Economists say Georgia already in a recession - WALB.com, Albany News, Weather, Sports

Economists say Georgia already in a recession

Updated:
  • More WALB News10 HeadlinesMore News HeadlinesMore>>

  • Supreme Court to hear Cuthbert insurance case

    Supreme Court to hear Cuthbert insurance case

    Thursday, April 17 2014 10:15 AM EDT2014-04-17 14:15:49 GMT
    The Georgia Supreme Court announced that it will hear the case of BARZEY V. CITY OF CUTHBERT (S14A0620)  next week. A woman whose adult son was killed while working for the City of Cuthbert is appealingMore >>
    A woman whose adult son was killed while working for the City of Cuthbert is appealing a Randolph County court ruling that she is not entitled to her son's death benefit, even though she is his only legal heir.More >>
  • Today's the day for News on the Road!

    WALB anniversary tour starts Thursday

    Thursday, April 17 2014 9:04 AM EDT2014-04-17 13:04:46 GMT
    WALB News 10 is hitting the road for our 60th anniversary. You might remember this photo from 2004. Yolanda, Dawn, and Ben having fun with the Ladies of the Red Hat Society in Tifton for WALB's 50thMore >>
    WALB News 10 is hitting the road for our 60th anniversary. You might remember this photo from 2004. Yolanda, Dawn, and Ben having fun with the Ladies of the Red Hat Society in Tifton.More >>
  • Georgia jobless rate drops to 7 percent

    Georgia jobless rate drops to 7 percent

    Thursday, April 17 2014 8:50 AM EDT2014-04-17 12:50:25 GMT
    ATLANTA (AP) - State labor officials say Georgia's unemployment rate has dropped to 7 percent, the lowest rate since September 2008. The Georgia Department of Labor announced the new seasonally adjustedMore >>
    State labor officials say Georgia's unemployment rate has dropped to 7 percent, the lowest rate since September 2008.More >>

January 14, 2008

Albany--Nationwide, economists say a recession is on the horizon.  But if you talk to some economists at the University of Georgia, they'll tell you that our state is already in one.

According to economists at UGA's business school, the state's housing, manufacturing, and agriculture sector are already in a recession.

As far as the job market goes, the state is expected to create 44,000 new jobs in 2008, however, that's actually down from Georgia's anticipated 1.3 percent growth for this year.

Economists also say economic growth in Georgia will slow in '08 and that there are several factors contributing to the state's recession.

The main one being the housing market Economists say the state's housing recession won't end until late 2008 or possibly early 2009.

Nationwide, the talk of a recession has forced many people to really limit their spending.

"I couldn't afford anything for Christmas this year," says consumer, Lisa Haythe.

"The reasons for a recession have been accumulating for some time primarily because the labor market has been deteriorating," says Ed McKelvey, senior economist for Goldman Sachs.

State economists say Georgia's drought has helped to fuel the state's recession. A UGA study recently estimated the state's losses in production agriculture to be around $800 million.

In Atlanta, the drought has already caused recessions in urban agriculture, landscaping, and garden centers.

In response to the recession, Governor Sonny Perdue says Georgia is performing "above average" compared to other states.

Georgia's economic forecast was prepared by the Terry College's Selig Center for Economic Growth at UGA.

Feedback: news@walb.com?GeorgiaRecession

 

Powered by WorldNow