Fourth Quarter 2003, Volume 5, Number 4

Federal Reserve Bank of Atlanta
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Lynne Anservitz
   Editorial Director

Lynn Foley
   Managing Editor

Stephen Kay
Madeline Zavodny
   Contributing Editors

William Smith
Jean Tate
   Staff Writers

Michael Chriszt
Harriette D. Grissom
   Contributing Writers

Carole Starkey
Peter Hamilton


Bobbie H. McCrackin
   VP and Public Affairs

Thomas J. Cunningham
   VP and Associate
   Director of Research

Pierce Nelson
   AVP and Public
   Information Officer

John C. Robertson
   AVP, Research Department
   Regional Section

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ISSN 0899-6571

Photographs on cover and pages 2, 5 and 7 by Brad Newton; cover and pages 2, 8 and 20 courtesy of Nissan; and pages 8 and 9 courtesy of Mercedes-Benz.

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      Volume 5, Number 4, Fourth Quarter 2003

   Hard Choices Ahead for Social Security

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   More Balanced Economic Growth
   Ahead for Nation and Southeast

The economic outlook for both the nation and the Southeast is brighter for 2004 than it has been for several years. As this article points out, increased business investment and steady consumer spending should combine to boost employment during the year.

Regional Focus

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   Economic Recovery Gains
   Ground in the Southeast

While the individual economies of the six states of the Southeast posted mixed results in 2003, the overall performance of the region surpassed that of the nation as a whole. In 2004 Florida and Georgia will continue to drive the Southeastern economy as the region’s other states strive to move forward after several years of sluggish performance.
International Focus vertical line    The Global Economy Heats Up
Slow growth plagued much of the global economy in the early part of 2003 as geopolitical concerns, including war, SARS and rising energy prices, weighed heavily on many nations. As the geopolitical picture cleared later in the year, the world’s largest economies began to strengthen. In 2004 this trend should continue although the outlook varies from region to region.

   Research Notes & News
      Dollar Index

   Southeastern Economic Indicators

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