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W W W. M A I N E B I Z . B I Z 9 A P R I L 2 9 , 2 0 2 4 F O C U S 3 0 T H A N N I V E R S A R Y The largest U.S. company: In 1994, revenues for the largest company in the U.S., General Motors, were $133.6 billion, equivalent to $277.9 billion today. Last year, revenues for the country's largest company, Walmart, were $611.3 billion. A cell phone that could send a fax The word "smartphone" was coined in 1995, but the first such device was launched in 1994 — the IBM Simon. It was a kludge — basically a PDA (personal digital assis- tant, remember those?) slapped together with an ordinary cell phone, and it was an utter failure. It was big and awkward to use. The starting price was $900 and the Simon had a battery life of just one hour. It allowed you to send faxes! IBM pulled Simon from the market after six months. At NBT Bank, our goal is to help you reach yours. Our relationship managers provide the expert guidance and custom solutions it takes to help grow your business. Our local commitment builds strong, long-lasting partnerships that maximize your potential for success. Capital and Treasury Management Solutions Fraud Protection & Secure Banking Solutions Local Perspective & Decision Making Let our experienced Maine commercial banking team create real opportunity for your business. Cameron McKague, Timothy McMachen, Ashley Gagnon, Jeremy Deering, Michael O'Reilly, Mark Schaub, Joseph Luciano, Kimberly Twitchell, Charles Mathews Member FDIC nbtbank.com/me Was 1994 really that long ago? Things we take for granted today seemed inconceivable at that time B y W i l l i a m H a l l Today, we take for granted our iPhones, our apps and even things like clean air in restaurants. But 1994 was an entirely different world in many ways. Here are just a few. Smoke gets in your eyes In 1994, smoking was still common in some workplaces — bars, for example. However, the outright bans on smoking were begin- ning. The Department of Defense pro- hibited smoking in its workplaces that year. California's statewide ban, the first, began Jan. 1, 1995. Most other state and local restrictions didn't start until the early 2000s. Maine banned smoking in all workplaces and public spaces in 2004. Fortune 500 shakeout Of the 10 largest com- panies in the 1994 Fortune 500, only one made the top 10 last year. The sole survivor — ExxonMobil, the result of a 1999 merger between two companies in 1994's top 10. Others in the top 10 in 1994 included General Motors, Ford, IBM, Chrysler and Texaco. In the most recent Fortune 500, oil companies make up a significant portion of the top 10, with four companies. But the list is topped by retail giant Walmart, and includes Amazon (No. 4) and Apple (No. 8). There are no carmakers in the top 10. Unemployment The U.S. unemploy- ment rate, season- ally adjusted, began 1994 at 6.6% and fell steadily to 5.5% by December. Today, labor shortages are the norm. The U.S. unemployment rate has been at or below 4% since December 2021. Maine's unemployment rate, which hovered below 3% for more than a year, was 3.3% in March. W I K I P E D I A

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