Georgia economy strong.

Douglas Sams in the Gwinnett Daily Post reports that the economy in the South has recovered from the season’s devastating hurricanes:

In its report, commonly known as the Beige Book, the Federal Reserve said the economy is rebounding from the slowdown caused by hurricanes Katrina and Rita and that retailers improved their forecasts from earlier outlooks made in the aftermath of the storms.

Manufacturing also picked up as post-hurricane demand boosted production in several industries, according to the Fed.

Read the entire Fed Report here.

This can’t be good news for Bobby Kahn.

5 comments

  1. kspencer says:

    Actually, if you read the Beige book the report is rather mixed. In fact, a large number of things are (paraphrased) “good relative to the status immediately after the hurricanes.” That’s a peculiar point of comparison – what’s it like compared to immediately PRIOR to the hurricanes?

    In fact, much of the good news (not all) is specifically tied to the hurricane-damaged Gulf areas. Which in turn leads me to wonder how much of it’s really relevant to Georgia, which was in turn relatively untouched by the Terrible Twins.

    Then there’s the part that concerns me a great deal. I’ll quote:

    “Energy production in the Gulf of Mexico has improved since September, but nearly 40 percent of normal natural gas and 50 percent of normal oil production remained off-line through mid-November. Contacts reported damage left by Katrina and Rita will take at least a year to fully repair, especially the offshore pipeline system.”

    Lots of concerns come to mind about that paragraph. They may turn out to be unjustified, but I’m doubting it.

    Kirk

  2. buzzbrockway says:

    But the point is, despite problems with oil and natural gas, the economy keeps chugging along. Oil prices were high before Katrina and Rita and topped $70 immediately after the storms.

    Gas prices in Atlanta are again below the national average and are approaching the prices of a year ago (according to http://www.atlantagasprices.com).

    Yesterday the NY Times reported 3rd quarter economic growth at a 4.3% annual rate and today it was announced that 215,000 jobs were added last month(with the jobless rate remaining steady at 5%).

    Falling gas prices and strong job and economic growth spell good times. 🙂

  3. Melb says:

    Was there any correlation in the U.S. congress investigating gas companies and then the drop in price? If not seems very coincidental

  4. I think it would be bad news for the Democrats if the manufacturing and general economic picture in the South had gotten much better since 2003. It hasn’t.

    I’m sure reading this report will comfort the lifers at the GM and Ford plants who may have to move to another state to get a similarly well paying job.

  5. Romegaguy says:

    Funny we would talk about the Georgia economy when I got this forwarded to me today from someone who got it from the Democratic Party of GA.

    Georgia’s Economy in Steep Decline Under Perdue
    Second Largest Jump in Unemployed; Largest Drop In Household Income

    (Atlanta) Georgia’s economy has been in a steep decline under the leadership of Gov. Sonny Perdue. Over the past year, Georgia experienced the second largest jump in the number of new unemployed (38,200); only Katrina-ravaged Louisiana had a higher increase. Georgia’s unemployment rate also had one of the largest increases in the nation (0.7% increase – 4th) [Bureau of Labor Statistics, Data comparison between October 2004 and October 2005 from “Table 4. Civilian labor force and unemployment by state and selected areas, seasonally adjusted,

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