Profits and balance sheet developments at U.S. commercial banks in 1997

U.S. commercial banks had another excellent year in 1997. Their return on equity remained in the elevated range that it has occupied for five consecutive years, and their return on assets reached a new high. Banks maintained their profitability while also adding significantly to assets. The year's strong economic growth increased the demand for credit; banks more than met that demand, gaining market share. In addition, banks departed from the pattern of recent years by sharply increasing their holdings of securities. Compared with 1996, banks earned a somewhat lower average rate on their interest-earning assets and paid a bit more on their liabilities, but these developments were more than offset by higher fee income and increased efficiency. Loan losses remained low relative to loans.Banks and banking - Accounting ; Bank assets

Recent changes to the Federal Reserve's survey of terms of business lending

The Federal Reserve's quarterly Survey of Terms of Business Lending, which has been conducted for more than twenty years, collects information on interest rates and other characteristics of commercial bank business loans. The survey has been changed from time to time to recognize innovations in bank lending practices and to improve the measurement of the desired information. The most recent changes took effect with the May 1997 survey. The major improvement was the addition of an item measuring loan risk. In addition, the reporting panel, which had been limited to domestically chartered commercial banks was expanded to include a sample of U.S. branches and agencies of foreign banks, which now account for a significant proportion of business lending to U.S. firms. This article discusses the most recent changes made to the survey and presents some information now available from the new items being reported. It also summarizes information about the use of loan risk ratings from consultations conducted with a sample of the survey respondents during the process of planning the revisions to the survey.Commercial loans

Service Industries and Employment Growth in the Nonmetro South: A Geographical Perspective

Service employment has grown rapidly in the nonmetro South in recent years, accounting for 87 percent of overall job growth in the 1985-1995 time period. This pace has been sustained in nonmetro areas that are adjacent to metro areas, as well as in more remote nonmetro areas that are not adjacent to metro areas. Retail, health, and producer services account for the largest share of service employment growth. In contrast to the United States as a whole, which experienced declines in manufacturing employment, the nonmetro South has had increases in manufacturing employment. This growth of manufacturing has stimulated the local service sector through multiplier relationships associated with the expenditure of income earned in manufacturing. Within the nonmetro South there has been more rapid growth east of the Mississippi River than in regions west of it. The role of services in southern nonmetro job growth must be recognized in economic development programs. Field-based research is needed to document whether job growth in services in the nonmetro South has been stimulated by growing levels of interregional trade in these services, as has been documented in other regions of the United States. There is also a need to document relationships between the growth of nonearnings income and services employment growth in the nonmetro South

Characterization of eukaryotic microbial diversity in hypersaline Lake Tyrrell, Australia.

This study describes the community structure of the microbial eukaryotic community from hypersaline Lake Tyrrell, Australia, using near full length 18S rRNA sequences. Water samples were taken in both summer and winter over a 4-year period. The extent of eukaryotic diversity detected was low, with only 35 unique phylotypes using a 97% sequence similarity threshold. The water samples were dominated (91%) by a novel cluster of the Alveolate, Apicomplexa Colpodella spp., most closely related to C. edax. The Chlorophyte, Dunaliella spp. accounted for less than 35% of water column samples. However, the eukaryotic community entrained in a salt crust sample was vastly different and was dominated (83%) by the Dunaliella spp. The patterns described here represent the first observation of microbial eukaryotic dynamics in this system and provide a multiyear comparison of community composition by season. The lack of expected seasonal distribution in eukaryotic communities paired with abundant nanoflagellates suggests that grazing may significantly structure microbial eukaryotic communities in this system

Food Industry Mergers and Acquisitions Lead to Higher Labor Productivity

Processing plants in eight major food industries were highly productive before being acquired and they significantly improved their labor productivity afterward, Economic Research Service and U.S. Census Bureau researchers found in their analysis of Census data. The plant-level data on production inputs and costs provided a detailed picture of food-production facilities involved in mergers and acquisitions. The industries are meatpacking, meat processing, poultry slaughtering and processing, cheese making, fluid milk processing, flour milling, feed processing, and oilseed crushing. The analysis suggests that mergers and acquisitions contributed to the general improvement in labor productivity, echoing an earlier ERS study. Labor productivity is defined as output per worker.Mergers, acquisitions, labor productivity, consolidation, structural change, Agribusiness, Industrial Organization, Productivity Analysis,

Structural Change in the Meat, Poultry, Dairy and Grain Processing Industries

Consolidation and structural changes in the food industry have had profound impacts on firms, employees, and communities in many parts of the United States. Over 1972-92, eight important food industries underwent a structural transformation in which the number of plants declined by about one-third and the number of employees needed to staff the remaining plants dropped by more than 100,000 (20 percent). The number of plants in one other industry also dropped, but that industry added jobs. Economists generally attribute structural changes such as these to rising or falling demand and shifts in technology. This report examines consolidation and structural change in meatpacking, meat processing, poultry slaughter and processing, cheese products, fluid milk, flour milling, corn milling, feed, and soybean processing. Plant size and output per employee rose sharply in all industries, and even industries with rapidly growing demand—such as soybean processing and poultry slaughter/processing—used fewer plants. These findings suggest that technological change was the major force driving structural change.structural change, food processing, consolidation, grain processing, meat slaughter, dairy processing, Industrial Organization,

Effect of Food Industry Mergers and Acquisitions on Employment and Wages

Empirical analysis of mergers and acquisitions in eight important food industries suggests that workers in acquired plants realized modest increases in employment and wages relative to other workers. Results also show that mergers and acquisitions reduced the likelihood of plant closures while high relative labor costs encouraged plant shutdowns. These results differ from commonly held views that mergers and acquisitions lead to fewer jobs, wage cuts, and plant shutdowns.Food product industries, mergers and acquisitions, plant closures, Agribusiness, Industrial Organization,

Predictors of appropriate therapy in patients with implantable cardioverter-defibrillator for primary prevention of sudden cardiac death

The purpose of this study was to evaluate predictors of appropriate therapy in patients with implantable cardioverter-defibrillators (ICD) for primary prevention of sudden cardiac death. A retrospective cohort of 321 patients with systolic heart failure undergoing ICD placement for primary prevention of sudden cardiac death was queried with a mean follow-up period of 2.6 years. Appropriate ICD therapy was defined as therapy delivered for termination of a ventricular tachyarrhythmia. Appropriate ICD therapy was delivered in 142 (44%) of the patients. In a multivariate model, body mass index ≥28.8 kg/m2, chronic kidney disease, left ventricular ejection fraction ≤20% and metabolic syndrome were found to be independent predictors of appropriate ICD therapy. Appropriate ICD therapy was associated with higher cardiovascular mortality. These findings show the importance of identification of risk factors, especially metabolic syndrome, in patients following ICD implantation as aggressive treatment of these co-morbidities may decrease appropriate ICD therapy and cardiovascular mortality

Phenotypic responses to interspecies competition and commensalism in a naturally derived microbial co-culture

The fundamental question of whether different microbial species will co-exist or compete in a given environment depends on context, composition and environmental constraints. Model microbial systems can yield some general principles related to this question. In this study we employed a naturally occurring co-culture composed of heterotrophic bacteria, Halomonas sp. HL-48 and Marinobacter sp. HL- 58, to ask two fundamental scientific questions: 1) how do the phenotypes of two naturally co-existing species respond to partnership as compared to axenic growth? and 2) how do growth and molecular phenotypes of these species change with respect to competitive and commensal interactions? We hypothesized – and confirmed – that co-cultivation under glucose as the sole carbon source would result in competitive interactions. Similarly, when glucose was swapped with xylose, the interactions became commensal because Marinobacter HL-58 was supported by metabolites derived from Halomonas HL- 48. Each species responded to partnership by changing both its growth and molecular phenotype as assayed via batch growth kinetics and global transcriptomics. These phenotypic responses depended on nutrient availability and so the environment ultimately controlled how they responded to each other. This simplified model community revealed that microbial interactions are context-specific and different environmental conditions dictate how interspecies partnerships will unfold