Chronology of Significant Events

The following summary lists economic, political, and natural developments which have influenced California economic indicators, and may account for unusual movements in the series. Appraisal of the charts will be facilitated in many cases by taking into consideration those factors which may be contributing to temporary directional changes in business activity which are not indicative of significant changes in the economic situation of the State. In addition, major national events of general interest have also been included.

1956
March 1	Minimum wage of $1 per hour in effect.
April 13	Discount rate raised from 2-½ percent to 2-æ 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-æ percent to 3 percent.
December 4	FHA interest rate on insured mortgages up from 4-½ percent to 5 percent.

1957
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-º 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.

1958
January 15	Stock margin requirements cut from 70 percent to 50 percent.
January 21	Discount rate reduced from 3 percent to 2-æ 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-æ percent to 2-º percent. Lowest rate since November 1955.
April 18	Discount rate lowered from 2-º percent to 1-æ percent.
August 5	Stock margin requirements raised from 50 percent to 70 percent.
August 11 - September 17	Teamster strike, 11 western states.
August 15	Discount rate increased from 1-æ 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 - December 7	Airline strikes. One-third passenger aircraft in U.S. grounded November 24.

1959
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 - November 7	116-day steel strike. Kaiser contract signed October 26. Taft-Hartley injunction invoked November 7.
August 7 - September 1	Teamster strike. SF-Bay Area.
August 24 - October 22	West Coast shipyard strike.
September 11	Discount rate raised from 3-½ percent to 4 percent.

1960
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.

1961
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 - July 4	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.

1962
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 - April 11	West Coast maritime strike.
May 1 - June 26	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.

1963
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.

1964
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 - November 8	UAW strike against GM.
November 23	Discount rate increased from 3-½ percent to 4 percent.
December 22-24	Northern California floods.

1965
March 1-23	Strike by steel workers at American and continental can companies.
June 16 - August 7	Northern California construction strikes.
June 17 - July 19	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.

1966
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-æ percent.
May 1	Increased withholding tax rates in effect.
June 30	Prime rate raised from 5-½ percent to 5-æ percent in New York, Chicago.
July 8 - August 20	Airline strike.
August 16	Prime rate up to 6 percent, Eastern cities.
October 3	FHA interest rate raised from 5-æ percent to 6 percent.
October 10	Suspension of 7 percent investment credit and accelerated depreciation allowance.

1967
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 26	Rubber strike.
July 15 - March 20, 1968	Copper strike.
August 30	Steel price rises announced.
September 6 - October 25	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.

1968
January 1	Wage base for social security contributions raised form $6,600 to $7,800.
January 5 - February 25	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 - April 1	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 - June 13	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 - May 6	Telephone strike strike by Communications Workers of America.
May 7	FHA interest rate raised from 6 percent to 6-æ percent.
May 16	UAW suspended form 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-º percent.
September 25	Prime rate lowered from 6-½ percent to 6 percent by Chase Manhattan. (Subsequent reduction by other banks to 6-º percent. Chase Manhattan rate raised to 6-º percent effective November 13.)
December 2	Prime rate raised from 6-º percent to 6-½ percent.
December 18	Federal reserve discount rate raised from 5-º percent to 5-½ percent. Prime rate raised from 6-½ percent to 6-æ percent.

1969
January 1	Social security contribution rate increased to combined 9.6 percent.
January 7	Prime rate raised from 6-æ percent to 7 percent.
January 24	FHA interest rate raised from 6-æ 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 - February 1970	General Electric strike.

1970
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 - June 2	Teamster strike.
May 6	Stock margin requirement cut from 80 percent to 65 percent.
July 1	Personal income tax surcharge removed.
September 14 - November 23	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-æ percent.
November 12	Prime rate reduced from 7-½ percent to 7-º percent.
November 23	Prime rate reduced from 7-º percent to 7 percent.
December 1	Discount rate reduced from 5-æ 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-æ percent.

1971
January 6	Prime rate reduced from 6-æ percent to 6-½ percent.
January 8	Discount rate reduced from 5-½ percent to 5-º 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-º percent.
January 18	Prime rate reduced from 6-º percent to 6 percent.
January 19	Discount rate reduced from 6-º 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-æ percent.
February 16	Prime rate reduced from 6 percent to 5-æ 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-æ 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-º 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 - July 27	Communications workers strike against Western union.
June 15-21	Prime rate increased from 5-½ percent to 5-æ percent. General rise to 6 percent on July 7.
June 29 - July 16	Northern California construction strike.
July 1 - October 6	West Coast dock strike.
July 14 - August 2	Telephone strike.
July 15	Discount rate raised from 4-æ percent to 5 percent.
July 16 - August 2	Rail strike.
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 - November 13	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-æ percent. Further reduction to 5-½ percent on November 4.
November 11	Discount rate reduced from 5 percent to 4-æ 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-æ percent to 4-½ percent. Prime rate lowered from 5-½ percent to 5-º percent.* Intent to devalue U.S. dollar announced. * 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.

1972
January 17 - February 20	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.

1973
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-æ percent.
May 10	Discount rate raised from 5-æ 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-æ percent; bank savings rate: 4-½ percent to 5 percent; savings and loan rate: 5 percent to 5-º percent.
July 18	Phase IV announced.
August 27	Prime rate at 9-æ percent in major institutions.
October 17	Arab nations announce reductions in oil shipment.
November 5 - December 18	TWA strike.

1974
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-æ 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-æ 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-æ percent.
April 30	Phase IV controls lifted in approximately 165 sectors of the economy.
June 17 - August 4	San Diego construction strike.
June 17 - July 21	Northern California construction strike.
July 1 - Mid-August	Southern California construction strike.
July 1	Transit strikes, San Francisco Bay Area.
August 2 - October 21	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-æ percent on limited basis. Prevailing rate on date of major changes: October 21: 11-½ percent October 28: 11-º percent November 4: 11 percent November 14: 10-æ percent November 25: 10-½ percent
October 8	Prime rate reduced from 12 percent to 11-æ percent by several more large banks.
November 12 - December 9	Coal strike.
December 9	Discount rate reduced from 8 percent to 7-æ percent.

1975
January 6	Federal Reserve discount rate cut from 7-æ percent to 7-º 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-æ percent January 31: 9 percent February 6: 8-æ percent February 19: 8-½ percent March 3: 8-º 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-º percent to 6-æ percent.
March 10	Federal Reserve discount rate cut from 6-æ percent to 6-º 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-º percent by several major banks.
June 10	Prime rate reduced to 7 percent by most banks.
July 18	Prime rate increased to 7-º percent. Further gains as follows: July 25: 7-½ percent August 11: 7-æ 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-æ percent. Further reductions as follows: October 31: 7-½ percent November 21: 7-º percent
December 5-19	United Airlines 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-æ percent.
April 1-3	Teamsters strike.
April 9 - June 4	Prime rate moving upward, 6-æ percent to 7-º percent at most major banks.
April 21	Rubber workers strike.
July 20 - August 2	Cannery workers strike.
August 2	Prime rate reduced to 7 percent. Further reductions as follows: October 4: 6-æ percent October 29: 6-½ percent December 10: 6-º percent
September 15 - October 13	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-º percent.

1977
May 16	Prime rate raised to 6-½ percent.
May 31	Prime rate raised to 6-æ percent.
August 22	Prime rate raised to 7 percent.
August 30	Federal Reserve discount rate raised from 5-º percent to 5-æ percent, the first increase since April 1974.
September 16	Prime rate raised to 7-º percent.
October 1 - November 24	Longshoremen's strike against East and Gulf Coast ports.
October 7	Prime rate raised to 7-½ percent.
October 10 - January 4	IAM-Lockheed strike.
October 24	Prime rate raised from 7-½ percent to 7-æ percent.
October 26	Discount rate raised from 5-æ percent to 6 percent.
December 6 - March 24	United Mine Workers strike.

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-æ 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-º percent.
May 8	California savings and loan associations raised mortgage rates from 9-æ 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-æ percent to 9 percent.
June 6	Proposition 13 approved by California voters.
June 16	Prime rate raised to 8-æ 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-æ 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-º 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-æ percent.
August 29	Federal funds rate raised from 8-1/8 percent to 8-º percent.
August 31	Prime rate raised by some eastern banks from 9 percent to 9-º percent.
September 15	Prime rate raised to 9-½ percent.
September 22	Discount rate raised from 7-æ percent to 9-æ percent.
September 28	Prime rate raised from 9-½ percent to 9-æ percent.
October 12	Prime rate raised form 9-æ 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-æ percent to 8-7/8 percent.
October 24	Prime rate raised from 10 percent to 10-º percent. California mortgage rates raised from 10 percent to 10-º 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-æ percent.
November 13	Prime rate raised from 10-æ percent to 11 percent.
November 24	Prime rate raised to 11-½ percent.
November 27	Federal funds rate raised from 9-æ 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-æ 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. º 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-æ percent from 11-½ percent.
May 19	Federal funds rate set at 7-º percent.
May 26	United Airlines strike ended.
May 30	Interest rate on conventional mortgages raised to 11-æ 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-º percent.
August 26 - September 10	Los Angeles Rapid Transit District strike.
August 28	Prime rate raised from 12 percent to 12-º percent.
August 31 - November 21	BART strike.

1980
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-æ percent.
March 4	Prime rate raised to 17-º 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-æ percent.
July 28	Discount rate reduced to 10 percent.
August 5	Prime rate raised to 11 percent.

1981
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 - June 8	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

Year
1956	1957	1958	1959	1960	1961	1962	1963	1964	1965	1966	1967	1968	1969	1970
1971	1972	1973	1974	1975	1976	1977	1978	1979	1980	1981	1982	1983	1984	1985
1986	1987	1988	1989	1990	1991	1992	1993	1994	1995	1996	1997	1998	1999	2000
2001	2002	2003	2004	2005	2006	2007

Chronology of Significant Events

1959