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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: LLCF who wrote (24992)	10/5/2000 3:56:54 PM
From: Ken98	Respond to of 436258

New Clown on the block affirms he really is a Clown: <<MT. POCONO, Pa., Oct. 5 (Reuters) - Federal Reserve Bank of Philadelphia President Anthony Santomero said on Thursday the growing use of high-tech methods in business production had underpinned inflation-sapping productivity gains in recent years. In prepared remarks before the Pocono Northeast Regional Workforce Development Summit, Santomero said a decade of U.S. economic expansion had brought rapid growth, low inflation and the lowest employment rate in 30 years. "At the heart of this strong performance is a marked acceleration in the growth of productivity, fuelled by businesses' application of more high-tech methods to their production processes," Santomero said. A summary of the Fed president's prepared remarks did not contain any references to the economic outlook or his view on interest rates. The Fed left its key federal funds overnight bank lending rate steady at 6.50 percent when it met on Tuesday but said it was still concerned about rising inflation with labour markets tight and energy prices high. Santomero, who was appointed Philadelphia Fed president in June replacing Edward Boehne, is a nonvoting member of the Federal Reserve's rate-setting Federal Open Market Committee. He is a former finance professor at the University of Pennsylvania's prestigious Wharton School of Business. Santomero also commented on the regional economic performance of northeastern Pennsylvania, where growth has lagged national averages. "Spurred on by global competition and the low inflation environment, businesses will continue their quest for higher productivity through greater use of technology," he said, referring to the region. "To develop and use new technologies effectively, businesses need well-educated people at all levels and they will establish their operations where they can get them," he said stressing the need for Philadelphia to invest in education.>>