Inflation adjusted Texas exports grew at a healthy pace in third quarter 2006, rising 3.6 percent. The increase marked the fourth successive quarter of export growth. When compared with a year ago, real exports are up a solid 15.1 percent.

According to Dallas Fed estimates, Texas payroll employment increased at a 3.4 percent annual rate in October. As was the case in August and September, October's employment growth was stronger in the goods-producing sector than the service providing sector, and was again led by natural resources and mining and construction.

"Persistence in pursuing economic reform will solve the problems that threaten Germany's future. Germany must 'press on' with needed reforms to its laws and to its attitudes toward competition and the pursuit of excellence."

"While the ECB has delivered a currency that retains its purchasing power at least as well as the dollar, there are at least three reasons why the euro is unlikely to displace the dollar as the dominant international currency in the near term. First, the growth prospects of the euro area. Second, the uniqueness of EMU. Third, the benefits of incumbency."

The Federal Reserve Board today announced the appointment of James T. Hackett as chairman and Anthony R. Chase as deputy chairman of the Federal Reserve Bank of Dallas for 2007.

"Milton Friedman was a giant in the history of economic thought. His contributions to monetary theory fundamentally changed the way central banks contemplate monetary policy. He was a champion of economic freedom and used his remarkable ability to communicate to further the principles that made America the exemplar of capitalism and progress. We consider him the patron saint of the Dallas Fed.

"Perhaps his greatest attribute was his love for and partnership with his wife, Rose, to whom we send heartfelt condolences."

In 2003, the Dallas Fed hosted Milton and Rose Friedman at a conference examining the power of ideas and recognizing his groundbreaking work "Free to Choose." In October 2005, Mr. Fisher had the opportunity to interview Dr. Friedman about the power of ideas regarding economics, globalization and related subjects.

View video excerpts from Mr. Fisher's interview with Milton Friedman:
"New Cooperators, New Resources" | "Trading Freely"

See also: conference proceedings—The Legacy of Milton and Rose Friedman’s Free to Choose: Economic Liberalism at the Turn of the 21st Century