Atlanta Fed's Annual Report Examines the Region's Tough Year
The Atlanta Fed's 2008 annual report is now online at frbatlanta.org. Titled Economic Turbulence: A Southeastern Perspective, the report focuses on the Southeast and how the global economic upheaval has affected the region and its 46 million people.
The report sets the stage with an overview of the national economy, including a timeline of last year's economic turmoil and the Federal Reserve's actions to stabilize financial markets. The annual report's main essay examines aspects of the economic downturn that have weighed heavily on the Southeast: real estate and foreclosures, unemployment, the strains on the banking system, and diminished consumer spending.
"Weakness in the housing sector in 2008 spread to commercial real estate and most other sectors of an economy that had grown accustomed to an influx of new people and new construction," Atlanta Fed President Dennis Lockhart writes in his opening message. "But old assumptions collapsed under the pressure of the 2008 downturn," noting that the Sixth Federal Reserve District's six states lost a net 674,000 jobs in 2008.
The report also includes profiles of five Atlanta staff members that detail changes in their work brought on by financial and economic distress. Another section of the report focuses on the Atlanta Fed's 2008 milestones.
June 30, 2009