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Main Page Contact Francisco Duque, 912.344.2971 For Immediate Release Economic Monitor: Leading Index Continues Slide as Economy Stumbles(June 11, 2008) The Coastal Empire Economic Monitor for the first quarter of 2008 is now available at www.econ.armstrong.edu/cra/monitor. The Economic Monitor, published by Armstrong Atlantic State University's Center for Regional Analysis, presents quarterly economic trends and short-term economic forecasts for Savannah's Metropolitan Statistical Area (MSA). The report for the first quarter of 2008 shows that the Coastal Empire's economy continued to slip, following a downward trend that emerged in the closing months of 2007. The coincident economic index, which measures the region's economic heartbeat, declined by 1.4 percent. There were widespread weaknesses in underlying indicators. In particular, seasonally adjusted electricity sales, consumer confidence, and retail sales all declined during the first quarter. "The region's economy in the first quarter stumbled a bit on weak spending by consumers," said Michael Toma, director of AASU's Center for Regional Analysis. "Moderating tourism activity also is reflecting weaker economic conditions in the nation and state, with increased gasoline prices and flagging consumer confidence." The Economic Monitors leading and coincident indexes offer readers an informational tool that can be used to adjust to changes in regional demand conditions. The signals provided by the indicators may be used to control inventory, optimize staffing, adjust marketing or pricing strategies, forecast revenue, or capitalize on other opportunities in the regional economy. "The forecasting index continued a downward trend, suggesting that the regional economic environment will remain challenging through the remainder of 2008," said Toma. "While the Savannah area housing market appears to be stabilizing, the labor market is showing some signs of weakness." The quarterly report measures the heartbeat of the local economy, based on the analysis of economic data from the U.S. Census Bureau, the U.S. Department of Labor's Bureau of Labor Statistics, the City of Savannah, Georgia Power, and the three counties in the MSA - Chatham, Bryan, and Effingham. The report presents a short-term forecast of the region's economic activity in the next six to nine months. The Economic Monitor is available free by electronic mail. To subscribe, email emonitor@armstrong.edu. Write "subscribe" in the subject line or body of the email. |
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