds rate raised from 3.50 percent to 3.75 percent|
|May 17||Federal funds rate raised from 3.75 percent to 4.25 percent.|
|August 16||Federal funds rate raised from 4.25 percent to 4.75 percent.|
|November 15||Federal funds rate raised from 4.75 percent to 5.5 percent.|
|December 2||Congress approved the General Agreement on Tariffs and Trade (GATT). The GATT accord cuts tariffs globally by roughly 40%, extends intellectual-property rights and tightens rules on investment and trade in services.|
|December 7||A leveraged investment strategy led to huge losses for an Orange County, California, investment fund. The County filed for bankruptcy protection, the largest such municipal filing ever.|
|January 1||California gasoline and diesel fuel tax increase of one cent per gallon|
|February 17||President Clinton announces economic plan, which cuts defense spending by $188 billion from 1994-1998.|
|February 26||Bomb blast at the New York's World Trade Center|
|March 11||Seven California bases are included in the Department of Defenses announcement to close 31 major bases.|
|Summer||Great Flood of '93, from Minnesota to Missouri, caused an estimated $12 billion in damage and covered over 10 million acres. Clinton declared more than 200 counties federal disaster areas, including all 99 counties in Iowa.|
|August 11||President Clinton signed into law his economic program that calls for spending curbs and higher taxes to reduce projected federal budget deficit by $496 billion over a five-year period.|
|Fall||Thirteen wild fires raged Southern California, some attributed to arson. Five counties were declared disaster areas.|
|November 19||The North American Free Trade Agreement (NAFTA) is passed. Businesses anticipate expanded opportunities south of the border and increased jobs in the U.S.|
|December 10||Japan and the U.S. agreed on a plan to open Japan's markets to rice import.|
|January 1||California gasoline and diesel fuel tax increase of one cent per gallon.|
|January 27||R.H. Macy files for Chapter 11 bankruptcy protection.|
|January 31||TWA files for bankruptcy protection.|
|February 10||Los Angeles floods|
|April 22||Palm Springs earthquake|
| April 25 -
| April 29 -
|Los Angeles riots|
|June 28||Yucca Valley/Big Bear earthquakes|
|July 2|| Federal Reserve cuts the discount rate cut from 3-1/2 percent to 3
percent, the lowest level since 1963.
Prime rate cut from 6-1/2 percent to 6 percent.
| August 24 -
|Hurricane Andrew hits Florida and Louisiana.|
|August 27||General Motors closes Van Nuys plant, which employed 2,600 workers. The plant was Southern California's last remaining auto factory.|
|September 2||After a record 64 days without a state budget, Governor Wilson signs the 1992-93 state budget bill.|
|September 11||Hurricane Iniki hits the Hawaiian island of Kauai.|
|January 1||California gasoline and diesel fuel tax increase of one cent per gallon.|
|January 2||Prime rate cut from 10 percent to 9-1/2 percent.|
|January 12||Congress approves use of force in Iraq.|
|January 16||U.S. begins military action against Iraq.|
|February 1|| Discount rate cut from 6-1/2 percent to 6 percent.
Prime rate reduced from 9-1/2 percent to 9 percent.
Carter Hawley Hale files for bankruptcy protection.
|February 26||Iraqi troops withdraw from Kuwait.|
|February 27||President Bush orders a cease fire in the war against Iraq.|
|April 1||Federal minimum wage raised from $3.80 to $4.25.|
|April 23||Lockheed-Georgia awarded F-22 Air Force contract.|
|April 30||Discount rate cut from 6 percent to 5-1/2 percent.|
|May 1||Prime rate reduced from 9 percent to 8-1/2 percent.|
|June 28||Sierra Madre earthquake in Los Angeles County.|
|July 15||Chemical Banking and Manufacturers Hanover agree to merge.|
|August 12||BankAmerica agrees to acquire Security Pacific, surpassing the Chemical/Manufacturers Hanover merger as the largest in the banking industry.|
|September 13||Discount rate cut from 5-1/2 percent to 5 percent, the lowest level
since February 1973.
Most major banks reduce prime rate from 8-1/2 percent to 8 percent.
|October 20||Oakland Hills fire.|
|November 6||Discount rate cut from 5 percent to 4-1/2 percent. Prime rate cut from 8 percent to 7-1/2 percent.|
|December 18||GM announces plans to close 21 plants and cut 74,000 jobs by the end of 1995.|
|December 20|| Federal Reserve cuts the discount rate from 4-1/2 percent to 3-1/2
Prime rate reduced from 7-1/2 percent to 6-1/2 percent by many large banks.
|January 8||Prime rate cut from 10-1/2 percent to 10 percent.|
|January 15||Campeau Corp. files for Chapter 11 bankruptcy-law protection.|
|February 13||Drexel Burnham Lambert Inc. files for Chapter 11 bankruptcy-law protection.|
|March 2||Amalgamated Transit Union strikes Greyhound Lines, Inc.|
|April 1||Federal minimum wage raised from $3.35 to $3.80.|
|July 27||Revised GNP estimates cut 1989 growth by 1/2 percent. Year-over-year growth for the second quarter only 1.2 percent.|
|August 1||California gasoline and diesel fuel tax increase of 5 cents per gallon.|
|August 2||Iraq invades Kuwait|
|September 9||California population reaches 30 million according to California Department of Finance.|
|November 30||Index of leading indicators declines for fourth month in a row.|
|December 1||Federal gasoline tax increase of 5 cents per gallon.|
|December 4||Federal Reserve cuts bank reserve requirements by $11 billion.|
|December 18||Discount rate cut from 7 percent to 6-1/2 percent.|
|February 10||Prime rate raised from 10-1/2 percent to 11 percent.|
|February 24|| Discount rate raised from 6-1/2 percent to 7 percent.
Prime rate raised from 11 percent to 11-1/2 percent.
|March 4||International Association of Machinists strike against Eastern Airlines.|
|March 24||Exxon Valdez runs aground on Bligh Reef in Prince William Sound, Alaska, spilling 11 million gallons of oil.|
|June 5||Prime rate cut from 11-1/2 percent to 11 percent.|
|July 10||Chase Manhattan cuts prime rate to 10-1/2 percent from 11 percent.|
|July 19||DC-10 crashes at Sioux City; hydraulic systems failure cited as cause.|
|July 31||Most major banks cut prime rate to 10-1/2 percent.|
|September 21||Hurricane Hugo hits the Carolinas causing extensive property damage.|
| October 4 -
|International Association of Machinists strike Boeing.|
|October 17||Earthquake, measuring 7.1 on the Richter, hits the San Francisco Bay Area.|
|November 30||October U.S. personal income release indicates quake will reduce California personal income by about $2 billion in 1989.|
|February 3||Prime rate cut to 8.5 percent from 8.75 percent.|
| March 7 -
|Television writers strike.|
|May 12||Prime rate raised from 8.5 percent to 9 percent.|
|July 1||California's minimum wage raised from $3.35 to $4.25.|
|July 3||U.S.S. Vincennes shoots down Iran Air Flight 655 over the Persian Gulf.|
|July 14||Prime rate raised from 9 percent to 9-1/2 percent.|
|August 9||Discount rate raised from 6 percent to 6-1/2 percent.|
|August 11||Prime rate raised from 9-1/2 percent to 10 percent.|
|November 28||Prime rate raised from 10 percent to 10-1/2 percent.|
|December 8||Severe earthquake hits Soviet Armenia; death toll more than 100,000.|
|December 21||Pan American flight 103 from London to New York crashes in Scotland, killing 283. British authorities later confirm bomb caused crash.|
|January 1|| California Legislature approved a measure, effective Jan. 1, 1987,
giving school districts the local option to access $1.50 per square
foot on new residental construction and $.25 per square foot on new
Fannie Mae raises mortgage ceiling to $153,100 from $133,250.
OPEC's 7 percent production cut went into effect. U.S. oil prices hit $18 per barrel.
|January 8||The Dow Jones Industrial average topped the 2000 mark.|
|January 19|| The Dow Jones Industrial average topped the 2100 mark.
The California Trade Office opened in Tokyo.
The dollar fell to a record low against the yen-150.49 yen to the dollar.
|January 22||The Dow Jones Industrial average posted a record 51.60 gain to a new high of 2145.67.|
|February 5|| Brazil suspends interest payments on commercial debt.
The Dow Jones Industrial average topped the 2200 mark.
|March 5||Ecuador is rocked by severe earthquake.|
|March 16||Fannie Mae announces it will not enter home equity loan market.|
|March 20||The Dow Jones Industrial average topped the 2300 mark.|
|March 24||U.S. dollar falls to post WW II low--148.5 yen to the dollar.|
|April 1||The prime rate increased from 7-1/2 to 7-3/4 percent.|
|April 6||The Dow Jones Industrial average topped the 2400 mark.|
|April 13||The California Trade Office opened in London.|
|May 1||The prime rate was increased from 7-3/4 percent to 8 percent.|
|May 5||Immigration amnesty program in effect.|
|May 7||The Farm Credit System formally asked Congress for a $6 billion loan from the Treasury.|
|May 15||The prime rate was increased to 8-1/4 percent from 8 percent.|
|May 17||The U.S.S. Stark was struck by an air-launched Iraqi missile in the Persian Gulf.|
|June 1||Penalties in place for employers of illegal aliens.|
|July 17||Dow Jones Industrials close over 2,500 for the first time.|
|July 22||Kuwaiti tankers placed under U.S. flag for transit through Persian Gulf.|
|August 10||Dow Jones index closes over 2,600 for 1st time.|
|August 11||Alan Greenspan sworn in as Chairman of the Federal Reserve Board.|
|August 17||Dow Jones index closes over 2,700 for 1st time.|
|September 4|| Discount rate raised from 5-1/2 percent to 6 percent.
Prime rate raised from 8-1/4 percent to 8-3/4 percent.
|October 1||Severe earthquake hits Southern California. Epicenter near Whittier.|
|October 7||Prime rate raised from 8-3/4 percent to 9-1/4 percent.|
|October 14||Dow Jones Industrials fall a record 95 points.|
|October 15||Dow Jones Industrials down 58 points.|
|October 16||Dow Jones Industrials down a record 108 points.|
|October 19||Dow Jones Industrial average plunges 508 points, a record 22.6 percent one-day drop. Cumulative four-day decline of 769 points.|
|October 21||Dow up a record 187 points.|
|October 22||Prime rate cut to 9 percent from 9-1/4 percent.|
|November 2||Dollar falls to 40 year low of 136.95 Yen.|
|November 5||Prime rate cut to 8-3/4 percent from 9 percent.|
|November 23-24||Severe earthquakes hit Imperial County.|
|November 30||Dollar hits postwar lows against Yen and Mark.|
|January 1||Ceiling on Super NOW accounts was removed.|
|January 17||United Steel workers leaders agreed to allow rank-and-file members to vote on labor contracts for the first time in the union's history.|
|January 28||Space shuttle Challenger explosion destroys the spacecraft. Seven crew members died.|
|February 26||Corazon Aquino takes over Phillipines as the new president.|
|March 3||Dow Jones Industrials close above 1700 for the first time.|
|March 4||Yields on 10-year Treasury Notes fall below 8 percent for the first time in eight years. Oil prices fall to $12 per barrel.|
|March 7||The discount rate reduced from 7-1/2 percent to 7 percent, following similar cuts by Germany & Japan.|
|March 10||Prime rate cut to 9 percent from 9-1/2 percent.|
|March 21|| Dow Jones Industrials close above 1800 for the first time.
Conservative Chirac appointed as Prime Minister of France.
|March 25||U.S. warplanes attacked two Libyan ships and a shoreline missile site after Libyan missiles were fired at U.S. planes in the Gulf of Sidra.|
|April 1|| Interest ceilings on passbook saving accounts ended.
Oil prices fall to under $11 per barrel.
|April 14||U.S. air strike against Libya.|
|April 21|| U.S. Dollar reaches a post-WWII low against the Yen at 168.60.Discount
rate cut from 7 percent to 6-1/2 percent.
Prime rate cut to 8-1/2 percent from 9 percent.
|April 23||Paul Volcker warns of public and private debt buildup as a threat to the economy.|
|April 25||Soviet nuclear plant at Chernobyl destroyed by fire.|
|May 12||U.S. dollar falls to 159.95 Yen.|
|May 22||U.S. proposes 35 percent tariff on Canadian cedar shakes and shingles for roofing, leading to a trade dispute between the U.S. and Canada.|
|CWA strike at AT&T|
|July 7|| The U.S. Supreme Court ruled that the Gramm Rudman Hollings mechanism
for across the board, automatic spending cuts was unconstitutional.
The Dow Jones Industrial average was down a record 61.87 points.
|July 10||The Fed lowered the discount rate from 6-1/2% to 6%.|
|July 11||Prime rate cut to 8 percent from 8-1/2 percent.|
|July 20||Prime rate cut to 7-1/2 percent.|
|August 1||United steelworkers strike for the first time since 1959. 44,000 workers were involved.|
|August 20||The discount rate was reduced from 6 percent to 5-1/2 percent.|
|August 27||The prime rate was cut to 7-1/2 percent from 8 percent.|
|August 28||General Motors Corp. introduces a new incentive program to lure consumers by an unprecedented auto loan rate of 2.9 percent.|
|September 4||Stock market prices soared as the Dow Jones Industrial average jumped 38.38 points to a closing record of 1919.17.|
|September 5||California bank and corporation tax law was amended to provide for a "Waters-Edge" election. This is an alternate treatment of taxable income.|
|September 11||The Dow Jones Industrial average plummeted a record 86.61 points, or 4.61 percent to 1792.89.|
|October 22||President Reagan signs the tax reform bill into law, the first full scale remodification since 1954.|
| October 27 -
| Union employees from Kaiser Foundation Hospital, Kaiser Permanente
Group, Inc. & Kaiser Foundation Health Plan strike
|November 1||The savings bond rate dropped from 7-1/2 percent to 6 percent, affecting new issues only.|
|January 1||Federal price controls removed from approximately half of the natural gas produced in the United States.|
|January 15||Prime rate reduced from 10-3/4 percent to 10-1/2 percent.|
|March 9||Home State Savings Bank Cincinnati, Ohio closed.|
|March 15||Seventy Ohio thrift institutions closed to prevent run on deposits.|
|March 25||Auto manufacturer's initiate low interest loan programs.|
|May 2||Auto manufacturer's initiate low interest loan programs.|
| May 17 -
|United Airlines—Air Pilots Association strike|
|May 17||Prime rate reduced from 10-1/2 percent to 10 percent.|
|May 20||Dow Jones Industrials close above 1,300 for the first time.|
|May 29||Presidents' tax reform plan unveiled.|
|June 18||Prime rate reduced to 9-1/2 percent from 10 percent.|
|July 16||Conventional mortgage rates fell to 12.03 percent average--the lowest since October 1979.|
|8,200 steelworkers on strike at Wheeling Pittsburgh—the industry’s first major walkout in 26 years|
|August 15||GM announces 7.7 percent financing rate program to run through October 2nd.|
|August 20||Ford and Chrysler announce incentive plans including low interest loans and rebates on 1985 autos.|
|September 4||The Farm Credit System seeks a Federal bailout of its $74 billion loan portfolio.|
|September 15||A State Department of Housing and Community Development regulation requiring equal access on accessible levels of apartment houses with five or more units, for handicapped persons, went into effect.|
|September 16||A State Department of Housing and Community Development regulation requiring equal access on accessible levels of apartment houses with five or more units, for handicapped persons, went into effect.|
|September 22||G-5 agreement to push the dollar lower.|
|November 7||Dow Jones Industrials close above 1400 for the first time.|
|December 10||World oil prices fall by more than a dollar after OPEC decides to abandon price supports.|
|December 12||President Reagan signs the budget deficit bill into law, raising the debt ceiling to $2 trillion and setting deficit targets for each year through 1991.|
|December 23||President Reagan signs the farm subsidy bill into law, creating a 5 year plan to bail out the Farm Credit System.|
|January 3||Breakup of AT&T becomes effective.|
|February 2||Contemporaneous reserve accounting is required by Fed for all but the very small deposit-taking institutions.|
|March 19||Prime rate raised from 11 percent to 11-1/2 percent.|
|March 20||Maximum rate on VA loans rasied from 12-1/2 to 13 percent.|
|April 4||Prime rate raised from 11-1/2 percent to 12 percent.|
|April 9||Discount rate raised from 11-1/2 percent to 12 percent.|
|May 5||Prime rate raised from 12 pecent to 12-1/2 percent.|
|June 26||Prime rate raised from 12-1/2 percent to 13 percent.|
| September 3 -
|Hotel and restaurant strike-San Francisco.|
| September 15 -
|UAW-General Motors strike.|
|January 5||Super NOW accounts introduced.|
|January 11||Prime rate lowered to 11 percent.|
|January 31||Independent truckers strike begins.|
|February 10||Independent truckers strike ends.|
|February 15||Toyota/GM agreement to build a small car in late 1984.|
|February 25||Prime rate lowered to 10-1/2 percent.|
|March 14||OPEC sets $29 per barrel benchmark price and production quota of 17.5 million barrels.|
|May 2||An earthquake measuring 6.5 on the Richter scale strikes Coalinga, California.|
|June 8||The maximum rate on government-backed mortgages was raised from 11-1/2 percent to 12 percent.|
|June 18||Paul Volcker reappointed as Federal Reserve Board Chairman.|
|June 24||The Federal Budget deficit totaled a record $29.29 billion in May.|
|July 7||The maximum rate on government-backed mortgages was raised from 12 percent to 12-1/2 percent.|
|July 13||Chrysler Corporation announced it will repay the remaining $800 million in federally guaranteed loans by September, seven years before they are due.|
|July 25||The Washington Public Power Supply System defaulted on $2.25 billion in bonds, creating the largest municipal default in U.S. history.|
|August 1||California's $1.2 billion offering of revenue-anticipation notes, the State's largest note issue, drew strong investor interest. Notes totaling $700 million, maturing next April and June, were oversubscribed.|
|August 2||The maximum rate on government backed mortgages rose from 12-1/2 percent to 13-1/2 percent.|
| August 7 -
|The Communications Workers of America and two other unions strike AT&T.|
|August 8||Prime rate raised from 10-1/2 percent to 11 percent by most major banks.|
|August 23||The maximum rate on government backed mortgages fell from 13-1/2 percent to 13 percent.|
|September 1||Soviet Union shoots down Korean Airlines Flight 007, New York to Seoul, near the Soviet island of Sakhalin, just north of Japan.|
|November 1||Maximum rate on VA & FHA mortgages lowered from 13 percent to 12.5 percent.|
| November 3 -
|Strike against Greyhound Lines, Inc.|
|December 1||FHA mortgage interest rates begin to float. VA rates are still pegged.|
|January 22||Federal funds rate raised to 13-1/2 percent.|
|January 25||FHA mortgage rate increased from 15-1/2 percent to 16-1/2 percent.|
|February 2||Prime rate raised to 16-1/2 percent by Citibank and Crocker.|
|February 18||Prime rate increased to 17 percent.|
|February 24||Prime rate cut to 16-1/2 percent.|
|March 1||Ford-UAW Pact ratified. Workers give up two weeks of paid time off and annual 3 percent raises.|
|March 8||Prime rate lowered to 16 percent.|
|March 16||Prime rate back up to 16-1/2 percent.|
|April 1||OPEC cuts production to 17.5 million barrels from current 18.2. Saudi benchmark set at $34/barrel.|
|April 5||Unemployment rate nationally hits 9.0 percent tying the post-WW II high in May 1975.|
|April 12||General Motor and United Auto Workers labor agreement approved.|
|April 26||The U.S. consumer price index declined 0.3 percent-the first decline in 17 years and the largest drop in nearly a quarter of a century.|
|May 7||U.S. unemployment rate reaches 9.4 percent for a post-WW II record.|
|May 13||Braniff Air Lines ceases operations.|
|June 25||Secretary of State Alexander Haig resigns.|
|June 28||U.S. Supreme Court rules that federally chartered savings and loan associations cannot be prohibited from enforcing due-on-sale clauses in their mortgage contracts.|
|July 20||Discount rate lowered from 12 percent to 11-1/2 percent. Prime rate lowered from 16-1/2 percent to 16 percent.|
|July 27||Prime rate lowered to 15-1/2 percent.|
|August 2||Discount rate lowered to 11 percent. Prime rate lowered to 15 percent.|
|August 9||Unemployment rate reached 9.8 percent in July-the highest level since 9.9 percent rate in 1941.|
|August 16||Discount rate cut from 11 percent to 10-1/2 percent. Most major banks lower their prime lending rates to 14-1/2 percent.|
|August 18||Dow Jones Industrial Average rose 38.81 points-an all-time record.|
|August 19||The stock market trading soared to a record 132,690,000 shares.|
|August 27||Discount rate lowered to 10 percent. Prime rate lowered to 13.5 percent.|
|November 23||Prime rate lowered from 12 percent to 11-1/2 percent.|
|December 13||Discount rate cut to 8-1/2 percent.|
|December 14||Introduction of money market deposit accounts by banks and S&Ls.|
|January 1||Minimum wage raised from $3.10 to $3.35.|
|January 6||Prime lowered to 20 percent.|
|January 20||American hostages released from Iran.|
|January 20||Ronald Reagan inaugurated as 40th President of the U.S.|
|January 28||Deregulation of oil and gas industry announced, effective immediately.|
|January 29||Prime rate lowered to 19-1/2 percent from 20 percent.|
|February 16||General Motors and Ford rebate plans announced.|
|February 23||Prime rate lowered to 18 percent.|
|March 2||Prime rate lowered to 18-1/2 percent.|
|March 10||Prime rate lowered to 18 percent.|
|March 16||Prime rate lowered to 17-1/2 percent.|
|March 18||Prime rate lowered to 17 percent.|
| March 26 -
|United mine workers strike.|
|April 13||Prime rate raised to 17-1/2 percent.|
|April 29||Prime rate raised to 18 percent.|
|May 4||Prime rate raised to 19 percent.|
|May 5||Discount rate raised from 13 percent to 14 percent.|
|May 8||FHA-VA rate up to 15-1/2 percent from 14-1/2 percent.|
|May 11||Prime rate raised to 19-1/2 percent.|
|May 22||Prime rate raised to 20 percent.|
|May 27||OPEC fails to agree on uniform price schedule. OPEC officials freeze prices at current level.|
|June 5||Dollar reaches highest level in international trading since December 1971.|
|July 8||Prime rate raised to 20-1/2 percent.|
| August 3 -
Jan. 17, 1986
|Professional Air Traffic Controller's Organization strike.|
|August 14||President Reagan signs both the tax- and budget-cut bills into law.|
|August 18||FHA-VA rate up to 16-1/2 percent from 15-1/2 percent.|
|September 1||Prime rate lowered to 20 percent.|
|September 21||Prime rate lowered to 19-1/2 percent.|
|September 22||Fed surcharge cut to 3 percent from 4 percent.|
|October||Introduction of All Savers Certificates to stimulate savings.|
|October 6|| Prime rate lowered to 19 percent.
Egyptian President Sadat assassinated.
|October 13||Prime rate lowered to 18 percent.|
|October 30||OPEC price set at $34.00/barrel-the Saudi benchmark.|
|November 1||Passbook interest rate raised 1/2 percent to 5-3/4 percent.|
|November 2|| Fed discount rate cut from 14 percent to 13 percent.
Prime rate lowered to 17-1/2 percent.
|November 10||Prime rate lowered to 17 percent.|
|November 13|| Prime rate lowered to 16-1/2 percent
FHA mortgage rate lowered to 15-1/2 percent.
|November 16||Prime rate lowered to 16 percent.|
|November 17||Fed eliminates 2 percent surcharge. Discount rate unaffected.|
|December 1||Prime rate lowered to 15-1/2 percent.|
|December 4||Fed discount rate lowered from 13 percent to 12 percent.|
|December 12||Martial law imposed in Poland.|
|February 25||Prime rate raised to 16-½ percent.|
|February 27||Ceilings on interest rates for government-backed mortgages raised to 13 percent.|
|February 29||Prime rate raised to 16-¾ percent.|
|March 4||Prime rate raised to 17-¼ percent.|
|March 7||Prime rate raised to 17-æ percent.|
|March 13||Prime rate raised to 18-º percent.|
|March 14||Announcement to tighter fiscal policies.|
|March 18||Prime rate raised to 19 percent.|
|April 2||Prime rate raised to 20 percent.|
|April 3||FHA mortgages raised to 14 percent.|
|April 20||Primer rate reduced to 19-½ percent.|
|April 28|| FHA mortgages reduced to 13 percent.
Prime rate reduced to 18-½ percent.
|May 5||Prime rate reduced to 18 percent.|
|May 7||Prime rate reduced to 17 percent.|
|May 12||Prime rate reduced to 16-½ percent.|
|May 19||Prime rate reduced to 16 percent.|
|May 28||Discount rate lowered to 12 percent from 13 percent.|
|June 4||Prime rate reduced to 13 percent.|
|June 12||Discount rate lowered to 11 percent. Prime rate reduced to 12-½ percent.|
|June 20||Prime rate reduced to 12 percent.|
|June 24||Prime rate reduced to 11-½ percent. Some conventional mortgage rates fell to 12 percent.|
|June 25||Carpenters strike in Northern California ended.|
|July 3||ICC begins trucking industry deregulation.|
|July 21||Motion picture and television industry strike.|
|July 22||Prime rate reduced to 11 percent.|
|July 25||Prime rate reduced to 10-¾ percent.|
|July 28||Discount rate reduced to 10 percent.|
|August 5||Prime rate raised to 11 percent.|
|1979||January 1||U.S. minimum wage increased to $2.90 per hour.|
|January 13||Prime rate reduced to 11-½ percent.|
|March 15||Terms for MMCs changed. ¼ point differential over 9 percent eliminated.|
|March 27||OPEC price increases 9 percent. Selected surcharges imposed.|
|March 31||United Airlines-machinist strike.|
|April 1-10||Teamsters strike.|
|May 7||Prime rate moved to 11-¾ percent from 11-½ percent.|
|May 19||Federal funds rate set at 7-¼ percent.|
|May 26||United Airlines strike ended.|
|May 30||Interest rate on conventional mortgages raised to 11-¾ percent.|
|June 12||Prime rate reduced to 11-½ percent.|
|July 1||Interest rates on passbook accounts up to 5.5 percent at Savings and Loans and 5.25 percent for banks.|
|July 20||Discount rate raised from 9-½ percent to 10 percent.|
|August 16||Discount rate raised to 10-½ percent.|
|August 24||Federal funds rate raised from 11 percent to 11-¼ percent.|
| August 26 -
|Los Angeles Rapid Transit District strike.|
|August 28||Prime rate raised from 12 percent to 12-¼ percent.|
| August 31 -
|1978||January 1||U.S. minimum wage increased to $2.65 per hour.|
|January 9||Discount rate raised from 6 percent to 6-½ percent.|
|January 10||Prime rate raised to 8 percent.|
|February 28||FHA mortgage rate raised from 8-½ percent to 8-¾ percent.|
|April 1||California minimum wage increased from $2.50 to $2.65 per hour.|
|May 4||Prime rate raised from 8 percent to 8-¼ percent.|
|May 8||California savings and loan associations raised mortgage rates from 9-¾ percent to 10 percent.|
|May 12||Discount rate raised to 7 percent.|
|May 23||Federal funds rate increased to 7-½ percent.|
|May 26||FHA-VA mortgage rate raised from 8-¾ percent to 9 percent.|
|June 6||Proposition 13 approved by California voters.|
|June 16||Prime rate raised to 8-¾ percent.|
|June 20||OPEC announced a freeze on crude oil prices until December 16.|
|June 22||Federal funds rate raised from 7-½ percent to 7-¾ Percent.|
|June 29||FHA-VA mortgage rate raised to 9-½ percent.|
|June 30||Prime rate raised to 9 percent.|
|July 10||Discount rate raised to 7-¼ percent.|
|July 18||Teamsters union strike affecting supermarkets throughout Northern California.|
|August 20||Retail clerks union strike in Southern California.|
|August 21||Discount rate raised to 7-¾ percent.|
|August 29||Federal funds rate raised from 8-⅛ percent to 8-¼ percent.|
|August 31||Prime rate raised by some eastern banks from 9 percent to 9-¼ percent.|
|September 15||Prime rate raised to 9-½ percent.|
|September 22||Discount rate raised from 7-¾ percent to 9-¾ percent.|
|September 28||Prime rate raised from 9-½ percent to 9-¾ percent.|
|October 12||Prime rate raised form 9-¾ percent to 10 percent.|
|October 15||Tax cut and energy bills passed by Congress.|
|October 16||Discount rate raised from 8 percent to 8-½ percent.|
|October 18||Federal funds rate raised from 8-¾ percent to 8-⅞ percent.|
|October 24|| Prime rate raised from 10 percent to 10-¼ percent.
California mortgage rates raised from 10 percent to 10-¼ percent at several savings and loan institutions.
|October 24||Phase II announced: voluntary guidelines on wages and prices.|
|November 1|| Discount rate raised from 8-½ percent to 9-½ percent.
Prime rate raised to 10-½ percent.
|November 3||Prime rate raised from 10-½ percent to 10-¾ percent.|
|November 13||Prime rate raised from 10-¾ percent to 11 percent.|
|November 24||Prime rate raised to 11-½ percent.|
|November 27||Federal funds rate raised from 9-¾ percent to 9-7/8 percent.|
|December 4||Rollover for 6-month certificates of deposit (CDs) began this week.|
|December 19||Federal funds rate raised to 10 percent.|
|December 20||Prime rate raised to 11-¾ percent.|
|1977||May 16||Prime rate raised to 6-½ percent.|
|May 31||Prime rate raised to 6-¾ percent.|
|August 22||Prime rate raised to 7 percent.|
|August 30||Federal Reserve discount rate raised from 5-¼ percent to 5-¾ percent, the first increase since April 1974.|
|September 16||Prime rate raised to 7-¼ percent.|
| October 1 -
|Longshoremen's strike against East and Gulf Coast ports.|
|October 7||Prime rate raised to 7-½ percent.|
| October 10 -
|October 24||Prime rate raised from 7-½ percent to 7-¾ percent.|
|October 26||Discount rate raised from 5-¾ percent to 6 percent.|
| December 6 -
|United Mine Workers strike.|
|1976||January 12||Prime rate lowered to 7 percent.|
|January 19||Federal Reserve discount rate lowered from 6 percent to 5-½ percent.|
|January 21||Prime rate reduced to 6-¾ percent.|
|April 1-3||Teamsters strike.|
| April 9 -
|Prime rate moving upward, 6-¾ percent to 7-¼ percent at most major banks.|
|April 21||Rubber workers strike.|
| July 20 -
|Cannery workers strike.|
|August 2|| Prime rate reduced to 7 percent. Further reductions as follows:
October 4: 6-¾ percent
October 29: 6-½ percent
December 10: 6-¼ percent
| September 15 -
|Auto workers strike.|
|October 18||California minimum wage raised to $2.50 per hour.|
|December 22||Prime rate reduced to 6 percent by Chase Manhattan Bank. Most banks maintain a prime rate of 6-¼ percent.|
|1975||January 6||Federal Reserve discount rate cut from 7-¾ percent to 7-¼ percent.|
|January 10||Oil Chemical Atomic Workers Union strike.|
|January 13||Prime rate reduced to 10 percent. Further major cuts as follows:
January 21: 9-¾ percent
January 31: 9 percent
February 6: 8-¾ percent
February 19: 8-½ percent
March 3: 8-¼ percent
March 8: 8 percent
|January 21||FHA mortgage rate reduced from 9 percent to 8-½ percent.|
|February 5||Federal Reserve discount rate cut from 7-¼ percent to 6-¾ percent.|
|March 10||Federal Reserve discount rate cut from 6-¾ percent to 6-¼ percent.|
|March 24||Prime rate reduced to 7-½ percent by most major banks.|
|March 25||King Faisal assassinated.|
|March 29||Tax reduction act signed into law.|
|May 19||Prime rate reduced to 7-¼ percent by several major banks.|
|June 10||Prime rate reduced to 7 percent by most banks.|
|July 18|| Prime rate increased to 7-¼ percent. Further gains as follows:
July 25: 7-½ percent
August 11: 7-¾ percent
September 15: 8 percent
|September 1||National Airlines strike.|
|October 16||Reserve requirement on time deposits reduced from 3 percent to 1 percent.|
|October 24|| Prime rate reduced to 7-¾ percent. Further reductions as follows:
October 31: 7-½ percent
November 21: 7-¼ percent
|December 5-19||United Airlines strike.|
|January 3||Stock margin requirements cut from 65 to 50 percent.|
|February 1-11||Independent truckers strike, Midwest and East Coast.|
|February 15||Prime rate reduced to 9 percent.|
|February 22||Prime rate reduced to 8-¾ percent.|
|March 4||California minimum wage increased to $2.00 per hour from $1.65.|
|March 18||Arab oil embargo lifted.|
|March 27||Prime rate increased to 9 percent from 8-¾ percent.|
|March 28||Prime rate further increased to 9-½ percent.|
|April 25||Federal Reserve raised discount rate to 8 percent from 7-½ percent.|
|April 29||Prime rate up to 10-¾ percent.|
|April 30||Phase IV controls lifted in approximately 165 sectors of the economy.|
| June 17 -
|San Diego construction strike.|
| June 17 -
|Northern California construction strike.|
| July 1 -
|Southern California construction strike.|
|July 1||Transit strikes, San Francisco Bay Area.|
| August 2 -
|Los Angeles area transit strike.|
|August 8||Resignation of President Nixon announced.|
|August 14|| FHA mortgage rate raised to 9-½ percent.
Prime rate reduced from 12 percent to 11-¾ percent on limited basis. Prevailing rate on date of major changes:
October 21: 11-½ percent
October 28: 11-¼ percent
November 4: 11 percent
November 14: 10-¾ percent
November 25: 10-½ percent
|October 8||Prime rate reduced from 12 percent to 11-¾ percent by several more large banks.|
| November 12 -
|December 9||Discount rate reduced from 8 percent to 7-¾ percent.|
|January 11||Phase III of NEP in effect.|
|January 15||Discount rate raised from 4-½ percent to 5 percent.|
|January 27||Vietnam cease fire signed.|
|January 29||Opening of BART Richmond-Oakland line.|
|February 12||10 percent devaluation of U.S. dollar announced.|
|March 2||Major foreign currency exchanges closed.|
|March 29||Price controls of meat announced.|
|April 9-13||Consumer meat boycott.|
|April 23||Discount rate raised from 5-½ percent to 5-¾ percent.|
|May 10||Discount rate raised from 5-¾ percent to 6 percent.|
|June 11||Discount rate raised from 6 percent to 6-½ percent.|
|June 14||60-day price freeze announced.|
|July 2||Discount rate raised from 6-½ percent to 7 percent. Increased reserve requirement on net demand deposits.|
|July 6|| Interest rates increased:
FHA mortgage rate: 7 percent to 7-¾ percent;
bank savings rate: 4-½ percent to 5 percent;
savings and loan rate: 5 percent to 5-¼ percent.
|July 18||Phase IV announced.|
|August 27||Prime rate at 9-¾ percent in major institutions.|
|October 17||Arab nations announce reductions in oil shipment.|
| November 5 -
|January 17 -
|West Coast dock strike continued.|
|February 1-15||Kaiser Steel Company strike.|
|July 1||20 percent increase in social security benefits signed into law. Effective September.|
|September 11||Opening of BART Fremont-Oakland line.|
|September 21||"Friends of Mammoth" decision.|
|November 24||Stock margin requirements raised 65 percent.|
|January 6||Prime rate reduced from 6-æ percent to 6-½ percent.|
|January 8||Discount rate reduced from 5-½ percent to 5-¼ percent.|
|January 12||FHA interest rate reduced from 8 percent to 7-½ percent.|
|January 15||Prime rate reduced from 6-½ percent to 6-¼ percent.|
|January 18||Prime rate reduced from 6-¼ percent to 6 percent.|
|January 19||Discount rate reduced from 6-¼ percent to 5 percent.|
|February 4||Rolls Royce bankruptcy announced.|
|February 9||Los Angeles earthquake.|
|February 12||Discount rate reduced from 5 percent to 4-¾ percent.|
|February 16||Prime rate reduced from 6 percent to 5-¾ percent.|
|February 23||Davis Bacon Act regulating construction wages on Federal projects suspended. Suspension revoked on March 29. Wage-price curbs ordered.|
|March 16||Prime rate reduced from 5-¾ percent to 5-½ percent.|
|March 17||Social security bill signed. Benefits raised 10 percent, retroactive to January 1, 1971. Contribution base raised to $9,000 effective January 1, 1972.|
|March 25||SST program terminated.|
|April 1||Interest rates on savings accounts in California banks generally reduced from 4-½ percent to 4 percent.|
|April 23||Prime rate raised from 5-¼ percent to 5-½ percent.|
|May 1||Liquidity ratio for savings and loan associations raised from 6-½ percent to 7-½ percent.|
|May 17-18||Rail strike.|
| June 1 -
|Communications workers strike against Western union.|
|June 15-21||Prime rate increased from 5-½ percent to 5-¾ percent. General rise to 6 percent on July 7.|
| June 29 -
|Northern California construction strike.|
| July 1 -
|West Coast dock strike.|
| July 14 -
|July 15||Discount rate raised from 4-¾ percent to 5 percent.|
|July 16 -
|July 31||Steel strike averted by accord on contract.|
|August 2||Lockheed loan guarantee approval.|
|August 3||Teamsters walkout in Northern California against building contractors.|
| August 15 -
|President's economic policy message; 90-day wage-price freeze in effect.|
|October 1||East and Gulf Coast longshoremen's strike.|
|October 20||Prime rate reduced from 6 percent to 5-¾ percent. Further reduction to 5-½ percent on November 4.|
|November 11||Discount rate reduced from 5 percent to 4-¾ percent.|
|November 14||Phase II of NEP in effect.|
|December 6||Stock margin requirements cut from 65 percent to 55 percent.|
|December 10||Revenue Act of 1971 signed into law.|
|December 13|| Discount rate reduced from 4-¾ percent to 4-½ percent. Prime rate
lowered from 5-½ percent to 5-¼ percent.* Intent to devalue U.S.
* Adoption of a floating prime rate in November 1971 has resulted in frequent minor adjustments in the rate. Information on the range of rates at any one time and the rate charged by the majority of commercial banks may be obtained from the Federal Reserve Bulletin.
|January 1||Personal income tax surcharge reduced to 5 percent. Withholding cut.|
|January 5||FHA interest rate raised from 7-½ percent to 8-½ percent.|
|January 21||Increased schedule of interest rates on time deposits and certificates of deposit in effect.|
|March 25||Prime rate reduced from 8-½ percent to 8 percent.|
| April 2 -
|May 6||Stock margin requirement cut from 80 percent to 65 percent.|
|July 1||Personal income tax surcharge removed.|
| September 14 -
|UAW strike against GM.|
|September 22||Prime rate reduced from 8 percent to 7-½ percent.|
|November 10||Discount rate reduced from 6 percent to 5-¾ percent.|
|November 12||Prime rate reduced from 7-½ percent to 7-¼ percent.|
|November 23||Prime rate reduced from 7-¼ percent to 7 percent.|
|December 1||Discount rate reduced from 5-¾ percent to 5-½ percent. FHA interest rate reduced from 8-½ percent to 8 percent.|
|December 20||13-week extended duration unemployment benefits in effect.|
|December 22||Prime rate reduced from 7 percent to 6-¾ percent.|
|January 1||Social security contribution rate increased to combined 9.6 percent.|
|January 7||Prime rate raised from 6-¾ percent to 7 percent.|
|January 24||FHA interest rate raised from 6-¾ percent to 7-½ percent.|
|March 17||Prime rate raised from 7 percent to 7-½ percent.|
|April 3||Discount rate raised from 5-½ percent to 6 percent; reserve requirement raised.|
|June 9||Prime rate raised from 7-½ percent to 8-½ percent.|
|June 12||Required liquidity reserves of savings and loan associations lowered from 6-½ percent to 6 percent.|
|October 27 -
|General Electric strike.|
|January 1||Wage base for social security contributions raised form $6,600 to $7,800.|
|January 5 -
|San Francisco newspaper strike.|
|February 1||Minimum wage increased to $1.60 from $1.40 per hour.|
|March 1||Increase in social security benefit payments, averaging 13 percent.|
|March 15||Discount rate raised from 4-½ percent to 5 percent. San Francisco increase effective March 18; New York up March 22. Highest level since 1929.|
| March 15 -
|Trading in London gold market suspended. Two-price system for gold effective March 18 by London gold pool countries.|
|April 1||Personal income tax surcharge. See June 28.|
| April 1 -
|San Francisco area machinists and electrical workers strike.|
|April 19||Discount rate raised to 5-½ percent. Prime rate increased from 6 percent to 6-½ percent.|
| April 19 -
|Telephone strike strike by Communications Workers of America.|
|May 7||FHA interest rate raised from 6 percent to 6-¾ percent.|
|May 16||UAW suspended from AFL-CIO.|
|June 8||Stock margin requirements raised from 70 percent to 80 percent.|
|June 28||Tax surcharge and $6 billion federal spending cut legislation signed by President Johnson. 10 percent surcharge retroactive to April 1 for individuals, January 1 for corporations.|
|July 15||Increased personal income tax withholding in effect.|
|August 16-29||Federal reserve discount rate lowered from 5-½ percent to 5-¼ percent.|
|September 25||Prime rate lowered from 6-½ percent to 6 percent by Chase Manhattan. (Subsequent reduction by other banks to 6-¼ percent. Chase Manhattan rate raised to 6-¼ percent effective November 13.)|
|December 2||Prime rate raised from 6-¼ percent to 6-½ percent.|
|December 18||Federal reserve discount rate raised from 5-¼ percent to 5-½ percent. Prime rate raised from 6-½ percent to 6-¾ percent.|
|January 26||Prime rate lowered from 6 percent to 5-½ percent.|
|January 27||Apollo fire and death of three astronauts.|
|February 1||Minimum wage increased to $1.40 from $1.25 per hour.|
|March 9||Investment tax credit and accelerated depreciation allowance reinstated.|
|April 7||Discount rate lowered from 4-½ percent to 4 percent.|
|April 29||SST program given Presidential approval.|
| April 21 -
| July 15 -
March 20, 1968
|August 30||Steel price rises announced.|
| September 6 -
|UAW strike against Ford.|
|November 20||Discount rate raised from 4 percent to 4-½ percent. Prime rate increased from 5-½ percent to 6 percent.|
|December 15||Los Angeles (Herald Examiner) newspaper strike.|
|December 27||Increase of ½ percent in reserve requirements announced. Effective in two stages during January 1968.|
|January 1||Increased social security taxes in effect.|
|February 8||FHA interest rate raised form 5-º percent to 5-½ percent, no change in ½ percent loan insurance rate.|
|March 11||Prime rate raised from 5 percent to 5-½ percent in Eastern financial markets.|
|March 16||Auto excise tax raised from 6 percent to 7 percent.|
|April 1||Telephone excise tax of 10 percent reinstated.|
|April 12||FHA interest rate increased from 5-½ percent to 5-¾ percent.|
|May 1||Increased withholding tax rates in effect.|
|June 30||Prime rate raised from 5-½ percent to 5-¾ percent in New York, Chicago.|
| July 8 -
|August 16||Prime rate up to 6 percent, Eastern cities.|
|October 3||FHA interest rate raised from 5-¾ percent to 6 percent.|
|October 10||Suspension of 7 percent investment credit and accelerated depreciation allowance.|
|March 1-23||Strike by steel workers at American and continental can companies.|
|June 16 -
|Northern California construction strikes.|
| June 17 -
|Southern California construction strike.|
|August 11-17||Los Angeles riots, Watts area.|
|December 6||Discount rate raised from 4 percent to 4-½ percent.|
|December 13||Permitted interest savings accounts raised from 4-½ percent to 5-½ percent under Regulation Q.|
|February 26||Federal income tax cut measure signed into law. Reflected in withholding rates effective March 5. Individual tax rates cut form 20 percent-91 percent range to 14 percent-70 percent range. Corporation reduction to 48 percent from 52 percent.|
| September 25 -
|UAW strike against GM.|
|November 23||Discount rate increased from 3-½ percent to 4 percent.|
|December 22-24||Northern California floods.|
|June 5||Silver backing for Treasury silver certificates removed to ease pressure on silver prices. Sale of silver from Treasury stockpile started September 12.|
|July 17||Discount rate raised from 3 percent to 3-½ percent.|
|November 5||Stock margin requirements raised form 50 percent to 70 percent.|
|November 22||President Kennedy assassinated.|
|January 1||Federal Reserve Board and Federal Deposit Insurance Corporation authorize commercial banks to raise interest rates to 3-½ percent on all savings and time deposits to 6 months or longer, and to 4 percent on deposits of 1 year or more.|
|March 16 -
|West Coast maritime strike.|
|May 1 -
|Northern California construction strike. Southern California strike, June 18-27. San Diego strike, June 21-July 10.|
|May 28||"Blue Monday." Dow Jones industrial average down 34.95 points, sharpest drop since October 28, 1929. Week of May 21-25: average down 38.82, largest one-week decline on record.|
|July 10||Stock margin requirements cut from 70 percent to 50 percent.|
|July 11||Revision of depreciation schedules announced by Treasury.|
|October 18||Commercial bank reserve requirements against time deposits reduced from 5 percent to 4 percent.|
|February 17-23||National airline strike.|
|March 9-13||California dock strike by Teamsters.|
|May 5||Minimum wage legislation signed: $1.15 for 2 years, $1.25 thereafter.|
| June 16 -
|National maritime strike. Strike resumed September 28-October 12 against owners of 1/3 West Coast merchant fleet.|
|August 11||Duty exemption for U.S. travelers returning from abroad cut from $500 to $100.|
|August 26||American Motors Corporation-UAW profit-sharing pact announced.|
|September 6-24||UAW-GM strike.|
|October 3-15||UAW-Ford strike.|
|June 3||Discount rate lowered form 4 percent to 3-½ percent.|
|June 17-23||Longshoremen's strike, Los Angeles-Long Beach Harbor. Continued August 13-27, 1960.|
|July 28||Stock margin requirements cut from 90 percent to 70 percent.|
|August 12||Discount rate lowered from 3-½ percent to 3 percent.|
|September 1||Commercial bank reserve requirements against demand deposits cut by ½ percent to 17-½ percent. Further reduction December 1 to 16-½ percent.|
|March 6||Discount rate raised from 2-½ percent to 3 percent.|
|May 29||Discount rate raised form 3 percent to 3-½ percent.|
| July 15 -
|116-day steel strike. Kaiser contract signed October 26. Taft-Hartley injunction invoked November 7.|
| August 7 -
|Teamster strike. SF-Bay Area.|
| August 24 -
|West Coast shipyard strike.|
|September 11||Discount rate raised from 3-½ percent to 4 percent.|
|January 15||Stock margin requirements cut from 70 percent to 50 percent.|
|January 21||Discount rate reduced from 3 percent to 2-¾ percent.|
|February 27||Commercial bank reserve requirements reduced by ½ percent to 19-½ percent of net demand deposits. Further cuts in 1958:
March 20: ½ percent to 19 percent;
April 17: ½ percent to 18-½ percent;
April 24: ½ percent to 18 percent.
|March 6||Discount rate cut from 2-¾ percent to 2-¼ percent. Lowest rate since November 1955.|
|April 18||Discount rate lowered from 2-¼ percent to 1-¾ percent.|
|August 5||Stock margin requirements raised from 50 percent to 70 percent.|
|August 11 -
|Teamster strike, 11 western states.|
|August 15||Discount rate increased from 1-¾ percent to 2 percent.|
|September 17-29||UAW-Ford strike.|
|October 2-28||UAW-GM strike.|
|October 16||Stock margin requirements raised from 70 percent to 90 percent, highest level in 11 years.|
|October 24||Discount rate raised from 2 percent to 2-½ percent.|
| November 21 -
|Airline strikes. One-third passenger aircraft in U.S. grounded November 24.|
|January 1||Commercial banks authorized to increase interest rate on savings accounts from 2-½ percent to 3 percent.|
|August 5||FHA down payments required on FHA-insured home mortgages decreased. Maximum interest rates up from 5 percent to 5-¼ percent.|
|August 3-23||Discount rate raised from 3 percent to 3-½ percent. Highest rate since 1934.|
|November 15||Discount rate cut from 3-½ percent to 3 percent.|
|1956||March 1||Minimum wage of $1 per hour in effect.|
|April 13||Discount rate raised from 2-½ percent to 2-¾ percent.|
|June 1||Guaranteed annual wage plan put into effect for GM, Ford, Chrysler workers.|
|July 1-27||Steel strike. Settled by 3-year, no-strike contract.|
|August 24||Discount rate raised from 2-¾ percent to 3 percent.|
|December 4||FHA interest rate on insured mortgages up from 4-½ percent to 5 percent.|
Comments or questions regarding this page should be directed to email@example.com