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1. ON THE ECONOMIC, POLITICAL & BUSINESS CLIMATERoger TutterowProfessor of EconomicsMercer UniversityJanuary 26, 2010 Atlanta, GA
3. Institute of Supply Management’s “PMI”
4. CONSUMER SENTIMENT
5. OIL & CONSUMER SENTIMENT
6. Change in Employment (non-farm payrolls)
7. Change in Employment
8. Change in Employment: GEORGIA vs. US
9. Change in Employment: ATLANTA vs. GA
10. Tale of Two Cities: Part 1ATHENS vs. GA
11. Tale of Two Cities: Part 2DALTON vs. GA
12. Leading Economic Indicators% change in last 6 months
13. INFLATION: Risk Shifts ? CPI was up 0.1% in December after being up 0.4%, 0.3% and 0.2% in previous 3 months.
Core up 0.1% in December, after unchanged up 0.2% and up 0.2% in previous 3 months.
Overall CPI up at an 2.7% annual rate over last 12 months. Core up 1.8% over same period.
Energy prices up 18.2% over last 12 months.
14. CORE CPI
15. CRUDE OIL(Spot Price, West Texas Crude)
16. FEDERAL FUNDS RATE
17. THE RISK PREMIUM(Moody’s BAA less 10-Year Treasury Bond)(source: Board of Governors of Federal Reserve System)
18. COMMERCIAL PAPER RATES
19. C&I Lending StillTightening?(Net % Tightening Standards for C&I Loans)
20. CRE Lending Tighter As Well?(Net % Tightening Standards for CRE Loans)
21. NEW HOME SALES(Single Family, SSAR in thousands)
22. BUILDING PERMITS: ATLANTA MSA(12 month moving average)
24. CS/S&P HOME PRICE INDEX(FROM PEAK TO SEPTEMBER 2009)
25. Commercial Vacancy Rates
26. Federal Budget Surplus (source: US Department of Treasury)
27. Federal Budget Surplus (source: US Department of Treasury)
28. EQUITY MARKETS (1 Year)
29. EQUITY MARKETS (2 Year)