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|The State of the States
||he following is a brief overview of the major economic events and trends in each southeastern state during the fourth quarter of 1995:
- The slowdown in payroll employment growth seems to have bottomed out, although the state still lags compared with the region and the nation.
- While payroll employment growth may have stabilized, job losses are still considerable in the apparel-manufacturing portions of the state. These losses are offset by strength in the northern part of the state, spurred by construction for the auto industry.
- Florida continues to enjoy payroll employment growth rates above the Southeast and national rates even though this growth has slowed modestly from its 1994 peak.
- Tourism continues its notable comeback with the growing return of European visitors. This acceleration should continue at least through the Olympics.
- Georgia is still enjoying strong employment growth, even with a mild downturn in its manufacturing sector.
- Olympics-related activity continues to push construction ahead but has not yet substantially affected services employment.
- Louisiana continues its slowdown, which is led by services but affects every sector of the state economy.
- New Orleans is particularly slow, showing essentially flat employment on a year-over-year basis. Manufacturing has been especially weak.
- The post-gambling-boom slowdown, which mostly affects services, has bottomed out.
- Manufacturing remains weak. This weakness is largely the result of a national slow down in housing, which hampers Mississippi's dominant furniture industry.
Compiled by the regional section of the research department of the Federal Reserve Bank of Atlanta.
- Tennessee continues to enjoy growth rates above the national rate but slightly below that of the southeastern average.
- The Nashville area is still stronger than the region and the nation.
- Manufacturing has been weak. While the immigration of auto firms has offset a slowdown in the overall auto industry, other manufacturing industries lack such balancing factors.