Department of Labor: ga atl indicators current

8/14/2019 Department of Labor: ga atl indicators current

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Georgia Department of Labor Michael L. Thurmond

Commissioner

A Quarterly Report of Georgia and Metro Atlanta Labor Market and Economic Trends

E c o n o m i c

I n d i c a t o r sSecond Quarter 2005 Volume 11, Issue 2


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Quarterly ReportSecond Quarter - 2005

Volume 11, Issue 2

Georgia-AtlantaEconomicIndicators

Georgia Department of LaborMichael L. Thurmond, Commissioner

Equal Opportunity Employer/Programs - Auxiliary Aids and Services Available Upon Request to Individuals With Disabilities

Georgia Department of Labor Economic Indicators / Second Quarter 2005

Georgia Economic Indicators, Quarterly Report, is published by Workforce Information and Analysis, adivision of the Georgia Department of Labor, 148 Andrew Young International Boulevard, N.E.,Atlanta, Georgia 30303-1751. The telephone number is (404) 232-3875.

Visit the Georgia Department of Labor web site at www.dol.state.ga.us

Cover art: Jekyll Island Club, Georgia by Huey J. Theus


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Contents

History ............................................................................................................................................................ 1Introduction ................................................................................................................................................. 2U.S. Consumer Price Index ......................................................................................................................... 3Georgia Index of Economic Indicators ...................................................................................................... 4Georgia Data Summary ................................................................................................................................ 5

Employment, Manufacturing Wages and Hours .................................................................................... 6Nonagricultural, Retail, Manufacturing,Workweek, Earnings and Deflated Earnings

Job Openings, Unemployment Data and Vehicle Sales ........................................................................ 7Nonagricultural Job Openings Unfilled, Initial/ Continued Unemployment Claims,Unemployment Rate, Insured Unemployment Rate and New Motor Vehicle Sales

Construction, New Business and State Revenue ................................................................................... 8Residential/ Nonresidential Construction, Deflated Nonresidential Construction,New Business Corporations, Total/ Deflated State Revenue

Consumer Price Index for the South or Metro Atlanta ........................................................................... 9Metro Atlanta Index of Economic Indicators ........................................................................................... 10Atlanta Data Summary ................................................................................................................................ 11

Employment Data ......................................................................................................................................... 12Nonagricultural, Wholesale, (Retail Accommodation and Food Services),Manufacturing and Government

Employment Data - Continued ..................................................................................................................... 13Construction, (Transportation, Warehousing & Utilities), Financial Activities,Professional and Business Services, Hospital Services and Social Assistance

Manufacturing Workweek, Earnings and Unemployment Data .......................................................... 14Manufacturing -(Workweek, Earnings and Deflated Earnings), Initial/ ContinuedUnemployment Claims and Unemployment Rates

Unemployment Data, Transit and Construction Data ............................................................................ 15Insured Unemployment Rate, MARTA Passengers, Cobb Community Transit Passengers,Residential/ Nonresidential Construction and Deflated Nonresidential Construction

Hotel and Mortgage Rates ......................................................................................................................... 16Hotel Occupancy, Average Hotel Room Rates, Deflated Average Hotel Room Rates,Average 30-Year/ 15-Year Fixed Mortgage Rates and Average One-Year AdjustableMortgage Rates


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History

The Jekyll Island Club Hotel, located on a Georgia barrier island of unusual natural beauty, is a Victorian treasure.Recognized as a National Historic Landmark in 1978, it has been designated a Historic Hotel of America by the NationalTrust for Historic Preservation. Originally a hunting retreat for the nation's wealthy elite, the hotel today is a unique resortwith architectural character and a charming historic ambience.

The main structures, built between 1887 and 1902, were designed by Charles Alexander of Chicago and Charles Alling

Gifford of New York. Alexander designed the original club house in the American Queen Anne style, incorporating into itsplan the turret which dominates the roof line, extensive verandas, bay windows, extended chimneys and overall asym-metrical design.

Handsome interior details include Ionic columns in the dining room, twelve-and fifteen-foot ceilings, oak wainscotingand other handsomely detailed woodwork, as well as leaded art glass and 93 distinctively detailed fireplaces. Gifford,associated with the New York architectural firm of McKim, Mead, and White, designed a majority of the other clubbuildings. As an exclusive hunting retreat for the nations wealthiest financiers and industrialists of the 1880s, the JekyllIsland Club was the site of events and meetings of historic significance in the latter part of the Victorian period.

William K. Vanderbilt, J.P. Morgan, William Rockefeller, Joseph Pulitzer and 50 or so of their friends, contemplating the

ideal location for their hunting club in 1886, chose Jekyll Island. Its climate, abundant wild life, and natural beauty appealedto them. Once the decision was made, it took just two years to incorporate the club, purchase the island, and have the clubhouse constructed. In January of 1888, they gathered their families and boarded their yachts for the first season onJekyll. They expected to have a wonderful time. And they did. A collection of sepia photographs captures the spirit of thesefamilies as they enjoyed Jekylls considerable outdoor pleasures...morning hunting trips, lawn parties, carriage rides,leisurely afternoons at the beach. Dinner each evening, however, was the high point of the day. Women would spendhours selecting the dresses they would wear to the dining room; men would have definite ideas about what they hoped toaccomplish in over-dinner conversations with each other. In those conversations decisions might be made which wouldliterally determine the next president of the country, the health of the nations economy, or the career of any of their peers.

The events of the world impacted the members of the Club, and in turn club members had far reaching effects on the

nation. World War I offered several members the opportunity to give their yachts to the U.S. war effort and to providefinancial assistance. Although several members had had considerable influence in mitigating the force of economic panicsthroughout the last half of the 1800s and later, no one was powerful enough to prevent the Great Depression. In two yearstime, half the Clubs membership dropped away. The final blow to the life of the Club, however, was World War II and thethreat of enemy submarines just off the coast. Members left in 1942 expecting to return another year, but, indeed few everreturned.

By 1947 the State of Georgia gained the ownership of the island and established it as a state park. Jekyll DevelopmentAssociates leased the present hotel structures and grounds from the State of Georgia, completely rejuvenated them, andfurther prepared for the opening of the Jekyll Island Club Hotel in 1986.

Crane Cottage and Cherokee Cottage, Italian Renaissance in architectural style, have recently been added to thehotels collection of overnight accommodations. The architectural firm of Smith Dalia, LLC, of Atlanta, GA, designers forthe $5.5 million project, worked with the Jekyll Island State Park Authority in developing the Historic District Master Planin 1997. Their work on this new chapter in Jekyll Island history, an example of their commitment to excellence and integrityin historic renovation, has resulted in a beautiful recreation of Crane and Cherokee Cottages.

Guests visiting the Jekyll Island Club Hotel today may enjoy dinner in the Grand Dining Room where former membersof the club made significant decisions, enjoy the beauty of the leaded art glass and other interior details, and imaginevisiting the club for the season in the early 1900s. Whether their primary interest is architecture or history, guests findtheir visit rewarding to the Jekyll Island Club Hotel, a Victorian treasure.


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Introduction

eorgia Economic Indicators, Quarterly Report , is designed to provide data on a number of indicators usedto measure movement of the states economy in a single publication.

Our publication has changed.

The Georgia and Metropolitan Altanta Economic Indicator series, previously published as two separate monthlypublications, are now published as a single quarterly publication. Graphs will continue to display data in monthlyincrements; whereas companion data tables will display the 3-month average for each series (for 7 quarters) beforealternating to a monthly format for the most recent quarter.

All data except those contained in the U.S. and Atlanta Consumer Price Index chart on Pages 3 and 9 are seasonally

adjusted using the X11 ARIMA method. They are presented in graphic and tabular form along with an analysis.Each series shows movement over a 24-month period. Where appropriate, companion graphs and tables show datathat have been deflated by the U.S. Consumer Price Index or the U.S. Construction Price Index. The purpose isto adjust for inflation and show growth in constant dollars.

Historical tables and graphs are included in a supplementary Georgia Economic Indicators, Historical Series,published annually.

Workforce Information and Analysis welcomes comments, suggestions or questions concerning the Georgia- Atlanta Economic Indicators, Quarterly Report and Historical Series. Please address correspondence to BillWebb, Workforce Information and Analysis, Georgia Department of Labor, 148 Andrew Young InternationalBoulevard, N.E., Atlanta, Georgia 30303-1751. The telephone number is (404) 232-3875.

G

Data Sources

Georgia Indexes of Leading and Coincident Economic Indicators*, Initial Unemployment Claims, Continuing Unemployment Claims,Insured Unemployment Rate, Nonagricultural Job Openings Unfilled, Weekly Manufacturing Earnings, Manufacturing Workweekand Employment data. -- Georgia Department of Labor

Consumer Price Index -- U.S. Bureau of Labor Statistics, adapted from commentary by Michael WaldNew Motor Vehicles, State Sales and Use Tax Collections and Total Revenue Collections -- Georgia Department of RevenueNew Business Corporations -- Georgia Secretary of StateResidential Construction and Construction Price Index -- U.S. Department of CommerceNonresidential Construction -- F.W. Dodge, McGraw-Hill Construction Information GroupMARTA Passengers -- Metropolitan Atlanta Rapid Transit SystemCCT Passengers -- Cobb Community Transit SystemHotel Occupancy and Room Rates -- PKF Consulting, Atlanta, GA (as of July 2003)Mortgage Rates -- HSH Associates, Financial Publishers, Butler, NJ

* Model for Georgia Indexes of Leading and Coincident Economic Indicators developed by Georgia State Universitys EconomicForecasting Center

2 Economic Indicators / Second Quarter 2005 Georgia Department of Labor

Note: The area formerly known as the Atlanta MSA has been changed to Atlanta-Sandy Springs-Marietta MSA which now includes: Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Cobb, Coweta,Dawson, Dekalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Haralson, Heard, Henry, Jasper, Lamar,Meriwether, Newton, Paulding, Pickens, Pike, Rockdale, Spalding and Walton counties.


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Consumer Price Index

Source: U.S. Bureau Of Labor Statistics @www.bls.gov

The Consumer Price Index for AllUrban Consumers (CPI-U) increased0.1 percent in June, before seasonaladjustment, as reported by the Bureauof Labor Statistics of the U.S.Department of Labor. The June level of 194.5 (1982-84=100) was 2.5 percenthigher than in June 2004.

On a seasonally adjusted basis, theCPI-U was unchanged in June, followinga decrease of 0.1 percent in May.Energy costs declined for the secondconsecutive month, down 0.5 percentin June. The index for all items less foodand energy increased 0.1 percent inJune, the same as in May. An upturn inshelter costs was offset by declines orsmaller increases in most other non-food and non-energy indexes.

Consumer prices increased at aseasonally adjusted annual rate(SAAR) of 1.9 percent in the secondquarter after advancing at a 4.3 percentrate in the first three months of 2005.This brings the year-to-date annual rateto 3.1 percent and compares with anincrease of 3.3 percent in all of 2004.The index for energy, which rose 16.6percent in 2004, advanced at a 14.1

Georgia Department of Labor Economic Indicators / Second Quarter 2005 3

Chart is not seasonally adjusted

percent SAAR in the first half of 2005and accounted for 35 percent of theadvance in the overall CPI-U during thefirst six months of 2005.

The CPI-U excluding food andenergy advanced at a 1.2 percent SAARin the second quarter, following anincrease of 3.3 percent in the first threemonths of 2005. A smaller increase inshelter costs was primarily responsiblefor the slowdown in the second quarter.

The index for housing rose 0.1percent in June. Shelter costs, whichwere virtually unchanged in each of thetwo preceding months, rose 0.2 percentin June. The index for fuels and utilitiesrose 0.1 percent. The index forhousehold furnishings and operations,which rose 0.6 percent in May, declined

0.6 percent in June. A 1.3 percentdecline in the index for furniture andbedding accounted for about half of theoverall June decrease.

The transportation index declined0.1 percent in June. The index forgasoline declined for the secondconsecutive month, down 1.2 percent inJune after falling 4.4 percent in May.The index for new vehicles was

unchanged, while the index for usedcars and trucks rose 0.8 percent inJune. The index for publictransportation increased 1.2 percentin June, largely reflecting an increasein the index for airline fares. Airlinefares registered their fifth consecutiveadvance, up 2.3 percent in June.With the recent advances, airlinefares are not only 5.8 percent higherthan a year ago, but are now higherthan in the month prior to the terroristattacks in 2001.

The index for apparel wasunchanged in May, declined 0.7percent in June. (Prior to seasonaladjustment, apparel prices declined3.3 percent, reflecting seasonaldiscounting of spring-summer wear.)

Medical care costs rose 0.2percent in June to a level 4.2 percenthigher than a year ago. The index formedical care commodities increased0.3 percent in June. The index formedical care services rose 0.2 percentin June, with the indexes forprofessional services and for hospitaland related services up 0.1 percent

CPI Cools Down in June* Rate computed from December to December

YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

1992 138.1 138.6 139.3 139.5 139.7 140.2 140.5 140.9 141.3 141.9 142.0 141.9 140.3 2.9%

1993 142.6 143.1 143.6 144.0 144.2 144.4 144.4 144.8 145.1 145.7 145.8 145.8 144.5 2.7%

1994 146.2 146.7 147.2 147.4 147.5 148.0 148.4 149.0 149.4 149.5 149.7 149.7 148.2 2.7%

1995 150.3 150.9 151.4 151.9 152.2 152.5 152.5 152.9 153.2 153.7 153.6 153.5 152.4 2.5%

1996 154.4 154.9 155.7 156.3 156.6 156.7 157.0 157.3 157.8 158.3 158.6 158.6 156.9 3.3%

1997 159.1 159.6 160.0 160.2 160.1 160.3 160.5 160.8 161.2 161.6 161.5 161.3 160.5 1.7%

1998 161.6 161.9 162.2 162.5 162.8 163.0 163.2 163.4 163.6 164.0 164.0 163.9 163.0 1.6%

1999 164.3 164.5 165.0 166.2 166.2 166.2 166.7 167.1 167.9 168.2 168.3 168.3 166.6 2.7%

2000 168.7 169.7 171.1 171.2 171.3 172.3 172.6 172.8 173.7 174.0 174.1 174.0 172.1 3.4%

2001 175.1 175.8 176.2 176.9 177.7 178.0 177.5 177.5 178.3 177.7 177.4 176.7 177.1 1.6%

2002 177.1 177.8 178.8 179.8 179.8 179.9 180.1 180.7 181.0 181.3 181.3 180.9 179.9 2.4%

2003 181.7 183.1 184.2 183.8 183.5 183.7 183.9 184.6 185.2 185.0 184.5 184.3 184.0 1.9%

2004 185.2 186.2 187.4 188.0 189.1 189.7 189.4 189.5 189.9 190.9 191.0 190.3 188.9 3.3%2005 190.7 191.8 193.3 194.6 194.4 194.5

* CPIRATE

ANNAVG


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Nonagricultural Employment 3,899,157 3,913,446 3,919,042change from previous month -0.37% -0.14% 0.39%

Retail Employment 437,562 437,720 436,877change from previous month -0.04% 0.19% 0.09%

Manufacturing Employment 438,405 438,468 438,927change from previous month -0.01% -0.10% 0.04%

Manufacturing Workweek (hours) 39.1 39.2 39.2change from previous month -0.37% 0.01% 0.75%

Weekly Manufacturing Earnings $571.97 $579.41 $592.22change from previous month -1.28% -2.16% 4.65%

Nonagricultural Job Openings Unfilled 19,938 18,605 16,846change from previous month 7.17% 10.44% -8.91%

Initial Unemployment Claims 39,359 34,334 39,243change from previous month 14.64% -12.51% 8.11%

Continued Unemployment Claims 237,221 260,002 209,865change from previous month -8.76% 23.89% -3.49%

Unemployment rate (not seasonally adjusted) 5.6% 5.0% 4.7%change from previous month - - - - - -

Insured Unemployment Rate 1.47% 1.40% 1.43%change from previous month - - - - - -

New Motor Vehicle Sales 50,960 41,254 46,126change from previous month 23.53% -10.56% 1.54%

Residential Construction ( building permits ) 8,285 9,393 7,620change from previous month -11.79% 23.27% -9.36%

Nonresidential Construction ( dollar value ) $619,200,299 $586,371,142 $612,333,819change from previous month 5.60% -4.24% 51.17%

New Business Corporations 6,505 8,052 5,923change from previous month -19.21% 35.94% -5.64%

Total State Revenues ( in millions ) $1,191,806,137 $1,190,043,169 $1,432,045,287change from previous month 0.15% -16.90% 2.57%

Deflated State Revenues ( in millions ) $612,755,800 $612,160,500 $735,894,100change from previous month 0.10% -16.81% 1.88%

Georgia

Georgia Department of Labor Economic Indicators / Second Quarter 2005 5

Jun May Apr2005 2005 2005


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M I L L I O N S

T H O U S A N D S

T H O U S A N D S


3.80

3.84

3.88

3.92

3.96

4.00

2003-20042004-2005

400

420

440

460

480

500

34.9

36.4

37.8

39.3

40.7

42.2

2003-20042004-2005

$495

$525

$555

$585

$615

$645

$270

$285

$300

$315

$330

$345

J A S O N D J F M A M J

Nonagricultural Employment

Retail Employment

Manufacturing Employment

Manufacturing Workweek

Average Weekly Manufacturing Earnings

Deflated Average Weekly Manufacturing Earnings

2003: Q3 3,846,207 445,490 447,182 39.2 $549.22 $297.59Q4 3,848,627 443,968 446,385 38.9 554.56 300.41

2004: Q1 3,877,436 445,439 447,818 39.4 575.53 308.96Q2 3,891,582 446,187 446,366 39.5 588.75 311.63Q3 3,898,102 443,833 444,998 38.9 566.95 299.03Q4 3,895,607 438,502 442,166 38.9 546.90 286.73

2005: Q1 3,907,635 436,869 440,455 39.4 563.47 293.582005: Apr 3,919,042 436,877 438,927 39.2 592.22 304.33

May 3,913,446 437,720 438,468 39.2 579.41 298.05Jun 3,899,157 437,562 438,405 39.1 571.97 294.07

Employment Manufacturing

Avg. Weekly DeflatedNonag Retail Mfg. Work Week Earnings Wkly Earnings

All graphs contain monthly data and are seasonally adjusted, except where noted.

D O L L A R S

D O L L A R S

H O U R S

GEORGIA

400

420

440

460

480

500



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Economic Indicators / Second Quarter 2005 7

Unemployment

Job Ini t i a l Cont i nued New Motor

Op e n i n g s C l a i m s C l a i m s Rate 1* Insured 1 Vehicle Sales

Georgia Department of Labor

0.0

20.0

40.0

60.0

80.0

100.0

50

150

250

350

450

550


3.1

3.7

4.3

4.8

5.4

6.0

2003-20042004-2005

0.25

0.75

1.25

1.75

2.25

2.75

27

34

40

47

53

60


Nonagricultural Job Openings Unfilled

Initial Unemployment Claims

Continued Unemployment Claims

Unemployment Rate

Insured Unemployment Rate

New Motor Vehicle Sales

T H O U S A N D S

T H O U S A N D S

T H O U S A N D S

P E R C E N T A G E S


T H O U S A N D S

GEORGIA

5.0

9.0

13.0

17.0

21.0

25.0

2003-2004

2004-2005

2003: Q3 13,958 53,114 307,311 4.6% 1.88% 44,085Q4 14,006 44,851 275,545 4.0% 1.73% 43,771

2004: Q1 14,722 41,766 268,956 4.4% 1.58% 39,821Q2 15,209 37,971 265,501 5.1% 1.62% 44,847Q3 15,039 38,071 244,764 4.6% 1.54% 45,115Q4 17,725 39,087 229,205 4.7% 1.40% 43,617

2005: Q1 18,588 32,510 217,354 5.0% 1.34% 43,4452005: Apr 16,846 39,243 209,865 4.7% 1.43% 46,126

May 18,605 34,334 260,002 5.0% 1.40% 41,254Jun 19,938 39,359 237,221 5.6% 1.47% 50,960

1 Rate at the end of each quarter, except for monthly rates.

* Unemployment rate prior to seasonal adjustments.


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5,700

7,000

8,300

9,600

10,900

12,200

2003-20042004-2005

$120

$258

$396

$534

$672

$810

$ 50

$175

$300

$425

$550

$675


4,000

5,000

6,000

7,000

8,000

9,000

2003-2004

2004-2005

$600

$817

$1,033

$1,250

$1,466

$1,683

$355

$472

$589

$706

$823

$940


Residential Construction

Nonresidential Construction

Deflated Nonresidential Construction

New Business Corporations

Total State Revenue

Deflated Total State Revenue

H O U S E H O L D U N I T S

M I L L I O N S

M I L L I O N S

C H A R T E R S

M I L L I O N S

M I L L I O N S

Construction Total State

Residential 2 Non-residential 1 Deflated non-res 1 Revenue 1 Deflated Rev. 1

Ne wB u s i n e s s

Corporations 3

GEORGIA

2 Household units

1 Data rounded

3 Includes limited liability companies

2003: Q3 8,754 $476,499,000 $364,481,600 5,601 $1,080,440,000 $585,392,800Q4 8,593 362,503,000 271,334,600 6,158 1,121,440,000 607,497,300

2004: Q1 8,515 471,027,000 345,581,100 5,463 1,092,800,000 586,685,800

Q2 8,087 502,442,000 358,631,000 6,075 1,151,320,000 609,379,000Q3 9,067 485,288,000 341,271,400 6,314 1,238,600,000 653,270,000Q4 9,865 500,660,000 348,083,400 5,936 1,255,900,000 658,458,600

2005: Q1 8,080 383,588,000 266,257,300 6,099 1,143,840,000 595,956,9002005: Apr 7,620 612,334,000 425,527,400 5,923 1,432,050,000 735,894,100

May 9,393 586,371,000 404,952,300 8,052 1,190,040,000 612,160,500Jun 8,285 619,200,000 425,274,700 6,505 1,191,810,000 612,755,800


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The Consumer Price Index forAll Urban Consumers (CPI-U)for Atlanta increased 0.9 percentover the two months ending inJune to a level of 189.6 (1982-84=100), not seasonal lyadjusted, as reported by theBureau of Labor Statistics. Forthe 12 months ending in June2005, the CPI-U for Atlantaincreased 2.1 percent.

Over the two months, highercosts for housing were partiallyoffset by lower apparel andtransportation costs. Excludingfood and energy, the CPI-U forAtlanta increased 0.2 percent inthe May-June pricing period.

Housing costs in the Atlantaarea moved up 2.6 percent in the

Economic Indicators / Second Quarter 2005 9Georgia Department of Labor

Inflation Hits the Metro Area

YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Rate *

1988 119.1 121.7 3.3%

1989 124.9 127.3 4.7%1990 130.8 132.6 4.4%

1991 135.5 136.2 3.2%

1992 138.6 138.5 1.9%

1993 142.2 144.7 3.5%

1994 146.7 146.7 2.3%

1995 150.3 151.5 2.9%

1996 154.7 157.2 3.4%

1997 158.3 159.5 1.9%

1998 159.5 160.8 162.0 161.9 162.0 161.6 1.4%

1999 161.9 164.0 164.8 165.9 166.5 167.0 3.3%

2000 167.4 169.8 170.9 172.1 171.9 171.9 2.9%

2001 175.3 176.6 177.8 176.9 176.7 174.8 1.7%

2002 176.1 178.6 179.1 179.7 179.4 177.3 1.4%

2003 180.7 182.1 181.5 181.7 180.1 179.0 1.0%

2004 180.7 182.3 185.7 184.1 183.9 183.2 2.3%

2005 185.3 188.0 189.6

Source: U.S. Bureau of Labor Statistics @ www.bls.gov

May-June pricing period. Sheltercosts increased 1.2 percent, whilecosts for fuel and utilities rose 11.9percent, reflecting a 36.5 percentgrowth in the costs of electricity.Costs for household furnishings andoperations declined 1.4 percent overthe two months. Over the past year,housing costs have increased 1.1percent as costs for shelter rose 0.4percent and fuel and utilities costsincreased 5.1 percent. The index forhousehold furnishings and operationsdeclined 0.8 percent over the year.

Apparel costs dropped 8.0 percentover the previous two months. Themost recent decline caused the indexto decline 1.8 percent since June 2004.

The transportation index dropped0.7 percent in June as costs for motor

fuel declined 3.2 percent. Overthe past year, the transportationindex has risen 5.0 percentreflecting a 10.1 percent increasein the cost of motor fuel.

The index for medical careinched down 0.1 percent over thepast two months. With the mostrecent decline, the medical careindex has risen 7.0 percent sinceJune 2004.

* Rate computed from December to December

Chart is not seasonally adjustedConsumer Price Index for Atlanta


13/21

Note: All indicators are seasonally adjusted.

* * *

Atlanta's economic indicators

pointed upward in the second quarterand provided a little better view intothe economic window of the future.After a barrage of mixed economicweather reports, things are starting tolook a lot clearer.

The Leading Economic Indicators(LEI) has certainly benefited from theadvancements made in housing andcommercial developments. Gains madein the LEI surged ahead for threestraight months to 190.9, up 2.3%during the quarter, reversing the first

quarters decline, but falling short of the 2.9% posted last year in Q2.

Construction in the residentialsector continues to gain momentum.Subdivisions are starting to dot themetro area like mushrooms after aheavy rain. One might wonder howlong will this boom last, for all goodthings are sure to come to an end.

Lead Indicator Extends Growth Prospects


Metro Atlanta Index of Economic Indicators

98 99 00 01 02 03 04 05 '06100.0

120.0

140.0

160.0

180.0

200.0

Leading indicatorsCoincident indicators

1995-96 = 100

Atlanta's moderate housing costs

are certainly a draw to outsideresidents being priced out of theircurrent housing market.

Residential constructionhousing permits declined in Aprilbefore rebounding in May (up37.3%) and then contracting againin June. Commercial constructionseems to have turned the corner witha sharp increase at the start of thequarter. Initial unemployment claimsare running a little higher than theprevious quarter. More people are

also entering the workforce, whichis a normal seasonal occurrence atthis time of the year. Themanufacturing workweek driftedlower over the quarter.

The Coincident EconomicIndicator (CEI) advanced at a slowerrate over the reporting period, butmanaged to post consecutive gains.

The index posted a quarterly growth

rate of 0.8%, about half of theadvance made in the previousquarter and less then the 1.4%posted in the second quarter of lastyear.

The metro area's higher joblessrate and flat retail employment keptthe index advances to a minimum.

Overall the Leading EconomicIndicator continues to showstrength, which will most likelycontinue over the next two quarters.The growth of the coincident

economic indicator has slowed overthe quarter, but things shouldpickup as the summer comes to aclose, companies will start to rebuildinventory and retailers will ramp uphiring for the holidays.


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Nonagricultural Employment 2,264,978 2,273,622 2,277,951 -0.38% -0.19%Wholesale Employment 153,596 154,192 154,464 -0.39% -0.18%

Retail Employment 239,881 240,350 239,347 -0.20% 0.42%

Accommodation and Food Services Employment 188,585 188,735 190,152 -0.08% -0.75%

Manufacturing Employment 173,141 173,551 174,229 -0.24% -0.39%

Government Employment 303,398 307,941 310,932 -1.48% -0.96%

Construction Employment 124,989 124,873 124,781 0.09% 0.07%

Trans., Warehousing and Utilities Employment 117,932 118,381 118,066 -0.38% 0.27%

Financial Activities Employment 153,767 153,297 152,327 0.31% 0.64%

Professional and Business Services Employment 372,868 373,775 375,998 -0.24% -0.59%

Hospital Services Employment 60,126 59,959 59,504 0.28% 0.77%

Social Assistance Employment 25,979 26,222 26,155 -0.93% 0.26%

Manufacturing Workweek 37.1 36.7 37.4 1.06% -1.79%

Manufacturing Earnings $602.41 $594.85 $601.83 1.27% -1.16%

Deflated Manufacturing Earnings $309.72 $305.99 $309.26 1.22% -1.06%

Initial Unemployment Claims 11,297 12,963 11,110 -12.85% 16.68%

Continued Unemployment Claims 126,335 142,985 109,146 -11.65% 31.00%

Total Unemployment Rate ( not seasonally adjusted ) 5.6 5.0 4.7 - -

Insured Unemployment Rate 1.41% 1.37% 1.33% - -

MARTA Passengers 5,625,000 5,205,000 5,743,000 8.07% -9.37%

Cobb County Transit Passengers 249,339 222,230 236,301 12.20% -5.95%

Residential Construction (household units) 5,478 6,496 4,728 -15.67% 37.39%

Nonresidential Construction (value) $443,308,000 $405,585,000 $506,024,000 9.30% -19.85%

Deflated Nonresidential Construction $304,500,000 $280,100,000 $351,600,000 8.71% -20.34%

Hotel Occupancy 64.5% 64.0% 69.6% - -

Average Hotel Room Rates $102.12 $105.23 $102.12 -2.96% 3.05%

Deflated Average Hotel Room Rate $52.50 $54.13 $52.47 -3.01% 3.16%

Average 30-Year Fixed Mortgage Rate 5.73% 5.83% 5.98% - -

Average 15-Year Fixed Mortgage Rate 5.17% 5.28% 5.41% - -

Average One-Year Adjustable Mortgage Rate 4.24% 4.16% 4.27% - -

Metro AtlantaPercent PercentChange Change

May-2005 Apr-2005to to

Jun-2005 May-2005 Apr-2005 Jun-2005 May-2005



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T H O U S A N D S

Georgia Department of Labor12 Economic Indicators / Second Quarter 2005

2.16

2.20

2.23

2.27

2.30

2.34

2003-20042004-2005

140

145

150

155

160

165

Wholesale Employment

220

230

240

250

260

270


Nonagricultural Employment

Retail Employment

50

100

150

200

250

300

2003-20042004-2005

Accommodation and Food Services

120

140

160

180

200

220

Manufacturing Employment

280

290

300

310

320

330


Government Employment

T H O U S A N D S

T H O U S A N D S

T H O U S A N D S

T H O U S A N D S

M I L L I O N S

2003 :Q3 2,237,391 150,917 249,995 182,306 177,806 296,627Q4 2,243,160 151,065 248,795 184,296 176,986 297,469

2004 :Q1 2,254,691 150,554 247,236 185,485 177,835 303,507

Q2 2,259,203 151,394 246,380 186,556 177,857 299,891Q3 2,274,035 153,823 247,220 186,328 176,922 305,498Q4 2,272,344 154,292 243,037 187,087 174,927 307,727

2005 :Q1 2,275,169 154,459 239,236 188,013 174,174 310,3922005 Apr 2,277,951 154,464 239,347 190,152 174,229 310,932

May 2,273,622 154,192 240,350 188,735 173,551 307,941Jun 2,264,978 153,596 239,881 188,585 173,141 303,398

Metro Atlanta

Employment

Accom. & FoodPeriod Nonag W ho l e s a l e Reta i l Serv ices Manufacturing Government


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108

114

120

126

132

138

2003-20042004-2005

Construction Employment

90

100

110

120

130

140

Transportation, Warehousing & Utilities Employment

143

147

151

155

159

163


Financial Activities Employment

320

340

360

380

400

420

2003-20042004-2005

Professional and Business Services Employment

30

40

50

60

70

80

Hospital Services Employment

15

20

25

30

35

40


Social Assistance Employment

T H O U S A N D S

T H O U S A N D S

T H O U S A N D S

T H O U S A N D S

T H O U S A N D S

T H O U S A N D S

2003 :Q3 120,868 116,895 152,364 359,423 57,957 26,618Q4 123,082 116,637 150,754 363,675 58,199 25,947

2004 :Q1 125,076 119,201 150,501 364,933 58,818 26,261Q2 124,381 119,400 151,369 368,159 58,535 25,751Q3 125,193 119,016 152,373 372,896 59,065 26,582Q4 124,718 119,182 153,238 374,397 59,333 26,206

2005 :Q1 125,754 119,883 152,645 375,818 59,989 26,3312005 Apr 124,781 118,066 152,327 375,998 59,504 26,155

May 124,873 118,381 153,297 373,775 59,959 26,222Jun 124,989 117,932 153,767 372,868 60,126 25,979

Metro Atlanta

Employment

Trans, Ware & Financ ia l Professional & Hospita l So c i a lPer iod Construction Uti l i t i e s Activi ties Business Services Services Assi stance


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D O L L A R S

Georgia Department of Labor14 Economic Indicators / Second Quarter 2005

31.0

33.0

35.0

37.0

39.0

41.0

2003-2004

2004-2005

$470

$510

$550

$590

$630

$670

Manufacturing Earnings

$220

$260

$300

$340

$380

$420


Manufacturing Workweek

Deflated Manufacturing Earnings

0.0

5.0

10.0

15.0

20.0

25.0

2003-20042004-2005

Initial Unemployment Claims

25

75

125

175

225

275

Continued Unemployment Claims

3.0

4.0

5.0

6.0

7.0


Unemployment Rate

D O L L A R S

T H O U S A N D S

T H O U S A N D S


H O U R S

2003 :Q3 34.3 $539.20 $292.22 13,186 161,618 4.8%Q4 34.8 530.90 287.60 11,560 146,319 4.1%

2004 :Q1 35.4 559.42 300.32 11,525 126,715 4.6%Q2 35.9 589.50 312.00 11,658 140,060 5.2%Q3 35.6 575.64 303.61 11,033 126,179 4.7%Q4 38.0 583.36 305.84 11,042 120,799 4.8%

2005 :Q1 38.6 573.15 298.67 9,953 113,429 4.9%2005 Apr 37.4 601.83 309.26 11,110 109,146 4.7%

May 36.7 594.85 305.99 12,963 142,985 5.0%Jun 37.1 602.41 309.72 11,297 126,335 5.6%

Metro Atlanta

Manufacturing Unemployment

Avg. We e k l y Deflated Ini t i a l Co nt inue dPeriod Work Week Earnings Wkly Earnings C l a i m s C l a i m s Rate 1*

1 Rate at the end of each quarter, except for monthly rates.* Unemployment rate prior to seasonal adjustments.


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0.5

0.9

1.3

1.7

2.1

2.5

2003-20042004-2005

Insured Unemployment Rate

4.0

4.5

5.0

5.5

6.0

6.5

MARTA Passeng ers

170

190

210

230

250

270


Cobb Community Transit Passengers

Residential Construction

$ 0

$150

$300

$450

$600

$750

Nonresidential Construction

$ 10

$110

$210

$310

$410

$510


Deflated Nonresidential Construction


M I L L I O N S

T H O U S A N D S

H O U S E H O L D U N I T S

( T H O U S A N D S )

M I L L I O N S

M I L L I O N S


2003 :Q3 1.75% 5,506,000 202,328 6,149 $290,529,000 $222,133,000Q4 1.54% 5,577,700 217,738 5,992 186,460,000 139,533,000

2004 :Q1 1.47% 5,538,100 216,195 5,843 303,366,000 222,767,000

Q2 1.53% 5,618,800 212,866 5,370 299,017,000 213,133,000Q3 1.40% 5,215,200 222,526 6,364 311,217,000 219,000,000Q4 1.28% 5,333,100 244,547 7,313 299,137,000 207,833,000

2005 :Q1 1.27% 5,380,700 244,542 5,615 189,978,000 131,900,0002005 Apr 1.33% 5,743,400 236,301 4,728 506,024,000 351,600,000

May 1.37% 5,204,600 222,230 6,496 405,585,000 280,100,000Jun 1.41% 5,625,300 249,339 5,478 443,308,000 304,500,000

Metro Atlanta

Transit Passengers Construction

Cobb Defla tedPeriod MARTA 1 Co mm un i ty Residential 3 Nonresidential 1 Non-res 1

InsuredUnemployment

Rate 2

2 Rate at the end of each quarter, except for monthly rates.

1 Data rounded

3 Household units

$ 4

$ 5

$ 6

$ 7

$ 8

$ 9

2003-2004

2004-2005


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50

55

60

65

70

75

2003-2004

2004-2005

Hotel Occupancy

$ 70

$ 80

$ 90

$100

$110

$120

Average Hotel Room Rates

$ 40

$ 45

$ 50

$ 55

$ 60

$ 65


Deflated Average Hotel Room Rates

4.60

5.20

5.80

6.40

7.00

7.60

2003-20042004-2005

4.00

4.62

5.24

5.86

6.48

7.10

1.41

2.61

3.81

5.01

6.21

7.41


Average 30-Year Fixed Mortgage Rates

Average 15-Year Fixed Mortgage Rates

Average One-Year Adjustable Mortgage Rates

D O L L A R S

D O L L A R S






2003 :Q3 63.4% $92.57 $50.16 6.20% 5.47% 3.66%Q4 61.8% 93.24 50.51 5.91% 5.24% 3.57%

2004 :Q1 65.1% 93.48 50.18 5.47% 4.78% 3.07%Q2 61.9% 94.90 50.23 6.35% 4.77% 4.11%Q3 64.7% 95.13 50.17 5.83% 5.30% 3.77%Q4 64.9% 101.89 53.42 5.80% 5.20% 4.10%

2005 :Q1 67.4% 95.78 49.91 5.99% 5.43% 4.34%2005 Apr 69.6% 102.12 52.47 5.98% 5.41% 4.27%

May 64.0% 105.23 54.13 5.83% 5.28% 4.16%Jun 64.5% 102.12 52.50 5.73% 5.17% 4.24%

Metro Atlanta

Hotel Data Mortgage Rates

Room Defla ted 30-Year 15-Year One -Yea rPer iod Occupancy % 3 Rates 3 Room Rates 3 Fixed 1,2 Fixed 1,2 Rate Adjustable 1,2

1 Rate does not include points2 Mortgage rates are not seasonally adjusted

3 Hotel data compiled after July 2003 is not comparable to prior time periods.


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