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 2-¾ 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.
	Return to top
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 5-¼ 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.
	Return to top
1958
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 - September 17	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 - December 7	Airline strikes. One-third passenger aircraft in U.S. grounded November 24.
	Return to top
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.
	Return to top
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.
	Return to top
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.
	Return to top
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.
	Return to top
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.
	Return to top
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.
	Return to top
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.
	Return to top
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 5-¾ 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 20	Airline strike.
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.
	Return to top
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.
	Return to top
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 6-¾ 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 5-¼ 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.
	Return to top
1969
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 - February 1970	General Electric strike.
	Return to top
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 5-¾ 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.
	Return to top
1971
January 6	Prime rate reduced from 6-æ percent to 6-½ percent.
January 8	Discount rate reduced from 5-½ percent to 5-¼ 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 - July 27	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 - 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 4-¾ 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 5-¾ 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. 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.
	Return to top
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.
	Return to top
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 5-¾ 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 - December 18	TWA strike.
	Return to top
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 8-¾ 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 - 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 11-¾ 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	Coal strike.
December 9	Discount rate reduced from 8 percent to 7-¾ percent.
	Return to top
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.
	Return to top
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 - June 4	Prime rate moving upward, 6-¾ percent to 7-¼ 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: 6-¾ percent October 29: 6-½ percent December 10: 6-¼ 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 6-¼ percent.
	Return to top
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 - 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 7-¾ percent.
October 26	Discount rate raised from 5-¾ percent to 6 percent.
December 6 - March 24	United Mine Workers strike.
	Return to top
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.
	Return to top
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 - September 10	Los Angeles Rapid Transit District strike.
August 28	Prime rate raised from 12 percent to 12-¼ percent.
August 31 - November 21	BART strike.
	Return to top
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 16-¾ 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.
	Return to top
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	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.
	Return to top
1982
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.
	Return to top
1983
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 - August 28	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 - December 21	Strike against Greyhound Lines, Inc.
December 1	FHA mortgage interest rates begin to float. VA rates are still pegged.
	Return to top
1984
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 - December 7	Hotel and restaurant strike-San Francisco.
September 15 - October 14	UAW-General Motors strike.
	Return to top
1985
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 - June 14	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.
July 22 - October 16	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.
	Return to top
1986
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.
June 1 - June 26	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 - December 13	Union employees from Kaiser Foundation Hospital, Kaiser Permanente Medical 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.
	Return to top
1987
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 nonresidential construction. 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.
	Return to top
1988
February 3	Prime rate cut to 8.5 percent from 8.75 percent.
March 7 - August 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.
	Return to top
1989
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 - November 20	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.
	Return to top
1990
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.
	Return to top
1991
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 percent. Prime rate reduced from 7-1/2 percent to 6-1/2 percent by many large banks.
	Return to top
1992
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 26	Ferndale earthquakes
April 29 - May 2	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 - August 26	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.
	Return to top
1993
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.
	Return to top
1994
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 - April 4	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.
	Return to top
1995
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 - November 19	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.
	Return to top
1996
December 18 - January 7	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 - March 22	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.
	Return to top
1997
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.
	Return to top
1998
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

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	2008