July REIN Report: Agriculture, Autos Are Bright Spots in Southeast Economy

The Southeastern economy experienced some setbacks in June and July, according to the most recent report from the Atlanta Fed's Regional Economic Information Network (REIN). However, there were also a few economic bright spots in the region, such as agriculture and vehicle production.

Consumer confidence fell in July, with levels in the Southeast coming in below those nationwide. Consumer spending and sales tax revenue remain tepid despite improving from last year's levels.

Some areas of the region's economy, including labor markets, retail sales, and housing, saw mixed performance.

Meanwhile, other sectors saw improvements in economic activity. Key agricultural products such as citrus and cotton are enjoying favorable market conditions, and the poultry industry is on track to expand this year. Both citrus and cotton prices have risen above last year's levels.

The Southeast's vehicle production and sales have also gained steam this year. Vehicle production through mid-July was up 85 percent from last year, better than the nation's 68 percent increase. Regionally assembled vehicle sales—up 30 percent from 2009 levels—are also ahead of the national pace.

For more data and analysis on these and other sectors of the Southeastern economy, read the full REIN report.