That said, the monthly labor market report is an important economic indicator, and so we will need to watch labor market developments carefully. Economic conditions here in the Philadelphia metropolitan area have improved broadly in line with national trends.
*  *  *  Chairman Bachus, Representative Sanders, and members of the subcommittee, I am pleased to be here to discuss the uses and significance of the home loan data that are collected, reported, and publicly disclosed under the Home Mortgage Disclosure Act. The act, which I will refer to as HMDA, was enacted over thirty years ago.