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Powell, Encouraging Economic Development in High-Poverty Rural Communities

Thank you for that kind introduction. I also want to thank Hope Enterprise Corporation for inviting me to speak and Mississippi Valley State University (MVSU) for hosting us on its lovely campus.

It is a great pleasure to visit the Mississippi Delta. This region gave America the priceless musical heritage of the Blues. It was also the site of some of the watershed events of the civil rights movement. But the Delta, like many rural areas, has long confronted the challenge of poverty. Today I'll speak about three areas of opportunity for addressing the challenges of rural poverty‑‑education and workforce development, entrepreneurship and small business development, as well as access to financial services--the topic of this conference.

MVSU's mission, providing young people an affordable college education, is itself a very powerful antipoverty program‑‑for its graduates, of course, but also for other communities that are touched by the university. MVSU opened its doors in 1950 as Mississippi Vocational College. The vocation of every member of its first class of 200 students was teaching. And even as it added other programs and became a full-fledged university, MVSU has continued to train many of the teachers who enrich, inspire, and spark the imagination of children who grow up in the Delta.

MVSU and other historically black colleges and universities, or HBCUs, play a crucial role in their communities. For much of the 20th century, HBCUs were the primary means for black men and women to obtain the education needed for middle class or professional jobs. Larger percentages of HBCU students, compared with students at predominantly white institutions, come from lower-income families and are the first in their families to attend college. This university and other HBCUs support intellectual leadership, creativity, and innovation. I want to honor you for this proud history and for your continuing commitment to a better future for your students and for the region where many of your students were born and will build their lives and raise their families.1

Challenges and Opportunities in Poor Rural CommunitiesToday, data at the national level show a strong economy. Unemployment is near a half-century low, and economic output is growing at a solid pace. But we know that prosperity has not been felt as much in some areas, including many rural places. The Federal Reserve can help by carrying out our monetary policy mission of supporting maximum employment and price stability. We also support strong communities by conducting research, promoting community development, and enforcing laws like the Community Reinvestment Act, which helps ensure that people have adequate access to financial services wherever they live. We not only work with communities, we are in communities, through the presence of our 12 regional Reserve Banks.

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Share of renewable energy in the EU up to 17.5% in 2017

In 2017, the share of energy from renewable sources in gross final consumption of energy, in the European Union (EU), reached 17.5%, up from 17.0% in 2016 and more than double the share in 2004 (8.5%), the first year for which the data are available.Original link
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Water Account, Australia

Eastern States are biggest water consumers (Media Release)Original link
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Lending to households and businesses, Australia

Lending to households falls 4.4 per cent in DecemberOriginal link
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International Merchandise Trade: Confidential Commodities List

Confidentiality changes to various commoditiesOriginal link
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Water Account, Australia

SUMMARY

Water Account, Australia presents information on the physical and monetary supply and use of water in the Australian economy. It is compiled as far as possible in accordance with the System of Environmental-Economic Accounting (SEEA). The Water Account also provides information on the water use and consumptive practices of households and key industries (Agriculture and Water Supply, Sewerage and Drainage Services).

During 2016-17, an estimated 75,888 gigalitres of water was extracted from the environment to support the Australian economy. Of this amount, 11,663 gigalitres were extracted for distribution (or supply) to industry and households, largely by the Water Supply, Sewerage and Drainage Services industry (11,592 gigalitres).

Of the total volume of water extracted from the environment, 59,869 gigalitres were used in-stream (for example in hydro electricity generation) and is discharged back to the environment with out consumption. The remainder of self-extracted water (4,356 gigalitres) is used directly by the industry extracting it mainly for Agriculture.

Total consumptive use of water in 2016-17 was 16,287 gigalitres. Of this amount, 10,233 gigalitres was consumed by the Agriculture, Forestry, and Fishing industry; 1,483 gigalitres was consumed by the Water Supply, Sewerage and Drainage Services industry; a further 2,662 gigalitres by all other industries; and 1,909 gigalitres by households. This total of 16,287 gigalitres was an increase of just over 1% from 2015-16, primarily driven by increased water consumption by the Agriculture industry.

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Lending to households and businesses, Australia

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Aktuell: A Year of Decision for Europe

2019 is a year of great importance for Europe. Britain will leave the EU in March; elections to the European Parliament will be held in May; and in October, new EU Commissioners and a new head of the ECB will take office. The budget for 2021–27 is being negotiated this year, and many important EU bodies and institutions will be reconstituted. In this way, the coming months will significantly impact the course charted by the European ship of state over the next decade.Original link
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Week Ahead APAC Economic Preview: Week of 11 February 2019

China trade, credit and direct investment dataJapan and Malaysia GDPFurther US-China trade talksSpecial report on Japan-EU economic pact

Returning from its Golden Week break, China's data releases willbe among the highlights of the coming week, providing fresh cluesinto economic trends at the start of the year. The official datafollow Caixin and government-sponsored manufacturing PMI surveys,both of which signalled another deterioration. Further US-China trade talks in the same week will alsoattract great interest.

Japan and Malaysia will meanwhile report fourth quarter GDPfigures, with a focus on the former after natural calamities hitoutput in the third quarter. In Asia, other notable data releasesincluded South Korea's unemployment rate, trade data from thePhilippines and Indonesia, as well as inflation figures in Indiaand Taiwan.

Elsewhere, with the temporary end of the partial US governmentshutdown, new release dates* for affected data, includingGDP, were announced. GDP figures in Euro area and Germany as wellas UK inflation will also be closely monitored.

Our special report this week focuses on the newly-signedJapan-EU economic partnership agreement.

Download the article for a full diary of key economicreleases.

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Global slowdown gathers pace at start of 2019

The following is an extract from IHS Markit's monthly PMIoverview presentation. For the full report please click on the linkat the bottom of the article.

Global PMI starts 2019 at 28-month low

The global economy started 2019 with the weakest expansion sinceSeptember 2016. The JPMorgan Global PMI, compiled by IHS Markit, hit a 28-month lowof 52.1, down from 52.7 in December, extending a slowdown that hadbeen evident throughout 2018 into the new year. Manufacturing ledthe slowdown, with factory output growth easing to a 31-month lowand slipping closer to stagnation amid an increased rate of declinein worldwide export volumes. However, the service sector likewisereported a weaker rate of expansion, showing the smallest gainsince September 2016 as the slowdown broadened out and uncertaintyspiked higher.

Other indicators showed new orders rising at the weakest ratesince July 2016 and a second successive marginal decline inbacklogs of work. Job creation hit a 21-month low as hiring slowedin response to the weakened order book trend. Optimism towards theyear ahead meanwhile regained some ground from December'stwo-and-a-half year low, but remained subdued by recentstandards.

© 2019, IHS Markit Inc. All rights reserved. Reproduction inwhole or in part without permission is prohibited.

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