At the same time that the labor market situation has improved, domestic spending and production have been increasing at a solid rate. Real gross domestic product (GDP) is now estimated to have increased at a 3–3/4 percent annual rate during the second half of last year.
Through the delegating of authority to lower levels of staff, the simplification of our reporting process, and the minimization of task overlaps across departments, we will strive to enhance the efficiency of our work process and decisionmaking system.