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IN THIS ISSUE: •Spending— Slowing Down? • Louisiana: Some Puzzling Economic Trends • Index for the Year 1968 • District Dusiness Conditions K OF A T LA N T A DECEM BER 1968 Monthly Review, Vol. LIII, No. 12. Free subscription and additional copies available upon request to the Research Department, Federal Reserve Bank of Atlanta, Atlanta, Georgia 30303. S p e n d in g — S lo w in g D o w n ? The recent course of the economy has been con founding the experts. Many expected business activity to slow down on the heels of the tax in crease in July. Instead, the economy has shown a substantial degree of strength. The Southeast has shared in the spurt of eco nomic activity during the third quarter. But, more recently, signs of a reduced pace have appeared. One such piece of evidence is the recent behavior of bank debits. As the name implies, debits repre sent deductions or charges to checking accounts of individuals, businesses, and state and local governments at insured commercial banks. Since most payments for goods and services are made by check, this indirect measure of spending is watched closely as an indication of economic conditions in an area. Because debits also include financial transfers, they are not the best measure of spending for goods and services. This imper fection often shows up in the debits figures for a local area for single months when an especially large financial transaction, such as a bond issue, D ECEM B ER 1968 B a n k de bits in the D istrict continue on an up trend, despite recent s ig n s of slow in g down. 1957-19=100 Seas. Adj. 7 ->100 -160 160- 00- i___ L. I960 l 1962 I I I I 1964 lift! HHH occurs. Nevertheless, they are an important gauge of economic activity. Bank debits in the District as a whole have increased little since July, after taking into ac159 The recent slowdown in checkbook activity is evident in varying degrees in every state. All standard metropolitan statistical areas report bank debits substantially above 1967 levels. 1957- 59 =100 Seas. Adj. Metropolitan Statistical Areas Percent Increase, 1968 from 1967 (First 10 Months) 0 5 10 15 20 25 Miami, Fla. Ft. LauderdaleHollywood, Fla. West Palm Beach, Fla. Percent Georgia Louisiana* -270 Tampa-St. Pete., Fla. 210 -250 190 -230 -170 -210 -150 Orlando, Fla. Atlanta, Ga. Nashville, Tenn. Albany, Ga. Percent Mississippi* -260 - -240 - -240 -220 -200 - -220 -200 r* Savannah, Ga. -260 Baton Bouge, La. IB Columbus, Ga. W67 Jackson, Miss. * S ix th D istric t p o rtio n o f s ta te . Knoxville, Tenn. ' Lafayette, La. count normal seasonal changes. Debits in Octo ber, in fact, dipped sharply to the July level. The chart above shows widespread differences among each of the six states. Checkbook spending in Alabama, Georgia, and the District parts of Louisiana and Mississippi have declined irregu larly in recent months. By this measure, economic conditions have softened in those areas. In Florida and the District part of Tennessee, on the other hand, check spending in October was higher than in July. These statewide differences mirror the varia tions of local business throughout the region. Despite recent dips, debits so far in 1968 have been considerably greater than in 1967 in every major area. And, as the table on page 167 shows, all but two of the District’s smaller trade centers have recorded an increase in debits during 1968. This suggests that economic activity in practically every area of the Southeast is still more ebullient than last year even though, more recently, the underlying tone has been less boomy. If the economy does decelerate more than it has so far, we can expect this additional change to show up in the local bank debits figures in the future. Digitized 160 for FRASER Birmingham, Ala. | Jacksonville, Fla. Lake Charles, La. Macon, Ga. Tallahassee, Fla. Tuscaloosa, Ala. Chattanooga, Tenn. Montgomery, Ala. Pensacola, Fla. 111 Augusta, Ga. Mobile, Ala. ll New Orleans, La. Gadsden, Ala. Huntsville, Ala. M O N T H L Y R E V IE W L o u is ia n a : S o m e P u z z l i n g E c o n o m ic T r e n d s In our last report on Louisiana’s economy,1 major indicators were outpacing trends in the U. S. economy, which was going through a period of readjustment. Since mid-1967, however, Louisi ana’s economy has advanced somewhat erratic ally, despite the boom in the national economy. Thus, the Pelican state once again has tended to follow its own particular economic path. Pieces of the Puzzle Nonagricultural employment, one of the more important measures of economic activity, typifies the current state of economic affairs in Louisiana. Following a strong uptrend, this indicator (after adjustment for seasonal movements) decelerated in the last half of 1967, and since early this year, has shown no definite trend. The lethargic behavior of employment appears to have pervaded most sectors of activity. For instance, manufacturing jobs inched up very modestly, following healthy gains in early 1967. Employment in most individual manufacturing industries stood fast or declined in the first three quarters of 1968. Only food and kindred products, chemicals, transportation equipment, and ma chinery industries achieved significant employ ment gains. The strength in the food and kindred 1“Louisiana: An Independent Economic Path?” Monthly Review, September 1967, pp. 123-25. D Efor CEM B E R 1968 Digitized FRASER products industries is rather surprising in view of the longer-run shrinkage of these industries’ share of Louisiana’s total employment. The growth of chemicals, of course, reflects the up surge in petrochemicals, so closely linked to the rapid growth of petroleum extraction in the state. Shipbuilding boosted the transportation indus try’s employment level and apparently helped to offset the dropoff in rocket assembly activity at the Michoud space facility in New Orleans. This facility, which employed about 8,500 per sons in mid-1967, currently has approximately 6,300 persons on its payroll. The inertia of employment this year has been even more pronounced in nonmanufacturing ac tivity than in manufacturing. A leveling off of construction activity, which experienced a large boom during 1965 and 1966, had a major impact on this category of employment. Labor problems have plagued this industry in Louisiana in the past year. Service industries, an even larger source of jobs than construction, also revealed some soft ness. On the other hand, the high level of port ac tivity in New Orleans, particularly in imports, served to offset some difficulties the port has been experiencing, thereby achieving some small gains for the transportation and public utilities sector. The governmental sector, especially state 161 and local government, made the best showing in job growth, thereby continuing a long-term trend. Most other areas experienced only minor changes. Wages and salaries in most sectors made mod erate gains despite relatively small increases in employment in many of these sectors. Still, the rate of increase in eamings was slowed by the lackadaisical job growth. Weakness in the growth of total wages and salaries in construction re flected the sag in this industry’s employment. Financial Trends Financial trends confirm a milder pace of eco nomic activity in the state. Since mid-1967, bank loans of Sixth District member banks expanded at a reduced pace until a short spurt began this summer. In addition, bank debits in recent months failed to rise, although the growth trend of member bank deposits remained unchanged. Nevertheless, an examination of bank loans and deposits in different trade and banking areas sug gests that the trend in economic activity varied appreciably. Bank loans in the New Orleans area have fluctuated considerably since mid-1967 without indicating any definite trend. The listless per formance of total bank loans in the Sixth District portion of Louisiana is owed to New Orleans’s S in c e mid-1967, grow th in nonfarm em ploym ent h a s decelerated. Thousands 860 180 very large share of total loans. Bank loans in the Lafayette-Iberia-Houma area also moved errati cally, especially in 1968. Loans continued ex- Trade and B a n k in g A reas* A le x a n d ria -L a k e C h a rle s 320- -3 2 0 280- 400 Deposits -280 Deposits 240- -240 200- -200 M illio n $ Baton Rouge M illio n S -320 320- -180 L o an s 220 -100 1965 1966 1967 1968 1966 M illio n S L a f a y e tte -Ib e ria -H o u m a 240 New Orleans 240 1900 -200 1700 1967 Million $ D e p o s its 200- D e p o s its 160; -1700 r160 L o an s ,50 196S 1966 1968 ‘ M em b er b a n k fig u re s . Digitized1 6for 2 FRASER M O N T H L Y R E V IE W panding in the Baton Rouge and AlexandriaLake Charles areas, suggesting a brisker pace of economic activity in those areas. The relative growth of bank deposits among the different areas paralleled somewhat the be havior of bank loans. Again, the deceleration of deposit growth in New Orleans, until late sum mer, slowed down the deposit growth for all Louisiana District member banks in 1968. De posit expansion in the Lafayette-Iberia-Houma Banking indicators have shown a milder pace since mid-1967. Total Louisiana* 1965 1966 1967 Million S 1968 ♦M em ber b a n k fig u re s . S ix th D is tric t p o rtio n of s ta te . area performed better than loan growth. The Baton Rouge and Alexandria-Lake Charles areas were pacesetters in deposits as well as in loans. Future Prospects Some of the current spottiness in Louisiana’s economy could well continue, although, on bal ance, prospects are reasonably good for an up ward thrust. Uncertainty about the space pro gram and the winding up of some current con tracts pose problems for the NASA Michoud facility. Nevertheless, the boom in shipbuilding in New Orleans may help offset possible declines at Michoud. According to cumulated newspaper reports, announced investment in new plants and equip ment for the first three quarters of 1968 has al ready exceeded the banner year of 1967. This should provide a boon to construction, one of the major lagging areas at present. Since a sub stantial portion of these investments will take place in the high-wage paper and chemical in dustries, wages and salaries should also receive a boost. Employment should also gain, but at a less rapid rate than wages and salaries partly because of the large capital intensity of these industries. J o h n E. L e i m o n e This is one of a series of articles in which economic developments in each of the Sixth District states are discussed. B a n k A n n o u n c e m e n ts Bank of Millen, Millen, Georgia, a nonmember bank, began to remit at par on November 5 for checks drawn on it when received from the Federal Reserve Bank. Citizens Bank, Gainesboro, Tennessee, a newly orga nized nonmember bank, opened on November 23 and began to remit at par. Ward Draper is president; Joe Law, executive vice president and cashier; Earl Spivey and Virgil Halfacre, vice presidents. Capital is $160,000; surplus and other capital funds, $160,000. On November 25, First National Bank of Ocean Springs, Ocean Springs, Mississippi, a new member bank, opened for business and began to remit at par. Officers are W. Earl Jones, Jr., president; George L. Balsly, vice president and cashier. Capital is $200,000; surplus and other capital funds $300,000. Digitized for D ECEM B EFRASER R 1968 R E V IS E D P U B L IC A T IO N S A R e v ie w of Florida’s E co n o m y, 1959-68. R evised N ovem ber 1968. A R e v ie w of T e n n e sse e ’s E co n o m y, 1960-68. R evised O ctober 1968. N ow available up o n re q u e s t to th e R e search D e p a rtm e n t, F e d e ra l R eserve B a n k of A tla n ta , A tla n ta , G eorgia 30303. 163 Digitized for 164 FRASER In d e x fo r th e Y e a r 1968 Month Pages January 1-16 February 17-28 March 29-44 April 45-56 May 57-68 June 69-88 July 89-100 101-116 August September 117-128 October 129-144 November 145-156 December 157-168 AGRICULTURAL CREDIT Bookkeeping for Farmers: A New Bank Service by Robert E. Sweeney, 90. AGRICULTURE District Egg Producers Crack U. S. Market by Robert E. Sweeney, 146. King Cotton’s Dwindling Empire by Robert E. Sweeney, 22. 1968 Crop Acreages Up? by Robert E. Sweeney, 61. See also Agricultural Credit BANK ANNOUNCEMENTS 21, 35, 50, 63, 74, 97, 113, 125, 149, 163. BANK DEBITS Spending— Slowing Down?, 159. M O N T H L Y R E V IE W BANK HOLDING COMPANIES Bank Holding Companies: Their Growth and Performance by Joe W. McLeary, 131. FEDERAL FUNDS MARKET The Federal Funds M arket in the Southeast by Harry Brandt and Paul A. Crowe, 7. BANKING See Bank Holding Companies FINANCIAL INSTITUTIONS Our Challenged Financial Institutions by Dorothy F. Arp, 110. Credit Cards Financial Institutions BOARD OF DIRECTORS Federal Reserve Bank of Atlanta and Branches, Effective January 1, 1968, 40. BUDGET The New Budget by Lawrence F. Mansfield, 30. CONSUMER The Consumer GOLD POLICY Gold Policy Communique, 51. INCOME Seasonal Income Patterns in the South by Joe W. McLeary, 150. INTERNATIONAL FINANCE The Euro-Dollar M arket: An Element in Conundrum by Joe W. McLeary, 70. CREDIT CARDS Credit Cards— Can Small Banks Compete? by Joe W. McLeary, 18. DISTRICT BUSINESS CONDITIONS 16, 28, 44, 56, 68, 88, 100, 116, 128, 144, 156, Monetary Policy by John E. Leimone, 102. See also Gold Policy MONETARY POLICY Threats to the Dollar, 46. See also Gold Policy State and Local Government Finances, 82. 168. ECONOMIC CONDITIONS After the Pause— The Sixth District in 1967, 2. Florida Still on the Growth Path by C. S. Pyun, 139. Growing Metropolitan Areas Profile Alabama’s PRICES What’s Happened to Prices'? by Lawrence F. Mansfield, 119. SIXTH DISTRICT STATISTICS 14, 26, 42, 54, 66, 86, 98, 114, 126, 142, 154, 166. Economy by Joe W. McLeary, 36. Louisiana: Some Puzzling Economic Trends by John E. Leimone, 161 Mississippi: Industrialization Brings Interde pendence by William N. Cox, III, 64. Shifting Sands in Georgia’s Economy by Dorothy F. Arp, 52. Tennessee Paints an Abstract by C. William Schleicher, Jr., 124. See also Bank Debits Income EMPLOYMENT See Unemployment DECEMBER 1968 STATE AND LOCAL GOVERNMENT FINANCES Southern Municipals Feel the Pinch by Hiram J. Honea, 82. State and Local Government Finances in the Sixties by Lawrence F. Mansfield, 75. TEXTILES The Recent Textile Recession and Recovery by Richard Long, 58. UNEMPLOYMENT County Job Growth and Unemployment Pat terns by Richard Long, 94. 165 S ix t h D is tric t S ta tis tic s Seasonally Adjusted (All data are indexes, 1957-59 = IOO, unless indicated otherwise.) Latest Month (1968) One Two Month Months Ago Ago One Year Ago SIXTH DISTRICT Unemployment Rate (Percent of Work Force) . . Avg. Weekly Hrs. in Mfg. (Hrs.) One Year Ago . Oct. . Oct. . Oct. 161 158 113 81 164 159 113 79 162 159 112 87 161 151 100 82 . Oct. . Oct. 2.9 41.1 2.8 42.1 2.9 42.2 3.0 42.4 . Oct. . Oct. . Oct. 320 243 242 315 235 245 311 235 235 270 205 205 IN CO M E AND SP EN D IN G Personal Income (Mil. $, Annual I . Sept. 65,222 67,067 r 66,343r 59,398 Manufacturing P a y r o lls ....................Oct. . Oct. 234 233 231 210 Farm Cash R e c e ip t s ....................... ,Sept. Sept. 151 159 102 129 C r o p s .............................. . Sept. 93 187 143 99 L iv e sto c k .................................... , Sept. 169 165 159 161 Instalment Credit at Banks* (Mil. $) New L o a n s .................................Oct. , Oct. 356.6r 320.1 359.1 325.3 Repayments ..............................Oct. . Oct. 280.4 321.8 282.3 278.8 Retail S a l e s ....................... . June 183* 180 168 170 One Two Month Months Ago Ago Latest Month (1968) FINANCE AND BA N KIN G PRODUCTION AND EM PLOYM EN T Nonfarm E m p lo y m e n t ................. Manufacturing ....................... . Oct. Apparel ................................. . Oct. C h e m i c a l s .............................. . Oct. Fabricated M e t a l s .................... . Oct. F o o d ........................................ Lbr., Wood Prod., Furn. & Fix. . . . Oct. Paper .................................... . Oct. Primary M e t a l s ....................... . Oct. Textiles ................................. . Oct. Transportation Equipment . . . . Oct. N o n m a n u fa ctu rin g....................... . Oct. C o n s t r u c t i o n .......................... Farm E m p lo y m e n t....................... . Oct. Unemployment Rate (Percent of Work Force) . . . . . Oct. Insured Unemployment (Percent of Cov. E m p . ) ............. . Oct. Avg. Weekly Hrs. in Mfg. (Hrs.) . . . Oct. Construction C o n t r a c t s * ............. . Oct. R e s id e n t ia l.............................. All O t h e r ................................. . Oct. Electric Power Production** . . . . Sept. Cotton C o n s u m p tio n * * ................ . Sept. Petrol. Prod, in Coastal La. and Miss.*'*Oct. 142 141 173 137 161 114 106 124 128 110 191 142 130 55 142 141 174 135 155 114 106 124 128 110 186 142 130 51 142 140 172 135 159 114 106 124 129 110 185 142 128 63 138 138 169 133 151 113 105 121 128 108 180 138 125 56 3.8 4.0 3.9 4.0 2.6 41.0 228 271 191 149 106 250 2.7 41.4 172 198 150 146 104 257 2.6 40.8 244 217 268 146 104 264 1.8 41.1 186r 199r 176 147 108 246 FINA NC E AND BAN KING Loans* All Member B a n k s .................... Large Banks .......................... . Oct. . Oct. 294 258 291 254 286 250 258 230 All Member B a n k s .................... . Oct. Large B a n k s ............................. . Oct. Bank D e b it s * / * * .......................... .. . Oct. 220 190 235 215 187 241r 215 186 233 196 176 208 8,294 207 111 8,676r 204 144 ALABAMA INCO M E Personal Income (Mil. $, Annual Rate) . Sept. Manufacturing P a y r o lls ................... , Oct. Farm Cash R e c e ip t s ....................... , Sept. 8,615r 199 161 7,747 183 125 PRODUCTION A N D EM PLOYM ENT Nonfarm E m p lo y m e n t .................... Manufacturing .......................... . N o n m a n u fa ctu rin g....................... , C o n s t r u c t io n .......................... Farm E m p lo y m e n t.......................... Unemployment Rate (Percent of Work F o r c e ) ............. Avg. Weekly Hrs. in Mfg. (Hrs.) . . . Oct. Oct. Oct. Oct. Oct. 127 128 127 117 55 127 126 127 117 52 127 126 127 116 68 126 124 126 119 54 Oct. Oct. 4.6 41.3 4.9 41.3 4.8 40.6 4.7 40.0 Member Bank L o a n s ....................... Oct. Member Bank D e p o s i t s ................ , Oct. Bank Debits** .............................. Oct. 270 207 214 265 205 221 263 206 220 240 190 191 FLORIDA INCO M E Personal Income (Mil. $, Annual Rate) . Sept. 19,484 Manufacturing P a y r o lls .................... Oct. 291 Farm Cash R e c e ip t s ....................... Sept. 187 19,734r 19,515r 17,339 295 291 269 172 164 182 PRODUCTION AND EM PLOYM ENT 166 Personal Income (Mil. $, Annual Rate) . Sept. 12,737 Manufacturing P a y r o lls ................. . Oct. 238 141 Farm Cash R e c e ip t s .................... . Sept. 13,024r 12,925r 11,583 238 238 210 170 141 163 PRODUCTION AND E M PLO YM EN T Oct. Oct. Oct. Oct. Oct. 143 137 146 145 54 143 136 146 146 48 143 136 146 144 61 138 132 141 140 54 ,. Oct. .. Oct. 3.2 40.9 3.5 41.5 3.5 40.7 3.6 41.0 Member Bank L o a n s .................... .. . Oct. Member Bank D e p o s it s ................... . Oct. Bank D e b it s * * .............................. .. . Oct. 305 242 264 308 237 268 298 237 260 265 215 232 Nonfarm E m p lo y m e n t ................. Manufacturing ....................... Non m an u factu rin g.................... C o n s t r u c t io n ....................... Farm E m p lo y m e n t....................... Unemployment Rate (Percent of Work Force) . . . . Avg. Weekly Hrs. in Mfg. (Hrs.) . . . . . . . FINANCE AND BAN KING INCO M E Personal Income (Mil. $, Annual Rate) ,. Sept. Manufacturing P a y r o lls ..................... Oct. Farm Cash R e c e ip t s ....................... . Sept. 9,916 202 108 10,147r 10,059r 201 205 308 170 9,135 193 143 PRODUCTION AND EM PLO YM EN T Nonfarm E m p lo y m e n t ..................... Manufacturing ....................... .. . N o n m a n u fa ctu rin g....................... , C o n s t r u c t io n .......................... . Farm E m p lo y m e n t.......................... . Unemployment Rate (Percent of Work F o r c e ) ............. Avg. Weekly Hrs. in Mfg. (Hrs.) . . . Oct. Oct. Oct. Oct. Oct. 132 123 134 140 58 132 123 134 138 51 131 121 134 137 58 130 120 132 141 60 Oct. Oct. 5.1 41.2 5.2 41.8 5.1 41.2 5.0 42.7 Member Bank L o a n s * .................... Oct. Member Bank D e p o s i t s * ................. Oct. Oct. 244 177 192 242 172 190 238 173 189 231 164 176 5,216r 270 191 5,056r 268 175 FINANCE AND BA N KING M IS S IS S IP P I INCO M E Personal Income (Mil. $, Annual Rate) . Sept. Manufacturing P a y r o lls .................... Oct. Farm Cash R e c e i p t s ....................... Sept. 4,753 270 108 4,254 233 85 PRODUCTION AND E M PLO YM EN T FINA NC E AND BA N KIN G Nonfarm E m p lo y m e n t .................... Oct. GEORGIA 159 159 160 153 Oct. Oct. Oct. Oct. Oct. 144 154 139 141 45 143 153 139 141 38 143 153 139 139 54 140 148 137 144 45 Oct. Oct. 4.6 41.2 5.2 40.9 4.6 40.8 4.9 41.2 Member Bank D e p o s i t s * ................. Oct. Bank D e b its * / * * .............................. Oct. 349 247 237 347 249 251 345 248 247 314 232 207 Nonfarm E m p lo y m e n t .................... Manufacturing ........................... N o n m a n u fa ctu rin g....................... C o n s t r u c t io n .......................... Farm E m p lo y m e n t........................... Unemployment Rate (Percent of Work F o r c e ) ............. Avg. Weekly Hrs. in Mfg. (Hrs.) . . . FINANCE AND BAN KING M O N T H L Y R E V IE W Latest Month (1968) One Month Ago Two One Months Year Ago Ago Latest Month (1968) TENNESSEE Nonm anufacturing............... C o n s tr u c tio n ................... Farm Em ploym ent................... Unemployment Rate (Percent of Work Force) . . . Avg. Weekly Hrs. in Mfg. (Hrs.) . INCOME Personal Income (Mil. $, Ann. Rate) Sept. 10,038 Manufacturing P a y ro lls............... . Oct. 223 Farm Cash R e c e ip ts ................... . Sept. 114 10,270r 10,173r 217 216 139 134 9.340 198 107 One Month Ago Two One Months Year Ago Ago . . Oct. . . Oct. 134 163 52 135 162 52 134 159 61 133 159 57 . . Oct. . . Oct. 3.8 40.4 4.0 40.8 3.6 40.1 4.2 40.2 Member Bank L o a n s * ............ Member Bank Deposits* . . . . . . Oct. Bank D e b i t s * / * * ................... 284 195 255 277 192 263r 275 191 244 254 186 228 FINANCE AND BANKING PRODUCTION AND EMPLOYMENT Nonfarm E m p lo y m e n t................ . Oct. Manufacturing ...................... . Oct. 139 149 139 147 138 147 •For Sixth District area only. Other totals for entire six states. 137 146 "D a ily average basis. r-Revised. ^Estimated. Sources: Personal income estimated by this Bank; nonfarm, mfg. and nonmfg. emp., mfg. payrolls and hours, and unemp., U.S. Dept. of Labor and cooperating sta te agencies; cotton consumption, U.S. Bureau of Census; construction contracts, F. W. Dodge Corp.; petrol, prod., U.S. Bureau of Mines; in dustrial use of elec. power, Fed. Power Comm.; farm cash receipts and farm emp., U.S.D.A. Other indexes based on data collected by this Bank. All indexes calculated by th is Bank. D e b its to D e m a n d D e p o s it A c c o u n t s Insured Commercial Banks in the Sixth District (In Thousands of Dollars) Oct. 1968 P ercen t Change Percent Change Year-to-Date 10 m onths Oct., 1968 from 1968 Sept. O ct Sept. O c t from 1968 1967 1967 1968_________1967 Year-to-Date 10 m onths O c t, 1968 from 1968 O ct S e p t O c t from 1967 196S 1967 1967 STANDARD METROPOLITAN STATISTICAL AREASt B irm ingham G adsden . . H untsville M obile . . M ontgom ery Tuscaloosa . . . . . . . . . . . . . . . . +6 1,894,262 67,774 211,570 556,573 358,002 112,916 1,793,079 60,255 181,898 501,169 325,725 113.411 l,534,421r 67,319 186,172 514,726 311,005 103,942 F t L auderdale— Hollywood . . . . 856,496 Jacksonville . . . . 1,835,593 ....................... 2,984,016 Miami Orlando ................... 640,760 Pensacola . . . . 219,406 T allahassee . . . . 152,407 Tam pa-St. P etersburg 1,760,199 W. Palm Beach . . 516,107 753,354 1,815,989 2,713,647 612,609 214,696 147,886 1,468,059 464,141 657,205 1,510,856 2,350,435 561,105 198,064 137,386 1,418,658 400,560 Albany ....................... A tlanta ....................... A ugusta ................... Colum bus . . . . Macon ....................... Savannah ................... 105,504 6,464,307 318,863 260,234 292,412 320,308 103,257 5,799,193 304,541 248,279 263,671 305,941 95,389 +2 5,214,781r + 11 307,844 +5 235,784 +5 259,927 + 11 267,941 +5 Baton Rouge . . . . 610,821 L afayette ................... 150,368 173,594 Lake C harles . . . New O rleans ■ . . 2,792,254 567,014 136,895 159,858 2,441,728 564,246 143,987 142,864 2,403,779 Jackson . . . . ................... C hattanooga . . . . Knoxville ................... N ashville ................... 785,525 684,022 563,579 2,092,756 686,932 621,296 519,417 l,941,591r 654,504 594,557 487,539 1,748,701 + 12 + 16 + 11 + 10 -0 + 14 +1 + 10 +5 +2 +3 +20 + 11 +23 +1 + 14 +8 + 15 +9 + 11 +30 +24 + 11 +25 + 18 + 10 +21 +27 +14 + 11 + 24 +29 +11 +24 +4 + 10 + 12 +20 +8 + 10 +9 +14 +4 + 10 +9 + 10 + 11 +11 +11 +8 + 14 +6 +6 +8 +22 + 16 +20 +15 +16 +8 +20 + 19 +21 +14 + 16 +8 + 13 + 11 + 14 + 13 + 12 + 11 +8 + 13 + 10 + 13 + 16 DTHER CENTERS Anniston . . . . D othan ................... Selm a ................... 77,680 81,276 58,200 75,086 74,784 46,935 65,874 65,732 49,022 +3 +9 +24 + 18 +24 +19 Bartow ................... Bradenton . . , Breverd County Daytona Beach . . F t M y e rsN. F t Myers . Gainesville . . . 33,239 87,283 241,368 100,790 29,810 74,757 222,737 93,933 33,381 73,832 223,049 90,616 + 12 + 17 -0 -1 + 18 + 17 +9 +7 + 11 +8 103,122 105,679 81,353 99,818 78,519 87,171 +27 +31 +27 + 18 + 15 + 14 +3 O ct 1968 Lakeland . . . . Monroe County . . Ocala ................... St. Augustine . . St. P etersb u rg . . S arasota . . . . .................. Tam pa W inter Haven . . 164,094 39,661 68,669 25,051 403,680 140,910 971,626 62,130 116,583 36,469 63,802 24,494 335,965 118,444 782,157r 61,847 Athens ................... Brunsw ick . . . Dalton ................... Elberton . . . . G ainesville . . . Griffin ................... LaGrange . . . . New nen . . . . Rom a ................... V aldosta . . . . 94,924 46,167 122,569 17,664 79,623 38,426 23,566 26,787 86,225 56,226 Abbeville . . . . Alexandria . . . Bunkie ................... Hem m ond . . . . New Iberia . . . Plaq u em in e . . . Thibodaux . . . . 119,591 31,726 64,605 20,037 337,992 111,082 738,633 60,385 +41 +9 +9 +37 +25 +2 +20 +25 + 19 +27 +32 +3 82,426 45,637 116,375 16,580 72,949 38,065 24,479 25,329 82,148 59,525 74,672 44,513 91,823 15,158 78,185 37,471 22,667 27,796 77,522 60,514 + 15 +1 +5 +7 +9 +1 -4 13,332 164,566 7,772 41.656 39,736 13,588 24,993 14,580 136.625 6,800 38.891 35,841 13,134 21,744 11,642 132,870 8,174 36,432 37,519 11,891 21,262 Biloxi-Gulfport . . H attiesb u rg . . . Laurel ................... M eridien . . . . N atchez . . . . P ascagoula— Moss Point . . V icksburg . . . . Yazoo City . . . . 127,812 70,289 43,705 76,362 43,885 116,084 63,093 38,839 69,400 40,757 102,164 56,581 33,740 66,951 37,686 76,102 45,307 28,617 75,140 38,190 50,522 55,600 43,946 27,324 Bristol ................... Jo h n so n City . . . Kingsport . . . . 87,469 91,840 182,214 82,433 85,013 166,558 83,624 79,133 159,003 SIXTH DISTRICT, Total 37,526,594 +8 ‘ Includes only bank* in th e Sixth D istrict portion of th e sta te . DECEMBER IMS +8 +6 +21 fP a rtia lly e stim a te d . Sept 1968 A l a b a m a * ................... 4,762.823 F l o r i d a * ........................ 11,434,656 G e o r g i a ) ....................... 9,919,920 L ou isian at* . . . . 4,677,123 M is s iss ip p i* . . . 1,701,422 T e n n e ssa e t* . . . . 5,030,650 t E stim ated . + 19 + 24 +0 +6 +5 -6 +6 +2 7 +4 +33 +17 +2 +3 +4 -4 + 11 -7 + 11 + 11 + 10 + 17 + 10 +28 +22 + 15 +20 +12 +30 -3 +1 +9 +5 +4 +13 +4 + 15 +24 -5 + 14 +9 + 10 + 14 +7 +3 + 15 +14 + 18 +20 +8 + 10 + 15 + 13 +8 +2 5 +24 +30 + 14 +16 +1 +19 -4 3 +37 +3 +5 +25 +3 +6 +8 + 19 +9 +5 +16 + 15 + 11 33,945,341r 31,476,330r + 11 + 19 + 14 4,446,648 10.318.603r 8,957,521 4,151,924 1,564,140 4,506,505r +17 +23 + 19 + 14 +19 + 17 +12 -9 +20 +11 +11 +13 + 10 4,082,810r + 7 9,260,031 +11 8,317,998r + 11 4,094,865 + 13 1,423,863 +9 4,296,763 + 12 +6 r-Revised. 167 +2 +3 +5 +22 +8 + 11 +6 +10 +18 +15 +9 +14 +12 D is t r ic t B u s in e s s C o n d it io n s P e rso n a l In co m e — — 1957-59:100 S ea s Adj. N o n fa rm E m p lo y m e n t U n e m p lo y m e n t R a te A v e ra g e W ee k ly H o u r s * Mfg. P a y r o lls *Seas. adj. figure; no t an index. M em b er Bank Deposits tN ew series. S o m e s ig n s of slow er grow th have ap p ea red , a lth o u g h the re g io n ’s e co n o m y re m a in s strong. In O ctober, total n on farm em p loy m en t re m ain e d u n c h a n g e d for the se c o n d c o n se c u tiv e m onth, in sta lm e n t le n d in g a t b a n k s a d v an c e d only m oderately, an d lo a n s at c o m m e rc ia l b a n k s grew le s s rapidly. A t the sa m e tim e, the D istric t’s co n stru ctio n boom co n tin u e d , re fle c tin g str o n g g a in s in m e trop olitan areas, a n d the a gric u ltu ra l se cto r rem ain ed healthy. In October, n on farm e m p lo y m e n t fa ile d to rise b e c a u se of a d e clin e in n o n m a n u fa c tu r in g jobs. Though manufacturing employment rose margin ally, the factory workweek declined fractionally. Employment at steel mills continued to remain at a low level, but output of steel production final ly reversed the downward trend that prevailed during the previous three months. Settlement of a labor dispute in a Tennessee firm boosted the District’s fabricated metal industry employment. The region’s overall unemployment rate dropped moderately. The ga in in c o n su m e r bo rro w in g from b a n k s de ce le rate d in O ctober, b e c a u se n on au to lo a n s were weaker. Automobile loans continued to climb, as new car sales remained strong through the month. Despite the smaller gain in new loans, the total volume of outstanding consumer debt increased sharply, as consumers decreased the rate of repayment on existing loans. The e x p a n sio n in b a n k lo a n s d u rin g O c to b e r w a s c o n sid e ra b ly le s s than in S e p te m b e r at sm a lle r b a n k s, bu t c o n tin u e d at a b o u t the sa m e p ac e at larger b a n k s w here b u s in e s s a n d real e sta te le n d in g w a s stron ge r th an in S e p te m b e r. Through the first three weeks of November, business lending has continued strong at the larger banks with the trade and durable goods sectors the major bor Digitized 168 for FRASER rowers. Following a slight drop in the amount of large CD’s outstanding, banks have raised their CD rates. T otal c o n stru ctio n c o n tra c ts co n tin u e d to reflect u n d e rly in g strength. Recent sharp gains in resi dential contracts, particularly in the larger metro politan areas, have set the pace. Metropolitan areas have also experienced the largest boosts in nonresidential building and in total building during 1968. Some improvement in inflows to sav ings and loan associations has occurred, and new mortgage lending is well above that of a year ago. The index of p ric e s received by fa rm e rs is well above year-ago le v e ls in both the crop a n d live sto c k se cto rs. Through September, cash receipts from farm marketings exceeded last year’s record pace. Orange production is expected to increase from last year’s crop by 28 percent, but the juice yield of the early and mid-season crop is running below normal levels. If this trend continues, con centrate prices may not decline proportionately. Bankers report that farm loan repayment is slow in some areas where a wet fall delayed harvesting. Overall, however, delinquencies and unplanned renewals remain low. NOTE: D ata on w hich s ta te m e n ts a re b a se d have been a d ju ste d w h e n ev e r p o ssib le to e lim in a te s ea so n al in flu en ces. M O N T H L Y R E V IE W
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