Cover Story - Chinese Crawfish Reduce Louisiana Market Share
Building the Capital of the New South: A Review of Atlanta Rising
|The State of the States
||he following is a brief overview of recent economic events and trends in the six states of the Sixth Federal Reserve District.
- Alabama's gradual slowdown now seems to have bottomed out as manufacturing job losses have dramatically slowed because auto production has offset apparel losses.
- The northern part of the state, fueled by the production of the new Mercedes vehicle, continues to generate jobs across most sectors.
- Florida's economy is again outperforming both the national and the southeastern average.
- Most of the strength is coming from services and wholesale and retail trade, but the manufacturing sector is also showing some persistent (if slight) growth.
- The post-Olympic slowdown is well under way, with the state now showing year-over-year job growth at about the national level.
- The Atlanta metro area continues to outperform the rest of the state by more than a percentage point in job growth although it too has slowed notably since the Games.
- Offshore energy activity is providing economic strength in the southern part of the state, the result of increased technology that improves exploration certainty.
- The renewal of the oil industry is also providing some revenue gains for the state, which is heavily dependent upon revenue from severance taxes.
- The gambling industry and its related businesses have clearly matured. Construction employment, driven earlier by casino-related building, is down year-over-year.
- The service sector continues to show some strength, but on net the state is now under-performing both the nation and the Southeast.
Compiled by the regional section of the research department of the Federal Reserve Bank of Atlanta.
- Overall the state has slowed substantially, with manufacturing and government job losses accounting for most of the weakness; a primary reason for the reduction is slower auto sales nationwide.
- With the slowdown, the more dramatic instances of tightness in labor markets have eased somewhat, but the overall job market remains quite tight.