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The Federal Reserve

2008 Annual Report pdf logo PDF version

Tough Times: The Southeastern Economy in 2008

Real Estate
Banking and Consumer Spending
Energy, Tourism, and International Trade
Manufacturing and Agriculture
Little Good News
Economic Crisis Timeline

In 2008 the U.S. economy faced many economic challenges: tight financial markets, rising foreclosure rates, and job losses. By almost any yardstick, the problems affecting the nation's financial system took a toll on an already weak general economy. Rapidly escalating rates of home foreclosures, declines in home prices, and, ultimately, the lack of credit availability in the economy translated into sharply lower levels of economic activity.

In a June 11, 2009, speech, Atlanta Fed President and Chief Executive Officer Dennis Lockhart said that sentiment about the U.S. economy has clearly improved and a modicum of optimism has returned. His remarks on the current economic outlook were delivered to the National Association of Securities Professionals Annual Pension and Financial Services Conference in Atlanta, Georgia. Read the transcript of this speech or listen to the podcast.