The Baltimore area economy continued to slow in the 1990 fourth quarter, according to a study issued by Grant Thornton, a national accounting and management consulting firm with a local office.
The Grant Thornton Index, consisting of seven equally weighted economic indicators, fell 0.65 points in Baltimore in the last three months of the year, hitting 108.7. This marked the fourth quarterly decline in the index for Baltimore since the end of 1989, when the index was at 110.5.
The drop of 0.65 points was sharper than the drop of 0.23 in the third quarter.
In the Washington area, the index fell 1.10 points in the quarter to 109.2.
Morton D. Goldman, manager partner of Grant Thornton's Baltimore office, attributed the declines in both cities to weakness in factory hours and non-farm payrolls, along with a decline in the nation's money supply.