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A N E C O N O M IC S U R V E Y
Fed e ra l R e s e rve B a n k
o f A tla n ta
January 1 9 7 7

Federal Reserve Bank Atlanta
Federal Reserve Station
Atlanta, Georgia 30303

Bulk Rate
U.S. Postage

Address Correction Requested

Atlanta, Ga.
Permit 292




P AI D

FEATURES:
Director of Research: Harry Brandt
Editor: Teresa Wright Wiggins
Graphics: Susan F. Pope, Eddie Lee, Jr.

Where Are the Jobs? . .
A look at the Southeast's
economic performance in
1976 reveals disappointing
activity on the way to re­
covery. The big minus—
lack of enough new jobs.

District Business
Conditions ..................
Bank lending, manufactur­
ing income and construc­
tion have been looking
better, and farm cash re­
ceipts
V^ceipts are higher.

BANK
ANNOUNCEMENTS
June 18,1976
THE CENTURY NATIONAL BANK OF PALM
BEACH CO UN TY

West Palm Beach, Florida
Converted to a national bank from Northwood
Bank of West Palm Beach.
July 1,1976
BARNETT BANK OF GAINESVILLE

Gainesville, Florida

Other Contributors to
Lead Article:
B. Frank King
Gene D. Sullivan
William D. Toal

Research Assistants:
Donald Dean
Cheryl Gay
Richard Hendrix
Gladys Jackson
Sharon Jones
Richard Lupton

12
Monthly Review, Vol. LXII, No. 1. Free subscription
and additional copies available upon request to the
Research Department, Federal Reserve Bank of Atlanta,
Atlanta, Georgia 30303. Material herein may be reprinted
or abstracted, provided this Review, the Bank and the
author are credited. Please provide this Bank's Research
Department with a copy of any publication in which
such material is reprinted.

August 28,1976
CLAY CO U N TY BANK

Celina, Tennessee
Opened for business as a par-remitting non­
member.
October 29,1976
WHITE CO U N TY BANK

Cleveland, Georgia
Opened for business as a par-remitting non­
member.
November 2,1976
COM M ERCIAL BANK OF CLAIBORNE
CO UN TY

Opened for business as a member. Officers:
Allen L. Lastinger, Jr., President; Ronald E. Hall,
vice president and cashier. Capital, $500,000;
surplus and other funds, $500,000.

Opened for business as a par-remitting non­
member.

July 1,1976
BARNETT BANK OF ORANGE PARK

November 3,1976
CITIZENS BANK OF GREENSBORO

Harrogate, Tennessee

Orange Park, Florida

Greensboro, Alabama

Opened for business as a member. Officers:
Burnis E. Harnage, president; Donald T. Pomar,
vice president and cashier. Capital, $625,000;
surplus and other funds, $625,000.

Opened for business as a par-remitting non­
member.

July 30,1976
BANK OF DO O LEY

Jacksonville, Florida

Vienna, Georgia
Opened for business as a par-remitting non­
member.




November 13,1976
CENTURY N ATIONAL BANK
Opened for business as a member. Officers:
Melvyn L. W hite, president; Andy Ignotowicz,
vice president/cashier. Capital, $338,000; sur­
plus and other funds, $507,000.

SOUTHEAST II1 REVIEW
/

WHERE ARE THE JOBS?
by William N. Cox, III

The most significant aspect of the Southeast's
economy during 1976 was not what happened,
but what failed to happen. The increase in
jobs was disappointingly slow. An economy's
ability to provide jobs for its work force is the
acid test of success. Accordingly, the focus of
this year's review of the southeastern economy
will be on jobs and the influences which
stifled their growth.1
A year ago we reported:
In summary, this year (1976) could easily
bring on continued recovery for the
Southeast. We should be cautious, however,
about expecting a quick reduction in
unemployment in 1976. A recovery of the
present moderate proportions will act only
slowly on unemployment. Unemployment
w ill, therefore, remain a problem, but should
recede as the year progresses.2
We were right to be cautious about expecting
a quick recovery. In the Southeast, as in the
nation, convalescence has been far from rapid.
We were also correct in thinking the region's
unemployment rate would drop; it did. But it
iReferences to Southeast are to states that are partly or entirely
in the Sixth Federal Reserve District: Alabama, Florida, Georgia,
Louisiana, Mississippi and Tennessee.
2Toal, W illiam D ., et al., “ The Southeast's Economic Review and
Outlook: A Slow Road to Recovery,” this Review, 61 (JanuaryFebruary 1976) pp. 2-11.




dropped for the wrong reasons. It didn't
decline because job growth was strong enough
to pull it down, but because of a decrease
in the labor force— those actively seeking jobs.
Falling unemployment rates, therefore, are a
false sign of what really happened in 1976.
The real story lies in the lack of enough new
jobs.
Between October 1975 and October 1976,
the latest data available, the number of
nonfarm jobs in the District states grew by
nearly 80,000, or approximately one percent.
The previous year there was a loss of five times
that many jobs. Normally, a one-percent
growth in nonfarm jobs would bring rising
unemployment rates, since labor force growth
in the Southeast has averaged about three
percent, or 270,000, per year. The reason
unemployment rates fell (from 9.0 to 7.6
October-to-October) was that the region's
labor force actually fell by about 110,000.
Reports from around the region suggest there
was an unusual out-migration of workers
in 1976, particularly from Florida. In the
Southeast, as elsewhere in the country, women
especially left the ranks of job-seekers in the
face of discouraging job prospects. And,
especially in Florida, a reported exodus of
construction workers must have reduced that

state's work force. The labor force can shrink
for a short period, as it did in 1976, but slow
job growth cannot persist for long without
pushing unemployment rates back up.
Among the District states, Florida's nonfarm
employment was the slowest to recover,
although it has been stronger in recent months.
Tennessee's employment growth has been
only slightly better, as the number of workers
in both services and construction has declined
sharply. Job reductions in Louisiana's
manufacturing sector, mainly in durable
goods and transportation equipment, offset
gains in nonmanufacturing. Alabama, Georgia
and Mississippi each posted moderate gains
of about two percent over the number of 1975
employees. (These, too, are October-toOctober data.)
Other broad indicators of regional economic
activity paralleled the picture of slow job
growth. Personal income in the six states
grew about eight percent over the past year,
but this represented little real growth in the
face of a prevailing five- to six-percent rate of
inflation. Bank debits and loans also grew
slowly. Such subsidiary indicators as tax
receipts and retail sales suggest the same
pattern of languid recovery in real terms, which
are what count when it comes to creating jobs.
What happened? Three broad conclusions
emerge from our analysis. First, the sluggishness
was diffused across both areas and industries,
not concentrated in construction as much as
it has been the previous year. Second, just
as nationally, there was a distinct break in
January 1976; the recovery in job growth was
proceeding smartly until then. From October
1975 to January 1976 seasonally adjusted
nonfarm employment rose 137,000, from
January to April there was no significant
change and from April 1976 to October 1976
it declined 51,000. This erratic pattern produced
a net October-to-October increase of 83,000.
The third broad conclusion is that the dis­
appointing job growth basically reflected
demand, rather than supply, conditions.
Production and employment in 1976 have
been relatively unruffled by shortages of
materials or machinery. Strikes in the auto and
rubber industries had no significant effects,
except perhaps in Georgia's transportation
industry. Lack of credit availability has had
little or no impact on jobs, although banks,
confronted as they were by extensive loan
write-offs, kept a close eye on loan quality.




EMPLOYMENT CHANGES IN THE SOUTHEAST
Oct. '75Jan. '76

Jan. '76- April ‘76April ’76 Oct. ’76

31

+ 39

(+2% )

-

6

+ 39

(+1% )

4- 10

-

6

+ 16

(+1% )

+

Manufacturing

+ 51

+ 19

-

Trade, Services
and Finance

+ 49

-

3

Government

+ 12

Transportation and
Public Utilities + 11
Construction

+ 14

TOTAL NONFARM
+ 137
JOBS

Oct. *75Oct. ’76

3

-

0

+ 14

(+3% )

- 31

-

8

-

25

(-6 % )

-

-

51

+ 83

(+1% )

+ 20

2

FARM JOBS

(+3% )*

Note: Changes reflect thousands of jobs, on a seasonally
adjusted basis, according to the latest available data
from the U. S. Department of Labor for the states of
Alabama, Florida, Georgia, Louisiana, Mississippi and
Tennessee.
‘ Estimated separately on the basis of quarterly Department of
Agriculture data.

There has been no general shortage of labor,
except in a few specialized fields, so employers
have not had to deal with restricted supplies
of productive resources.
The problem of low employment gains
seems to have come from slowing demand
for the products, since employers do not hire
to produce unwanted goods. With this idea
in mind, and with the attention on the
question of disappointing job growth, here is
a sector-by-sector examination of the region's
economy in 1976. In this analysis, the focus
is on the employment changes between
October 1976 and the previous October, since
the October data were the latest available at
the time of this analysis.
MANUFACTURING

The manufacturing sector accounted for half
of the region's gross increase in employment
from October 1975 to October 1976. This
overall increase of approximately 40,000 jobs
was erratic. Employment grew by 51,000
between October 1975 and January 1976.
Another 19,000 jobs were added between
January and April, but this gain was more than
offset by losses between April and October.
The manufacturing sector includes approxi­
mately two million jobs, 22 percent of total
nonfarm employment in the Southeast,
compared with 19 million jobs, 25 percent in

the United States. Slightly less than half of the
region's jobs in this category are in non­
durables: food, textiles, apparel, paper,
publishing and chemicals. The rest are in
durables: lumber, furniture, stone, metals,
machinery and transportation equipment.
Durables jobs accounted for 28,000 of the
total increase between October 1975 and
October 1976, while nondurables accounted
for 12,000. Also, these two sectors behaved
differently within the period. Job growth in
nondurables was greater through April, but
there was a sharp drop in employment
between April and October. Jobs in durables
manufacturing dropped only slightly between
April and October.
The biggest disappointment, then, came in
the slump in nondurables jobs after April.
There were job losses in every state of the
region, primarily in textiles, apparel, paper,
and chemicals— the same industries that
posted large gains in late 1975 and early 1976.
The major reason for this change in pattern
wa,s a nationwide overbuilding of nondurables
inventories by early 1976, which mounted as
expected sales increases failed to occur.
Durables sector figures look better
because employment was steady between April
and October 1976. Inventory problems in the
durables industries were not as severe
as in the nondurable class. Employment in all
segments of durable manufacturing rose
between October 1975 and April 1976, and
was flat between April 1976 and October
1976.

TRADE, SERVICES AND FINANCE

This section covers employment in trade, in
services and in finance, insurance and real
estate. Together these industries contributed
39,000 jobs to the regional nonfarm employ­
ment rise between October 1975 and October
1976. But just as in manufacturing, the pattern
was spasmodic: A gain of 49,000 jobs from
October to January, a 3,000 decline from
January to April and a 6,000 decline since April.
The recent dip was mostly in the trade
sector, which has cut 14,000 jobs since April.
Services lost that many jobs and more from
January 1976 through August 1976, but the
slippage was gradual rather than concentrated
in the period since April. However, increases
in September and October show services jobs




regaining January 1976 levels. The financial
sector (finance, insurance and real estate),
by comparison, has shown almost no changes
in employment levels.
Trade, services and finance, insurance and
real estate accounted for four million jobs, or 45
percent of the region's nonfarm employment.
The individual industry shares are 23, 17 and
five percent, respectively.
A closer look at the trade category shows
that four states in our region (Alabama,
Georgia, Tennessee and Mississippi) posted
steady gains in trade employment throughout
most of the year, although Mississippi and
Alabama failed to match their normal patterns
of seasonal increase. Tennessee's jobs have
followed normal seasonal trends and Georgia's
have gained at an above-normal rate. Louisiana
has had almost no change in trade employment,
which also results in a disappointing
performance relative to seasonal norms.
Florida is the big exception. Employment in
trade rose for several months ending in
March 1976, but has since fallen to a lower
level than during the recession. Although
Florida trade employment normally declines
during the autumn "off-season" for tourism,
the softening is also evident in data adjusted
for seasonal variation. This indicates that
Florida's trade sector, which constitutes over
one-third of trade employment in the
Southeast, is still in a state of recession. The
actual unadjusted decrease in trade jobs in
Florida has been 27,000, as of October,
compared to a 14,000 decrease regionwide.
Services employment in three states
(Tennessee, Louisiana and Georgia) increased,
but because of weakness in the summer
months, fell below the usual seasonal gains.
In some areas, this decline on an adjusted
basis was attributed to the drain on tourist
trade, resulting from local Bicentennial
observations, although a general reduction in
consumer expenditures may have played a
role.
Here again, Florida employment performed
weakly. Services employment there normally
drops during the year, following the peak
winter season. However, the declines in 1976
were greater than normal. As in the three
other states, this decline was concentrated in
the summer months.
The picture in finance was quite different.
Jobs increased slowly in Alabama. In Louisiana,
Mississippi and Florida employment was

virtually stagnant all year. Georgia and
Tennessee continued to lose ground until
autumn. Stability in Florida, which has nearly
40 percent of the District's finance, insurance
and real estate jobs, followed steep, con­
centrated losses in 1974 and 1975 due to the
severe slump in the construction and real
estate business. Georgia's and Tennessee's
losses reflect a continuing weakness in markets
for real estate and associated financial
services similar to, but more protracted
than in Florida.
CONSTRUCTION

O f all the nonfarm sectors examined,
construction was the only one posting an
employment decline— 25,000 jobs— between
October 1975 and October 1976. So, the
other sectors had to absorb 25,000 people
from construction and provide 80,000 additions
to the job total. This drop in construction was
less than half that of the previous year.
The time pattern of construction job swings
is similar to that of the other sectors. There
was an increase of 14,000 from October to
January, a loss of 31,000 from January to April
and a further decline of 8,000 since April.
The District's construction employment,
almost a half million, is only five percent of its
total employment. Yet the industry has been a
primary depressing factor in the District's
overall employment performance in 1975 and
1976. The nation's construction industry, by
comparison, employed an average of 3.4
million people during the first ten months of
1976; this is just over four percent of the total
U. S. employment.
Construction contracts provide a key to
these declines; contracts historically have
influenced the level of construction employ­
ment, but their effect is not felt immediately.
Fewer contracts during 1974 and 1975 meant
fewer construction jobs through October
1976.
Residential unit contracts dropped sharply
in 1975 before rebounding in the spring of
1976. These contracts are quite susceptible
to local economic conditions. Continued high
unemployment in most areas plus a surplus
of single-family residences, condominiums
and apartments in Florida and Georgia
depressed residential construction well into
1976. Some speculative activity in residential




construction in Florida made matters worse
there.
Nonresidential building contracts were
down, too, by over 30 percent in 1975 (in terms
of square footage). This category improved
only slightly in 1976. These contracts are
affected by both regional and national
economic conditions. Contracts for stores,
schools, churches and hospitals depend
mainly on local factors, while contracts for
manufacturing plants, office parks and hotels
are more affected by regional and national
economic conditions. There were fewer new
contracts than usual in both 1975 and
1976, and employment sagged as projects
were completed.
GOVERNMENT

The pattern of government job growth was
much like that of other sectors during the past
year. Employment grew most during the
October 1975-January 1976 period. Job growth
continued, albeit at a lesser pace, through
April, then declined. Nevertheless, government
was the only major sector in the region's
economy to have a net addition to employment
during the January-October 1976 period.
Employment by state and local government
dominated the sector's picture. This category
accounts for four-fifths of total government
employment in the District and it accounted
for all of the October-to-October change. In
the April-October 1976 period, shrinkage in
the state and local sector overcame a slight
increase in federal government employment.
The pattern within the District was quite
mixed. Alabama and Georgia accounted for
nearly all of the gains in state and local
government during the October-to-October
period and between April and October 1976.
On the other hand, Florida and Tennessee
added sharp April-October 1976 decreases
and moderate October 1975 to April 1976
declines to provide the region's negative
figure for state and local government
employment during the year.
Although there was some year-to-year
growth in government employment in the
region, this increase, like that of other sectors,
was disappointing compared to previous years.
Government employment has, in the past,
grown somewhere between two and four per­
cent. This year's increase of 15,000 jobs is less
than one percent.

TRANSPORTATION, COM M UNICATION
AND PUBLIC UTILITIES

Although the transportation, communication
and public utilities industries account for
only six percent of the region's employment,
they accounted for more than 12 percent of
the region's employment growth. Nearly all of
the employment gains in transportation,
communication and public utilities occurred
between October 1975 and January 1976.
After January, jobs in the sector leveled off
and then dropped slightly between April and
October 1976.
Although each state showed some year-toyear employment gains in these industries,
Florida accounted for more than two-thirds
of the region's total increase. Much of Florida's
growth was prompted by increased tourism and
a resurgence in airline passenger traffic. High
automobile sales during most of the year
accounted for much of the employment boost
in the transportation industry in Georgia
since trucks and trains had to transport the
automobiles to dealers. A new South Central
Bell computer center in Birmingham accounted
for approximately 5,000 new jobs in Alabama.
However, job losses elsewhere held the state's
total increase to about 2,000.
WHAT ABOUT 1977?

The conclusion is that 1976 has been a
disappointing year for the Southeast, both in
the small number of jobs our region's economy
has generated and in the summer and fall
erosion of earlier job gains.
Looking ahead, with all the uncertainties of
the current situation, we nevertheless expect
job growth to be better in 1977. Here, and in
the nation, there are signs of economic pickup,
especially in retail sales. The region may still
be hard-pressed to attain the kind of threepercent job growth it needs over the long run.
It is unlikely, however, that the region's labor
force will show another exceptional decline
like the one this year. But the odds are that our
work force will once again resume its normal
growth. ■




AGRICULTURE
Unlike most of the nonfarm sector,
employment in agriculturally-related activities
has shown gains from the year-ago levels
throughout 1976. Comparisons with nonfarm
employment are hindered, however, by
differences in methods of reporting farm and
nonfarm employment. Basically, the Statistical
Reporting Service (SRS) of the U. S. Department
of Agriculture includes in farm employment
numbers those individuals who perform a set
minimum amount of work per week on farms
regardless of the extent of their off-farm
employment. This technique obviously allows
for double counting of some employees and
for the inclusion of some family workers
under 16 years of age who are excluded in
nonfarm employment data.
The problem of double counting may be
less severe than this description suggests,
however. During the survey week in January
1976, typically the lowest point of the year for
farm employment, the average number of
hours of farm work per week was 28.5 for
family members and 36.9 for hired workers.
This compared with an average factory
workweek of 40.4 hours during January.
Farm employment in the District, as reported
by SRS, averaged about 20,000 higher
through the first three quarters of 1976 as
compared with 1975. This average gain of
between three and four percent occurred
primarily in the cotton-producing states of
Tennessee, Georgia, Alabama and Mississippi.
In these states, sharp increases in planted cotton
acreage, along with increased broiler output,
dominated other changes in agricultural
production.
The food processing industries emploved an
average of 1.800 workers more than in 1975.
The gains were concentrated in those states
where broiler and meat production has shown
substantial growth. Unusually strong employ­
ment gains in Georgia were partially offset by
declines in Florida and Louisiana. Both these
states have felt the impact of depressed market
conditions for sugar, and Louisiana has also
suffered as rice prices have dropped.
Employment has varied from month to
month during the vear, even thoueh it has
remained above 1975's comparable levels,
lobs in food processing industries declined bv
nearly 4.000 workers from the recent peak in
lune to the low point in August, but most of
that loss has since been recovered.

LONG-TERM OUTLOOK
Many factors shape a region's economic
progress. To locate the key changes underway
in the Southeastthe Federal Reserve Bank of
Atlanta has sought the opinions of a number
of business and banking leaders. Their re­
sponses help provide an insight into the prob­
able future course of the region's economy
and indicate its weaknesses and strengths.
Population Migration. There is a continuing
inflow of individuals seeking jobs. This group
includes members of minority groups, whose
previous net out-migration has been reversed
during the 1970s as employment opportunities
have improved. Because job seekers generally
are skilled and well-motivated, they enhance
the labor stock and contribute to economic
growth. Within the region, persons in rural
areas, drawn by broader occupational, cultural
and social opportunities, are moving to the
cities. This trend reduces the number of
skilled laborers in rural areas. Third, retirees
are still relocating in the Southeast, bringing
income generated by other regions and,
frequently, a transfer of accumulated capital,
which boosts the financial base for regional
economic growth.
Natural Resources. There is a variety of
southeastern resources, including a superior
climate, extensive forests and mineral deposits,
but its plentiful water supply is the most
fundamental requirement for the region's
continued growth. Water from natural runoff
and ground water storage is more abundant
here than in most other parts of the country.
Projections of water withdrawals and
consumption relative to supplies in 1980
indicate a very favorable outlook for the
Southeast.
Energy Resources. Here, as in other regions,
there is a pinch stemming from unreliable
natural gas supplies; users may be forced to
switch to more expensive alternative fuels.
Some parts of the region report adverse plant




by Jam es T. Fergus

location decisions as a result of potential
shortages.
Recent Federal Energy Administra­
tion projections for the 1976-77 heating
season anticipate high curtailments in five
District states, but also show adequate
alternative fuel supplies, if winter weather
returns to normal. If severe weather continues,
Tennessee and Georgia may experience
shortages of some alternate fuels, primarily
because of transportation system constraints.
Louisiana has rich but diminishing natural gas
and petroleum reserves. Alabama holds sub­
stantial reserves of oil and gas; exploration
continues and new discoveries have been
made recently. Abundant coal deposits also
exist in central and northern Alabama.
A large oil "superport" has been approved for
the Gulf of Mexico south of New Orleans. The
facility w ill receive large quantities of imported
oil, beginning around 1980. This flow should
offset the decline in onshore production and
help maintain the growth of refineries and
secondary chemical industries in Louisiana.
The potential remains great for increased
production from offshore drilling along the
Gulf and East Coasts. Finally, increasing
research into solar energy as an alternative
energy source may yield substantial benefits
for the sunny Southeast.
Transportation. A variety of changes in
transportation facilities underway in the
Southeast w ill stimulate future economic
growth. Upon its completion, theTennesseeTombigbee Waterway w ill join the Tombigbee
River north of the port of Mobile with the
Tennessee River, uniting 12 river systems which
touch 23 states. The port of Mobile w ill then
have an inland waterway connection to the
Great Lakes. In addition, Birmingham's port
facilities should expand as the water system's
availability increases that city's importance as
a regional distribution center.
A second major project is the effort to

improve the navigability of the Red River.
This endeavor, underway and scheduled
for completion by 1983, w ill undoubtedly
stimulate industrial development.
Construction work on the Cross Florida Barge
Canal is partially complete; builders are
awaiting decisions by the state government
and federal courts.
Airports are expanding in several
southeastern cities, including Atlanta, Orlando,
Birmingham and Nashville, as growing air
traffic demands larger facilities. Mass transit
systems are being built or planned in Atlanta,
Miami and Jacksonville. Incomplete portions
of the interstate highway system w ill boost
economic growth when they are finished.
Convention and Tourist Trade. The
Southeast's bid for convention and trade show
business has been strengthened by the recent
opening of the World Congress Center in
Atlanta. This convention facility, the site of
the Jimmy Carter victory celebration, has
350,000 square feet of floor space in the main
exhibit hall, as well as other extensive
facilities. Opryland in Nashville is constructing
a convention center to be completed in 1978.
W alt Disney W orld near Orlando is adding
an attraction with the flavor of a world's fair
to maintain the growth of central Florida's
tourist flow. Miami's tourist traffic has been
down, but extensive redevelopment efforts are
underway to maintain hotel quality and
revitalize the downtown area. Extensive hotel,
motel and restaurant construction is underway
in New Orleans.
Agribusiness. Fresh produce has been the
main output of District agriculture, but
processed food production is now gaining in
importance. Building an enlarged food
processing sector on the present agricultural
base should help stabilize the highly seasonal
agribusiness em ploym ent A second significant
trend is the transformation of arable land into
urban and industrial development, which
reduces the acreage available for agricultural
production and places a premium on higher
productivity. However, substantial
additional acreage is available in coastal land,
as well as land now planted in forage crops
and timber. This acreage can be cultivated
if prices of agricultural products justify the
costs of draining or clearing. There is an
increasing emphasis on agricultural export
markets.




International Commerce. Within the
Southeast's banking and business communities,
there is a growing awareness of opportunities
in international trade, particularly with the
Caribbean and Latin American countries.
Miami continues to expand as an international
financial center, and international banking
departments are growing in other major
southeastern cities. Free trade zones are being
established or considered in several District
states. Growth in this sector should be rapid
in coming years.
National, State and Local Government.
National environmental regulations greatly
affect several key regional industries, including
timber, pulp and paper, petroleum drilling and
refining, chemicals and strip mining of
phosphates and coal. The lack of a welldefined national energy policy creates
uncertainty, which impedes progress in
fuel-producing areas of the Southeast.
Most state governments in the region have
established an atmosphere conducive to
industrial and commercial growth. Growth
has created complex problems for states and
localities. Land use planning involves
competing claims of residential, recrea­
tional, industrial and environmental
interests. Tax structures must be modified if
vital services are to obtain needed support.
Public utility rate structures also present
difficult choices. In some areas, coping with
revenue, pollution and water supply problems
may necessitate municipal consolidation
or a regional approach to planning.
Labor Resources. In recent years, several
southeastern states have stepped up their
efforts to develop a skilled labor force. In
Tennessee, a well-developed labor pool has
permitted selectivity in planning industrial
growth. Conversely, the job opportunities new
industries provide have helped limit emigration
of well-trained persons. Additional resources
have been devoted to training, especially in
vocational and technical schools, in several
other states; but stronger efforts are needed
to eliminate unevenness in educational
achievement. Improved training is particularly
vital in rural areas, where there is a continuous
loss of better-educated workers to the cities.
Despite these needs, some industries, such as
textiles, still prefer the less costly, more
responsive labor force in smaller towns.

SIXTH DISTRICT STATISTICS
Seasonally Adjusted

(All data are indexes, i
L a te s t M onth
1976

O ne
M onth
Ago

Tw o
M o nth s
Ago

One
Year
Ago

S IX T H D IS T R IC T

U n e m p lo y m e n t R a te
(P e rc e n t of W o rk F o rc e )* * * . . . .
O ct.
A ve rag e W e e k ly H o u rs in M fg. (H rs .) . O ct.

IN C O M E A N D S P E N D IN G
140 .8
189.9
165.0
2 0 0 .9

1 41 .2
2 87 .7
4 80 .3
2 15 .6

1 38.0
2 28 .0
2 9 0 .4
2 1 1 .8

127 .4
176 .8
151 .6
184 .9

806
777
149.2

869
789
149.5

819
722
1 46 .5

791
730
1 32.5

106.7
9 7.3
9 8 .4
9 7.5
9 5.4
9 4.4
9 9.2
106.0
103.8
95.9
8 8.9
8 9.0
97.5
9 4.6
107 .9
93.3
109 .6
8 2.0
104.6
107.9
113 .9
117.8
106 .8
118.1
9 1 .9

106.5
9 7.7
9 8.9
9 6.4
9 5.4
9 6.2
9 9 .2
106.2
1 04 .4
9 5.3
8 8.7
9 1.6
9 8.5
9 4 .9
108.1
9 3.8
109 .2
81.1
104.3
107 .6
113.3
116 .9
107.1
118.4
94.5

106.1
9 6.8
9 8 .0
95.7
95.3
9 7.3
9 8.8
1 06 .0
104 .6
9 5.3
8 7.3
9 1.0
9 8 .2
9 4.8
107.8
9 1.4
109.0
8 0.3
104.3
107 .8
1 12 .9
116.3
106.6
119 .0
9 7.5

105.7
9 5 .4
9 7.4
9 7 .4
9 3 .9
9 5.1
9 6.1
1 03 .7
1 02 .4
9 2 .9
8 6.3
9 1.6
9 1.9
9 4 .9
102 .8
8 9.8
109.0
8 6 .4
102.1
1 06 .9
1 13 .2
1 1 6 .4
106.6
116.9
9 0.5

7 .6

7 .6

7 .8

9 .0

S ep t.
S ep t.
S ep t.
S ep t.

3 .8
40.3
310
166
451
70.1
8 7.5
1 50 .4
148.3
127.2
147.7
124.2
146.7
130 .5
166.8
153.8
164 .6
133.8
143.2
1 05 .4
109.0
164.5
2 63 .2
153.1

3 .8
39.3
174
168
179
7 4.9
8 8.0
1 47 .9
145.6
125.0
146.7
124 .8
146 .6
129 .6
165.3
151.7
163.1
133.5
140.5
104.1
109.8
159.8
2 5 9 .0
151.5

3 .8
4 0.4
190
184
195
6 5.3
86.6
148 .0
146.3
126.8
149 .7
126 .9
1 46 .0
129 .6
163 .9
150 .8
162.1
133.5
138 .8
104.1
111 .8
157 .9
2 5 4 .9
150.7

4 .8
4 0.3
180
143
216
7 3.4
9 0.9
145 .9
147 .0
128 .2
1 45 .5
130 .4
140.7
128 .4
161.7
144.3
150 .0
137.5
146 .3
102.6
113.5
145 .7
231 .3
139.8

Nov.
Nov.

284
224

282

277

222

220

266
226

Nov.
Nov.
Oct.

243
204
363

239
199
368r

237
197
3 70 r

226
197
3 13 r

IN C O M E
M a n u fa c tu rin g I n c o m e ......................................O ct.
F a rm C a s h R e c e i p t s ............................................ Aug.

1 47 .4
232 .2

. O ct.
M a n u fa c tu rin g I n c o m e ......................................Oct
F a rm C a sh R e c e i p t s ............................................Aug,
. Aug.
C ro p s
............................................................................Aug.
. Aug.
L iv e s to c k
............................................
• Aug.
In s t a lm e n t C re d it a t B a n k s * / ' (M il. $)
. S ep
New L o a n s ...............................................................S e p t t.
. Sep
R e p a y m e n ts
.........................................................Sep t. t.
. Sep t.
R e ta il S a le s
...............................................................Sept.
E M P L O Y M E N T AN D P R O D U C T IO N
N o n fa rm E m p l o y m e n t ................................ .
M a n u fa c tu rin g
............................................ •
N o n d u ra b le G o o d s ................................ .
F o o d ............................................................... .
T e x t ile s
.................................................. •
A p p a re l
.................................................. •
Paper
........................................................ .
P rin tin g and P u b lis h in g . . .
C h e m i c a l s ............................................ •
D u ra b le G o o d s ...................................... •
L b r ., W oods P ro d s ., F u rn . & F ix .
S to n e , C la y , an d G la s s . . . •
P r im a ry M e t a l s ............................... •
F a b ric a te d M e t a l s ......................... •
M a c h i n e r y ............................................ •
T ra n s p o rta tio n E q u ip m e n t
•
N o n m a n u f a c t u r in g ...................................... •
C o n s tru c tio n
...................................... .
T ra n s p o rta tio n
................................ .
T r a d e ......................................................... .
F in ., in s ., an d re a l e s t. . . •
S e r v i c e s ................................................... •
F e d e ra l G o v e rn m e n t . . . .
•
S ta te an d L o c a l G o v e rn m e n t •
F a rm E m p l o y m e n t ............................................ •
U n e m p lo y m e n t R a te
(P e rc e n t o f W o rk F o rc e ) . . . .
.
In su re d U n e m p lo y m e n t
(P e rc e n t of C ov. E m p . ) ......................... .
A ve rag e W e e k ly H o u rs in Mfg. (H rs .) .
C o n s tru c tio n C o n t r a c t s * ......................... .
R e s i d e n t i a l ......................................................... .
A ll O t h e r ............................................................... .
C otton C o n s u m p t i o n * * ............................... .
F e tro le u m P r o d u c tio n * /* *
.
M a n u fa c tu rin g P ro d u c tio n
. . . .
N o n d u ra b le G o o d s ...................................... .
Food
......................................................... .
T e x tile s
.................................................. .
A p p a re l
.................................................. .
.
Paper
....................................
P r in tin g an d P u b lis h in g
. . .
C h e m ic a ls
............................................ .
D u ra b le G o o d s ............................................ .
Lu m b e r and W o o d ......................... .
F u rn itu r e an d F ix t u r e s . . . .
S to n e , C la y , an d G la s s
. . .
P r im a ry M e t a l s ................................
F a b ric a te d M e t a l s ......................... .
N o n e le c tric a l M a c h in e ry . . .
E le c tr ic a l M a c h in e ry
. . . .
.
T ra n s p o rta tio n E q u ip m e n t

O ct.
O ct.
O ct.
O ct.
O ct.
O ct.
Oct.
O ct.
O ct.
O ct.
O ct.
O ct.
O ct.
O ct.
O ct.
O ct.
O ct.
O ct.
O ct.
O ct.
O ct.
O ct.
O ct.
O ct.
S e p t.
O ct.
O ct.
O ct.
O ct.
O ct.
O ct.
S ep t.
O ct.
S ep t.
S ep t.
Sep t.
S ep t.
S ep t.
S ep t.
S ep t.
S ep t.
Sep t.
S ep t.
S ep t.
Sep t.

F IN A N C E A N D B A N K IN G
Loan s*
A ll M e m b er B a n k s ................................
La rg e B a n k s
..................................................
D e p o sits*
A ll M e m b er B a n k s
................................
L a rg e B a n k s
..................................................
B a n k D e b its * / * *
............................................

O ne
M o nth
Ago

Tw o
M o nth s
Ago

O ne
Year
Ago

6 .6
4 0 .9

6 .8
4 0.1

7 .0
4 0 .5

7 .7
4 0 .2

3 09
251
3 42

3 08
251
346

304
247
3 32

271
230
295

L a t e s t M onth
1976

F IN A N C E A N D B A N K IN G
M em b er B a n k L o a n s ............................................ Nov.
M em b er B a n k D e p o s i t s ......................................Nov.
B a n k D e b i t s * * .........................................................O ct.
F L O R ID A

M a n u fa c tu rin g I n c o m e ......................................O ct.
F a rm C a sh R e c e i p t s ............................................A ug.

1 40 .5
197 .2

1 4 0 .0
4 4 2 .4

1 37 .6
2 40.1

124 .6
148.1

EM P LO YM EN T
M a n u fa c tu rin g

U n e m p lo y m e n t R a te
(P e rc e n t of W o rk F o rc e )*

O ct.
O ct.
O ct.
O ct.
S ep t.
O ct.
O ct.

109 .2
9 9.2
110.8
6 3.5
$8.6

108 .9
9 8.7
110 .5
6 2 .4
9 9.2

109.1
9 7.9
1 10 .9
6 1.8
107 .8

108 .8
9 5.6
1 11 .0
7 0.7
100.1

9 .4
4 0.5

9.9
4 0.0

9.6
4 0.7

1 1.3
4 0.1

F IN A N C E A N D B A N K IN G
M em b er B a n k L o a n s ............................................Nov.
. Nov.
M em b er B a n k D e p o s i t s ................................Nov,
. Nov.
B a n k D e b i t s * * ................................
. O ct.

3 06
268
382

M a n u fa c tu rin g I n c o m e ......................................O ct.
F a rm C a sh R e c e i p t s ............................................ Aug.

130 .8
132 .3

132.7
2 6 4 .8

1 28.8
2 0 2 .8

123.1
1 11 .6

103.2
9 5.3
106 .3
7 4 .0
106 .2

103.1
9 5.9
105 .8
7 3.0
115 .7

102.7
9 4.9
105.7
7 2.2
112 .8

1 01 .6
9 2 .9
1 04 .9
7 5 .9
102.3

O ct.
O ct.

6.1
3 9.6

6.2
3 6 .2

6 .5
4 0.0

8 .3
4 0 .2

. Nov.
. Nov.
. O ct.

257
211
436

258
200
442

250
198
432

M a n u fa c tu rin g I n c o m e ...................................... O ct.
F a rm C a sh R e c e i p t s ............................................A ug.

145 .7
191 .0

1 4 7 .0
2 0 0 .8

142 .2
2 0 9 .4

131 .7
3 51 .6

106 .2
100 .8
107 .2
104.3
6 7.8

106.1
101 .2
1 07 .0
104 .0
7 1.8

105.1
101.2
105 .8
101.9
7 6.7

105 .7
100 .6
1 06 .6
103 .7
7 1 .4

O ct.
O ct.

7 .7
4 1.4

7.3
4 1.5

7.7
4 1.2

7 .6
4 1 .3

Nov.
Nov.
O ct.

255
229
289

249
227
301

245
220
295

O ct.
Aug.

160.6
2 52 .3

157 .0
2 79 .3

1 59 .0
2 7 6 .6

142.7
2 0 0 .8

O ct.
O ct.
O ct.
O ct.
S ep t.

106.9
9 9.3
110.5
1 02.5
78.3

106 .5
9 9.5
1 09 .9
100 .8
7 3.5

106.7
9 9.2
110 .3
9 9 .4
8 7 .4

1 05 .2
9 7.8
108 .7
9 9 .7
6 7 .8

300
2 64
3 80 r

297
264
404r

285
2 50
3 24

EM P LO YM EN T
N o n fa rm E m p l o y m e n t ................................
M a n u fa c tu rin g
............................................
N o n m a n u f a c t u r i n g ....................................
C o n s t r u c t i o n ............................................
F a rm E m p lo y m e n t
......................................
U n e m p lo y m e n t R a te
(P e rc e n t o f W ork F o rc e ) . . . .
A ve rag e W e e k ly H o u rs in M fg. (H rs .)

O ct.
O ct.
O ct.
O ct.
S ep t.

F IN A N C E A N D B A N K IN G
M em b er B a n k L o a n s ......................................
M em b er B a n k D e p o s i t s .........................
B a n k D e b i t s * * ..................................................

2 44
194
363r

L O U IS IA N A

EM P LO YM EN T
O ct.
O ct.
O ct.
O ct.
S e p t.
U n e m p lo y m e n t R a te
(P e rc e n t o f W ork F o rc e )* * * . . .
A ve rag e W e e k ly H o u rs in M fg. (H rs .)
F IN A N C E AN D B A N K IN G
253
211
2 79 r

A LA B A M A
144.5
3 0 4 .9

139 .6
2 67 .9

130.2
2 1 9 .2

EM PLO YM EN T
N o n fa rm E m p lo y m e n t . . .
M a n u fa c tu rin g
.........................
N o n m a n u fa c tu rin g
. . .
C o n s t r u c t i o n .........................




E M P LO YM EN T
.
.
.
.
.

O ct.
Oct.
O ct.
O ct.
Sep t.

110 .6
100.0
115.3
122.4
108.2

1 1 0 .4
100.1
115 .0
122 .4
117.7

1 08 .9
98.1
113.7
121.7
116.7

108.1
9 7.7
112.7
123.1
110.1

M a n u fa c tu rin g
C o n s tru c tio n

One
L a t e s t M onth
1976
U n e m p lo y m e n t R a te
(P e rc e n t o f W o rk F o rc e )* * * . . .
O ct.
A ve ra g e W e e k ly H o u rs in M fg. (H rs .) , O ct.

Tw o
M o nth s
Ago

M onth
Ago

O ne
Year
Ago

One
Year

M onth
Ago

Two
M o nth s
Ago

O ct.
O ct.
O ct.
O ct.
S ep t.

103 .9
94.1
1 08 .9
8 1.3
9 9 .9

103 .8
9 5.3
108 .2
8 0 .0
9 6 .9

103 .4
9 4.4
108.1
8 0.3
96.1

103 .8
9 3 .2
109 .2
9 2.5
101 .3

O ct.
O ct.

7 .3
4 0 .2

7 .2
4 0.3

7 .2
4 0 .6

8 .6
4 0 .3

. Nov.
. O ct.

281
234
306

2 78
232
316

272
2 24
273

Ago

EM P LO YM EN T
6.3
3 9.6

5 .9
3 9 .2

6 .3
3 9.8

6 .6
3 9.9

290
251
327

286
247
326

2 84
244
330

259
228
267

F IN A N C E A N D B A N K IN G
Nov.
Nov.
O ct.

One
L a t e s t M onth
1976

N o n fa rm E m p l o y m e n t ................................ .
M a n u fa c tu rin g
............................................ .
N o n m a n u f a c t u r i n g .................................... ..... .
C o n s t r u c t i o n .................................................. .
F a rm E m p lo y m e n t
...................................... ......
U n e m p lo y m e n t R a te
(P e rc e n t o f W o rk F o r c e ) ..........................
A ve ra g e W e e k ly H o u rs in M fg. (H r s .) .

TEN NESSEE
F IN A N C E A N D B A N K IN G

IN C O M E
M a n u fa c tu rin g I n c o m e ...................................... O ct.
F a rm C a sh R e c e i p t s ............................................ Aug.

136.1
2 2 7 .0

139 .2
2 4 7 .8

136.0
2 5 6 .2

* F o r S ix th D is t r ic t a re a o n ly ; o th e r to ta ls fo r e n tir e s ix s ta te s
♦ ♦♦ Seasonally a d ju s te d d a ta s u p p lie d by s ta te a g e n c ie s .

Note:

124.7
163.3
* D a ily a ve ra g e b a sis

Bank

D e b its * / *
t P r e lim in a r y data

r-R e vise d

2 84
235
320r

N .A . Not a v a ila b le

All indexes: 1967 = 100, except mfg. income, employment, and retail sales, 1972 = 100.

S o u rc e s : M a n u fa c tu rin g p ro d u ctio n e s tim a te d by th is B a n k ; n o n fa rm , m fg . a n d non m fg . e m p ., m fg. in co m e an d h o u rs, a n d u n e m p ., U .S . D ep t, o f L a b o r an d c o o p e ra tin g
s ta te a g e n c ie s ; c o tto n c o n su m p tio n , U .S . B u re a u of C e n s u s ; c o n s tru c tio n c o n t ra c t s , F . W . D odge D iv ., M cG ra w -H ill In fo rm a tio n S y s te m s C o .; p et. p ro d ., U .S . B u re a u of
M in e s; fa rm c a s h re c e ip ts a n d fa rm e m p ., U .S .D .A . O ther in d e x e s b a sed on d a ta c o lle c te d by th is B a n k . A ll in d e x e s c a lc u la t e d by t h is B a n k .
’ D a ta h a ve been b e n ch m a rk e d an d n ew tra d in g d a y fa c to rs an d s e a so n a l fa c to rs c o m p u te d u sin g D e c e m b e r 3 1, 1974 an d Ju n e 3 0 , 1975 R e p o rt o f C o n d itio n d a ta a s b a se s.
♦ P a rtia lly e stim a te d

DEBITS TO DEMAND DEPOSIT ACCOUNTS
Insured Commercial Banks in the Sixth District

(In Thousands of Dollars)
Percent Change

P e r c e n t C h an g e
Year
O ct.
1976
Fro m

1976
fro m
1975

S e p t.
1976

O ct.
1975

S e p t. O ct.
1976 1975

S T A N D A R D M ET R O P O L IT A N
S T A T IS T IC A L A R E A S 3
5 ,9 8 1 ,7 0 8
1 4 1 ,9 23
4 9 1 ,6 1 2
1 ,4 5 9 ,6 3 6
1 ,0 29 ,2 33
2 9 0 ,4 4 7

6 ,3 2 4 ,8 6 8
1 29,082
4 6 2 ,7 7 6
1 ,3 7 2 ,4 2 5
9 7 5 ,4 5 2
2 9 9 ,0 3 1

5 ,2 9 5 ,5 8 5
1 18,183
4 2 0 ,2 8 0
1 ,4 2 0 ,4 3 5
9 5 0 ,5 75
3 12 ,4 39

+
+
+
+

5
10
6
6
6
3

8 7 8 ,1 2 4
4 7 8 ,2 5 9

9 0 0 ,6 4 3
4 8 2 ,2 2 1

8 8 5 ,1 25
4 8 6 ,6 43

—

3
1

+ 13
+20
+ 17
+ 3
+ 8
- 7

+ 13
+ 16
+ 15
+ 0
+26
+ 6

-

1
2

+ 9
+ 8

B a rto w -La k e la n d W in te r H a ven .
D a yto n a B e a c h
F t. La u d e rd a le H o llyw o od
. .
F t. M ye rs . . . .
G a in e s v ille . . .
J a c k s o n v ille
. .
M elb ourneT itu s v ille - C o c o a
M i a m i ........................
O rla n d o
. . . .
P e n s a c o la
. . .
S a ra s o ta . . . .
T a lla h a s s e e . . .
Ta m p a - S t. Pete
W. P a lm B e a c h

2 ,5 5 9 ,0 7 3
4 2 9 ,1 7 6
3 1 3 ,4 1 8
5 ,8 0 8 ,8 0 9

2 ,4 6 7 ,2 3 6
4 3 1 ,3 5 9
3 4 2 ,7 2 7
6 ,0 8 9 ,2 2 9

2 ,0 6 6 ,1 9 9
4 1 5 ,2 8 8
2 9 1 ,1 7 8
5 ,5 0 7 ,1 9 9

+ 4
— 1
9
5

—

+ 28
+ 3
+ 8
+ 5

+30
+ 2
+ 8
+26

3 8 9 ,4 3 6
9 ,5 0 3 ,3 9 1
2 ,0 1 3 ,4 0 4
7 1 9 ,7 2 8
4 9 9 ,3 6 8
1 ,0 98 ,4 51
4 ,5 0 2 ,8 1 6
1 ,2 7 9 ,4 3 6

4 1 4 ,5 5 1
9 ,0 4 4 ,0 3 9 r
1 ,9 91 ,4 71
7 2 3 ,7 8 2
4 6 4 ,6 1 6
9 9 9 ,4 2 6
4 ,5 4 2 ,4 7 4
1 ,1 5 0 ,1 3 1

4 1 9 ,7 51
7 ,6 9 3 ,4 5 0
1 ,7 27 ,3 54
7 5 4 ,4 54
541 ,8 39
1 ,3 74 ,3 09
4 ,3 8 1 ,1 7 3
1 ,0 87 ,0 98

— 6
+ 5
+ 1
— 1
+ 7
+ 10
— 1
+ 11

- 7
+ 24
+ 17
- 5
- 8
-2 0
+ 3
+ 18

+ 2
+ 17r
+ 19
+29
- 4
+ 0
+ 7
+ 8

A lb a n y
........................
A tla n ta
. . . .
A u g u sta
. . . .
C o lu m b u s
. . .
M a c o n ........................
Savannah
. . .

2 2 9 ,9 5 9
2 6 ,0 7 0 ,4 6 2
8 5 6 ,7 8 0
5 3 9 ,6 2 0
8 5 6 ,0 3 4
1 ,3 99 ,8 51

2 2 3 ,5 9 8
2 5 ,8 6 3 ,6 2 5
8 2 8 ,5 1 8
5 5 6 ,3 9 8
8 2 4 ,0 7 5
1 ,4 0 8 ,4 5 8

+ 3
1
+ 3
— 3
4
- 1

+ 4
+ 14
+40
+ 8
+ 2
+27

+ 7
+ 14
+ 18
+11
+ 1
+36

A le x a n d ria
. . .
B ato n R o u ge . .
L a fa y e tte . . . .
L a k e C h a r le s . .
N ew O rle a n s . .

3 8 0 ,7 2 1
2 ,0 5 3 ,8 2 2
4 6 1 ,3 8 9
3 7 3 ,3 9 2
5 ,9 8 8 ,3 8 8

3 7 6 ,6 4 3
2 ,1 6 9 ,2 3 7
4 9 1 ,3 6 1
3 5 6 ,5 2 4
6 ,2 0 5 ,5 1 0

3 31 ,8 83
2 ,3 5 7 ,8 7 8
4 5 9 ,4 7 2
3 1 3 ,8 7 8
5 ,9 6 2 ,5 0 6

+

1
5
— 6
5
- 3

+ 15
-1 3
0
+ 19
0

+
+

+ 10
0
+ 13
+ 14
+ 7

B ilo x i-G u lfp o rt
Jackso n
. . . .

3 8 0 ,4 4 7
2 ,3 2 8 ,6 3 2

3 5 8 ,5 2 7
2 ,3 0 2 ,9 3 1

3 28 ,0 26
1 ,8 49 ,0 55

+
+

6
1

+ 16
+26

+ 21
+22

C h atta n o o g a
. .
K n o x v ille . . . .
N a s h v ille
. . .

1 ,3 6 0 ,1 8 1
1 ,7 4 4 ,4 5 8
5 ,1 9 0 ,9 3 5

1 ,3 4 3 ,4 2 2
1 ,7 1 8 ,7 7 9
5 ,4 9 1 ,1 5 2 r

1 ,3 33 ,2 72
1 ,7 49 ,8 95
4 ,7 2 9 ,5 2 5

+
+
-

1
1
5

+ 2
- 0
+ 10

+ 3
+ 8
+ 12r

1 48 ,4 72

-

0

+ 5

+ 15

2 2 0 ,5 2 8
2 2 ,9 6 8 ,4 1 6
6 1 2 ,8 6 5
5 01 ,6 86
8 4 2 ,0 5 8 r
1 ,1 0 4 ,9 4 0

+

+
—

+

+

TH ER C EN TERS
A n n isto n

. . . .

1 5 6 ,2 09

156 ,3 16

'D is t r ic t p o rtio n o n ly .
J C o n fo rm s to S M S A d e fin itio n s a s o f D e c e m b e r 3 1, 197 2.
x C h a n g e s re f le c t s t ru c t u ra l c h a n g e s in s e rie s .




O ct.
1976

S e p t.
1976

O ct.
1975

3 1 1 ,9 3 0
1 0 1 ,4 5 9

2 7 8 ,4 9 7
9 9 ,5 9 6

2 4 8 ,9 5 9
9 4 ,7 6 3

+ 12
+ 2

+ 25
+ 7

+20
+15

B ra d e n to n
. . .
M onroe C o u n ty
O c a l a .........................
S t. A u g u stin e . .
S t. P e te rs b u rg . .
T a m p a ........................

1 9 6 ,7 66
1 0 2 ,8 26
2 0 7 ,5 8 5
4 5 ,1 4 6
1 ,1 4 4 ,5 9 0
2 ,3 3 5 ,7 8 4

196 ,2 71
8 1 ,8 5 0
2 1 3 ,6 8 7
4 8 ,0 5 4
1 ,1 6 3 ,6 9 5
2 ,3 6 5 ,3 3 3

1 91 ,1 30
9 1 ,3 0 3
2 2 3 ,7 6 2
4 3 ,5 5 4
1 ,0 4 5 ,0 8 6
2 ,3 1 5 ,5 8 2

+ 0
+26
- 3
- 6
- 2
- 1

+ 3
+ 13
- 7
+ 4
+ 10
+ 1

+ 5
-1 4
+ 1
+ 8
+ 10
+ 7

A th e n s ........................
B ru n s w ic k
. . .
D a l t o n ........................
E lb e rto n
. . . .
G a in e s v ille
. . .
G r i f f i n ........................
L a G ra n g e . . . .
N ew n a n
. . . .
R o m e .........................
V a ld o sta . . . .

1 9 2 ,2 82
1 1 6 ,8 17
2 0 5 ,5 8 3
3 2 ,3 6 5
2 0 7 ,5 9 2
8 4 ,6 7 6
4 8 ,5 4 3
5 6 ,5 9 7
1 6 8 ,2 40
1 2 5 ,4 1 4

1 9 4 ,3 5 4
1 17 ,0 46
2 1 2 ,3 2 6
3 3 ,3 7 9
2 0 3 ,7 3 0
8 1 ,9 5 8
4 2 ,0 6 5
5 7 ,0 4 5
1 7 3 ,5 62
1 2 8 ,7 12

1 8 1 ,9 6 4
1 2 3 ,1 2 6
2 0 4 ,4 6 6
3 4 ,6 6 5
1 94 ,4 71
7 5 ,6 0 3
4 5 ,6 9 0
5 1 ,4 6 8
2 22 ,5 81
1 3 4 ,5 9 0

+
+
+
-

1
0
3
3
2
3
15
1
3
3

+ 6
- 5
+ 1
- 7
+ 7
+ 12
+ 6
+ 10
-2 4
- 7

+ 12
+ 4
+ 19
+ 16
+ 13
+ 12
+ 14
+ 15
+ 2
+ 9

A b b e v ille . . . .
B u n k i e ........................
H am m ond
. . .
N ew Ib e ria . . .
P la q u e m in e . . .
T h ib o d a u x
. . .

2 1 ,8 2 5
1 7,49 4
9 3 ,3 6 0
1 0 1 ,8 42
3 4 ,2 1 6
6 3 ,1 4 4

2 2 ,5 5 2
1 4,86 0
9 3,85 7
1 0 0 ,9 87
3 3 ,6 2 3
6 3 ,4 1 9

+
+
+
-

3
18
1
1
2
0

+ 6
-3 2
+ 2
+ 11
+ 17
- 8

+ 8
-1 1
- 5r
+ 14
- 6
- 2

H a ttie sb u rg . . .
L a u r e l .........................
M e rid ia n . . . .
N a tc h e z
. . . .
P a sc a g o u la M o ss P o in t . .
V ic k s b u rg
. . .
Y a zo o C ity . . .

16 6 ,9 9 4
9 8 ,1 3 0
1 63 ,9 59
7 0 ,8 6 2

181 ,4 03
9 3,68 3
1 4 9 ,2 04
7 2 ,8 5 6

1 7 2 ,8 93
9 3 ,3 4 6
1 48 ,1 80
7 0,73 3

- 8
+ 5
+ 10
- 3

- 3
+ 5
+ 11
+ 0

+
+
+
+

1 4 3 ,6 06
1 2 6 ,4 9 0
6 2 ,3 9 9

168 ,0 37
8 8,24 1
4 8 ,4 2 7

1 60 ,2 72
1 10 ,5 20
6 3 ,5 8 5

-1 5
+43
+29

-1 0
+ 14
- 2

- 0
+ 18
- 2

B r is t o l*
. .
Jo h n so n C ity
K in g sp o rt . .

2 3 6 ,3 1 2
1 6 8 ,7 93
3 9 0 ,9 1 2

2 5 8 ,5 0 0
1 7 1 ,7 48
3 9 6 ,9 9 9

1 40 ,1 24
2 0 1 ,8 8 3
3 8 9 ,3 9 0

-

9
2
2

+69
-1 6
+ 0

+ 54
- 0
+ 19

9 9 ,5 0 6 ,8 7 3 r

+

0

+ 10

+ 14r

1 3 ,4 6 1 ,7 9 1
1 2,13 3,05 1
3 2 ,6 6 0 ,4 2 7 r 3 0 ,0 6 1 ,4 1 1
3 4 ,6 3 0 ,8 4 5
3 0 ,5 3 8 ,5 0 5 r
1 1 ,5 2 3 ,1 1 9
ll ,2 5 7 ,9 0 3 r
4 ,4 9 8 ,3 0 0
3 ,9 4 3 ,9 5 1
1 2 ,5 7 0 ,2 1 4 r 1 1 ,5 7 2 ,0 5 2

+
+
-

0
2
0
4
2
2

+ 11
+ 11
+ 13
- 1
+ 17
+ 6

+ 12
+ 15r
+ 13
+ 6r
+ 19
+ llr

D IS T R IC T

TO TAL

.
.
.

.
.
.
.

A la b a m a . . . .
F l o r i d a ........................
G e o rg ia
. . . .
L o u is ia n a '
. . .
M is s is s ip p i' . . .
Tennessee' . . .

. 1 0 9 ,3 4 6 ,6 0 3 1 0 9 ,3 4 4 ,6 9 6 r
.
.
.
.
.

1 3 ,4 0 7 ,2 4 9
3 3 ,2 6 0 ,5 5 0
3 4 ,6 2 9 ,0 5 1
1 1 ,1 1 6 ,3 8 1
4 ,6 1 0 ,3 5 6
1 2 ,3 2 3 ,0 1 6

2 0 ,6 8 2
2 5,80 1
9 1 ,5 0 5 r
9 1,51 1
2 9 ,2 0 2
6 8 ,5 2 9

S e p t. O ct.
1976 1975

Year
to
da te
10 m os.
1976
fro m
1975

D o t h a n ........................
S e l m a .........................

O ct.
1976

B irm in g h a m
. .
G a d sd e n
. . . .
H u n ts v ille
. . .
M o b i l e ........................
M o ntg o m ery
. .
T u s c a lo o s a . . .

O ct.
1976
Fro m

13
15
9
15

DISTRICT BUSINESS CONDITIONS

V

*Seas. adj. figure; not an index
Latest plotting: October, except mfg. production and retail sales, September, and farm cash receipts, August.

J

The region's economy shows further signs of improvement. Bank lending, manufacturing income and con­
struction activity have picked up. Higher prices for cotton and soybeans and larger marketings of livestock
boosted farm cash receipts. The impact of auto strikes and shortages kept retail sales flat. Employment
gained slightly and the unemployment rate remained stable.
Manufacturing income took off in September from
a seven-month long plateau but leveled off in Octo­
ber. Department stores posted strong sales gains. A
sharp drop in auto registrations, reflecting the
temporary impact of strikes and shortages, caused
retail sales to remain flat. Extensions of bank con­
sumer installment credit fell in all categories; credit
and personal loans registered the greatest declines.

Loan demand has strengthened at regional banks.
At the larger banks, business loans have increased
nearly $200 million since September. The largest
gains concentrated in loans to firms engaged in
transportation, wholesale and retail trade and ser­
vices. Borrowing by manufacturing firms has de­
clined. Very strong time and savings deposit inflows
have continued at District banks. These banks have
stepped up their purchases of Treasury securities,
especially coupon issues offered at the mid-No­
vember Treasury refunding. Most large banks main­
tained a 6-V2-percent prime rate through early
December. Discount activity is confined to several
small banks taking advantage of the seasonal
borrowing privilege.

The value of construction contracts rose sharply
as soaring nonresidential contracts overcame a slight
dip in the residential sector. The decline in the
residential sector was the second in as many months.

A very large contract for an electric generating plant
in Louisiana plus several large contracts for hospitals,
office buildings and manufacturing plants pushed
that sector to a record high. October inflows at the
region's savings and loan associations continued
their strong September performance.

The economic situation of farmers was varied in
mid-November. Preliminary data showed livestock
prices declining further from October's level; hog
prices led the slide. The adverse impact on pro­
ducers was partially buffered by lower feed prices.
Egg prices, bucking the trend, increased from midOctober levels. In the crop sector, brisk demand in
the face of limited supplies contributed to higher
cotton and soybean prices. Cash receipts continued
to show gains from year-ago levels because of higher
crop prices and increased marketings of major
products in the livestock sector.

The District's unemployment rate remained un­
changed in October, holding at 7.6 percent. Un­
employment rate declines in Alabama, Florida and
Georgia were matched by increases in Louisiana,
Mississippi and Tennessee. Both nonfarm jobs and
the labor force posted slight gains. Declines in
manufacturing jobs were offset by sizable gains in
construction and service jobs. Factory hours in­
creased.

Note: Data on which statements are based have been adjusted whenever possible to eliminate seasonal influences.