First Quarter, Volume 5, Number 1

Federal Reserve Bank of Atlanta
EconSouth

In This Issue

STAFF

Lynne Anservitz
Editorial Director

Lynn Foley
Nancy Pevey
Managing Editors

Stephen Kay
Contributing Editor

Jean Tate
Lee Underwood
Staff Writers

Harriette D. Grissom
Francisco Parodi
Navnita Sarma
Contributing Writers

Carole Starkey
Peter Hamilton
Designers

EDITORIAL COMMITTEE

Bobbie H. McCrackin
VP and Public Affairs
Officer

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

Volume 5, Number 1, First Quarter 2003

		CURRENT ISSUE What’s Different About This Recovery

		COVER STORY Funding for Farmers Is a Tough Row to Hoe The Farm Security and Rural Investment Act of 2002 helps ensure the future of the Southeast’s agricultural industry, but the farm bill’s implications over the long run are uncertain. How is the 2002 bill different from the 1996 farm bill, and what impact will it have on farmers and on prices paid for the commodities they produce?

		FEATURES Now and Then: How Different Downturns Affect the Southeast Service Sector The service sector has performed very differently in the recession that began in March 2001 than it did in the July 1990–March 1991 recession. Many service industries have performed poorly in the most recent downturn, demonstrating that the service sector may be less immune to negative economic shocks than is commonly assumed.
		Spanning the Western Hemisphere: Free Trade Area of the Americas Thirty-four countries in North, Central and South America and the Caribbean would make up the Free Trade Area of the Americas (FTAA) if negotiations currently under way are successful in establishing this new trading bloc. While the FTAA would bring a number of benefits to its members, the economies involved differ greatly in development and structure, and finding consensus will be challenging.

		DEPARTMENTS Research Notes & News Dollar Index The State of the States Southeastern Economic Indicators