Economic 
 
Indicators 
 
A Quarterly Report of Georgia and Metro Atlanta Labor Market and Economic Trends 
 
First Quarter 2003 
 
Volume 9, Issue 1 
 
Georgia Department of Labor 
Michael L. Thurmond Commissioner 
 
 Georgia-Atlanta Economic Indicators 
Quarterly Report First Quarter - 2003 
Volume 9, Issue 1 
 
Cover art: Morton Theatre, Athens,Georgia by Huey J. Theus, Mableton, Georgia 
Georgia Economic Indicators, Quarterly Report, is published by Workforce Information and Analysis, a division of the Georgia Department of Labor, 148 Andrew Young International Boulevard, N.E., Atlanta, Georgia 30303-1751. The telephone number is (404) 232-3875. 
Visit the Georgia Department of Labor web site at www.dol.state.ga.us 
 
Georgia Department of Labor 
Michael L. Thurmond, Commissioner 
 
Equal Opportunity Employer/Programs - Auxiliary Aids and Services Available Upon Request to Individuals With Disabilities 
 
Georgia Department of Labor 
 
Economic Indicators / First Quarter 2003 
 
 Introduction 
 
G eorgia Economic Indicators, Quarterly Report, is designed to provide in a single publication data on a 
number of indicators used to measure movement of the state's economy. 
Our publication has changed. 
The Georgia and Metropolitan Altanta Economic Indicator series, previously published as two separate monthly publications, are now published as a single quarterly publication. Additional data series for Georgia's other six metropolitan statistical areas are being developed and will be added to this publication later in the year. Graphs will continue to display data on monthly increments; whereas, companion data tables will display the 3-month average for each series (for 7 quarters) before alternating to a monthly format for the most recent quarter. 
All data except those contained in the U.S. Consumer Price Index chart on Page 3 are seasonally adjusted using the X11 ARIMA method. They are presented in graphic and tabular form along with an analysis. Each series shows movement over a 24-month period. Where appropriate, companion graphs and tables show data that have been deflated by the U.S. Consumer Price Index or the U.S. Construction Price Index. The purpose is to adjust for inflation and show growth in constant dollars. 
Historical tables and graphs are included in a supplementary Georgia Economic Indicators, Historical Series, published annually. 
Workforce Information and Analysis welcomes comments, suggestions or questions concerning Georgia Economic Indicators, Quarterly Report and Historical Series. Please address correspondence to Bill Webb, Workforce Information and Analysis, Georgia Department of Labor, 148 Andrew Young International Boulevard, N.E., Atlanta, Georgia 30303-1751. The telephone number is (404) 232-3875. 
 
Data Sources 
 
Georgia Indexes of Leading and Coincident Economic Indicators*, Initial Unemployment Claims, Continuing Unemployment Claims, Insured Unemployment Rate, Nonagricultural Job Openings Unfilled, Weekly Manufacturing Earnings, Manufacturing Workweek and Employment data. -- Georgia Department of Labor 
Consumer Price Index -- U.S. Bureau of Labor Statistics, adapted from commentary by Michael Wald New Motor Vehicles, State Sales and Use Tax Collections and Total Revenue Collections -- Georgia Department of Revenue New Business Corporations -- Georgia Secretary of State Residential Construction and Construction Price Index -- U.S. Department of Commerce Nonresidential Construction -- F.W. Dodge, McGraw-Hill Construction Information Group MARTA Passengers -- Metropolitan Atlanta Rapid Transit System CCT Passengers -- Cobb Community Transit System Hotel Occupancy and Room Rates -- Smith Travel Research, Hendersonville, TN Mortgage Rates -- HSH Associates, Financial Publishers, Butler, NJ 
* Model for Georgia Indexes of Leading and Coincident Economic Indicators developed by Georgia State University's Economic Forecasting Center 
 
2 Economic Indicators / First Quarter 2003 
 
Georgia Department of Labor 
 
 Consumer Price Index 
 
Chart is not seasonally adjusted 
 
YEAR 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 
 
JAN 
127.4 134.6 138.1 142.6 146.2 150.3 154.4 159.1 161.6 164.3 168.7 175.1 177.1 181.7 
 
FEB 
128.0 134.8 138.6 143.1 146.7 150.9 154.9 159.6 161.9 164.5 169.7 175.8 177.8 183.1 
 
MAR 
128.7 135.0 139.3 143.6 147.2 151.4 155.7 160.0 162.2 165.0 171.1 176.2 178.8 184.2 
 
APR 
128.9 135.2 139.5 144.0 147.4 151.9 156.3 160.2 162.5 166.2 171.2 176.9 179.8 
 
MAY 
129.2 135.6 139.7 144.2 147.5 152.2 156.6 160.1 162.8 166.2 171.3 177.7 179.8 
 
JUN 
129.9 136.0 140.2 144.4 148.0 152.5 156.7 160.3 163.0 166.2 172.3 178.0 179.9 
 
JUL 
130.4 136.2 140.5 144.4 148.4 152.5 157.0 160.5 163.2 166.7 172.6 177.5 180.1 
 
AUG 
131.6 136.6 140.9 144.8 149.0 152.9 157.3 160.8 163.4 167.1 172.8 177.5 180.7 
 
SEP 
132.7 137.2 141.3 145.1 149.4 153.2 157.8 161.2 163.6 167.9 173.7 178.3 181.0 
 
OCT 
133.5 137.4 141.9 145.7 149.5 153.7 158.3 161.6 164.0 168.2 174.0 177.7 181.3 
 
NOV 
133.8 137.8 142.0 145.8 149.7 153.6 158.6 161.5 164.0 168.3 174.1 177.4 181.3 
 
DEC 
133.8 137.9 141.9 145.8 149.7 153.5 158.6 161.3 163.9 168.3 174.0 176.7 180.9 
 
AVG 
130.7 136.2 140.3 144.5 148.2 152.4 156.9 160.5 163.0 166.6 172.1 177.1 179.9 
 
CPI RATE 
6.1% 3.1% 2.9% 2.7% 2.7% 2.5% 3.3% 1.7% 1.6% 2.7% 3.4% 1.6% 2.4% 
 
Source: U.S. Bureau Of Labor Statistics @WWW.BLS.GOV 
 
CPI Accelerates in March 
 
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6 percent in March, before seasonal adjustment, as recently reported by the Bureau of Labor Statistics of the U.S. Department of Labor. The March level of 184.2 (1982-84=100) was 3.0 percent higher than its level in March 2002. 
On a seasonally adjusted basis, the CPI-U rose 0.3 percent in March, following increases of 0.6 percent in February. Energy costs again rose sharply, up 4.6 percent in March, and accounted for over 90 percent of the advance in the overall CPI-U. Within energy, the index for petroleum-based energy advanced 4.3 percent and the index for energy services increased 5.0 percent. The index for all items less food and energy was unchanged in March after increasing 0.1 percent in both January and February. 
For the first three months of 2003, consumer prices increased at a seasonally adjusted annual rate (SAAR) of 5.2 percent. This compares with an increase of 2.4 percent for all of 2002. The index for energy, which 
 
rose 10.7 percent in 2002, accelerated in the first quarter of 2003, advancing at a 76.5 percent SAAR and accounting for about 80 percent of the first quarter advance in the overall CPI-U. 
Petroleum-based energy costs increased at a 125.0 percent annual rate and charges for energy services rose at a 37.4 percent annual rate. Excluding food and energy, the CPI-U advanced at a 0.8 percent SAAR in the first quarter, following a 1.9 percent rise in all of 2002. 
The index for housing rose 0.4 percent in March. Shelter costs were virtually unchanged for the second consecutive month. The index for fuels and utilities rose 4.4 percent in March. The indexes for fuel oil increased 9.8 percent in March, and prices for fuel oil were 60.0 percent higher than in March 2002. The index for electricity increased 0.8 percent in March, accounting for all of its increase in the last 12 months. 
The transportation index rose 1.0 percent in March, following increases of 1.1 and 2.0 percent in the preceding 
 
two months. The index for gasoline, which rose 6.6 and 9.9 percent in January and February, respectively, increased 4.1 percent in March. As of March, the price of gasoline was 1.0 percent higher than its previous peak level of May 2001. Airline fares increased for the second consecutive month, up 1.9 percent in March, but are 1.8 percent lower than a year ago. 
The index for apparel declined 0.4 percent in March. (Prior to seasonal adjustment, apparel prices rose 2.5 percent, reflecting the introduction of spring-summer apparel wear.) 
Medical care costs rose 0.2 percent in March to a level 4.3 percent higher than a year ago. The index for medical care commodities rose 0.4 percent. The index for medical care services rose 0.1 percent in March. Charges for professional services and for hospital and related services increased 0.1 and 0.2 percent, respectively. 
 
Georgia Department of Labor 
 
Economic Indicators / First Quarter 2003 3 
 
 Georgia Index of Economic Indicators 
208 
Leading indicators Coincident indicators 
181 
 
154 
 
128 
 
101 
1990 = 100 
 
74 1996 
 
1997 
 
1998 
 
1999 
 
2000 
 
2001 
 
2002 
 
2003 
 
Georgia's Economic Indicators take a dip in the first quarter 
 
Note: All indicators are seasonally adjusted. 
*** Georgia's Department of Labor's Index of Leading Economic Indicators (LEI), ended the first quarter in negative territory. The index declined to 175.0 in March after increasing to 175.23 in January (a gain of 1.4 percent) and to 175.28 (a gain of 0.03 percent) in February. Initial jobless claims took off in March increasing initial unemployment claims 22.1 percent; in addition to a 20.5 percent drop in March for new business filings. The 20.8 percent gain in the value of commercial construction was not enough to turn the indicator positive. The other sectors, residential construction and sales of new motor vehicles remained in positive single digit territory. 
The manufacturing work week 
 
managed to stay above 40 hours in March up slightly from February's reading. 
The Coincident Economic Indicator (CEI) also declined in the first quarter. The index began at 170.8 in January to barely breaking even at 171.0 in February then declining to 169.2 in March. 
Retail employment numbers for the first quarter came in a little stronger than last year's level for the same time period. The state's unemployment rate for February and March were revised upward to 4.6 and 4.7 percent, respectively. Total state revenue continues to mirror last years pattern as recovery prospects continue to develop. 
 
Overall, the economic picture remains mixed laced with unsure consumer confidence, strong demand for starter homes, continuing downsizing and stagnant new job growth. 
The Leading Index reflects activity that will impact the economy for a duration of three to six months into the future. Coincident indicators measure current conditions. 
 
4 Economic Indicators / First Quarter 2003 
 
Georgia Department of Labor 
 
 Georgia 
Nonagricultural Employment change from previous month 
Retail Employment change from previous month 
Manufacturing Employment change from previous month 
Manufacturing Workweek (hours) change from previous month 
Weekly Manufacturing Earnings change from previous month 
Nonagricultural Job Openings Unfilled change from previous month 
Initial Unemployment Claims change from previous month 
Continued Unemployment Claims change from previous month 
Unemployment rate (not seasonally adjusted) change from previous month 
Insured Unemployment Rate change from previous month 
New Motor Vehicle Sales change from previous month 
Residential Construction ( building permits ) change from previous month 
Nonresidential Construction ( dollar value ) change from previous month 
New Business Corporations change from previous month 
Total State Revenues ( in millions ) change from previous month 
Deflated State Revenues ( in millions ) change from previous month 
 
March 2003 
3,912,301 0.09% 
459,591 -0.88% 
455,065 -1.21% 
40.9 0.16% 
$566.86 -0.84% 
12,003 3.07% 
55,465 22.19% 
341,074 12.47% 
4.7% - - 
1.99% - - 
42,496 7.71% 
7,196 8.87% 
$478,738,843 20.80% 
4,324 -20.51% 
$895,170,415 -11.66% 
485,977,200 -12.18% 
 
February 2003 
3,908,851 -0.05% 
463,685 1.08% 
460,661 -1.53% 
40.8 1.82% 
$571.68 3.08% 
11,646 7.72% 
45,394 -1.83% 
303,271 19.04% 
4.6% - - 
1.88% - - 
39,455 -26.58% 
6,610 -19.81% 
$396,306,458 12.61% 
5,440 7.01% 
$1,013,292,058 -15.83% 
553,408,000 -16.47% 
 
January 2003 
3,910,954 - - 
458,720 - - 
467,841 - - 
40.1 - - 
$554.59 - - 
10,811 - - 
46,239 - - 
254,757 - - 
4.5% - - 
1.91% - - 
53,735 - - 
8,243 - - 
$351,920,504 - - 
5,084 - - 
$1,203,870,339 - - 
662,559,200 - - 
 
Georgia Department of Labor 
 
Economic Indicators / First Quarter 2003 5 
 
 MILLIONS 
 
THOUSANDS 
 
GEORGIA 
 
4.02 
 
2001- 2002 2002- 2003 
 
3.98 
 
3.93 
 
3.89 
 
HOURS 
 
45.2 2001- 2002 2002- 2003 
43.7 
42.3 
40.8 
 
3.84 
Nonagricultural Employment 
3.80 
500 
480 
460 
440 
 
DOLLARS 
 
39.4 37.9 $610 $580 $550 $520 
 
Manufacturing Workweek 
 
420 
Retail Employment 
400 
560 
 
$490 
Average Weekly Manufacturing Earnings 
$460 
$325 
 
530 
 
$310 
 
500 
 
$295 
 
DOLLARS 
 
470 
 
$280 
 
440 
 
$265 
 
Manufacturing Employment 
 
Deflated Average Weekly Manufacturing Earnings 
 
410 
 
$250 
 
A 
 
M 
 
J 
 
J 
 
A 
 
S 
 
O 
 
N 
 
D 
 
J 
 
F 
 
M 
 
A 
 
M 
 
J 
 
J 
 
A 
 
S 
 
O 
 
N 
 
D 
 
J 
 
F 
 
M 
 
Employment 
 
2001: Q2 Q3 Q4 
2002: Q1 Q2 Q3 Q4 
2003: Jan. Feb. Mar. 
 
Nonag 
3,950,641 3,932,362 3,904,177 3,917,900 3,907,837 3,900,149 3,897,861 3,910,954 3,908,851 3,912,301 
 
Retail 
461,564 458,481 453,450 453,237 456,186 453,215 454,103 458,720 463,685 459,591 
 
Mfg. 
504,720 490,195 478,563 471,521 472,759 473,759 469,658 467,841 460,661 455,065 
 
All graphs contain monthly data and are seasonally adjusted, except where noted. 
 
Manufacturing 
 
Avg. Work Week 
 
Weekly Earnings 
 
40.1 
 
$495.04 
 
41.2 
 
525.03 
 
40.3 
 
516.67 
 
41.1 
 
549.23 
 
41.1 
 
545.70 
 
40.7 
 
534.06 
 
40.7 
 
560.83 
 
40.1 
 
554.59 
 
40.8 
 
571.68 
 
40.9 
 
566.86 
 
Deflated Wkly Earnings 
$278.83 295.35 291.47 308.73 303.45 295.71 309.57 305.22 312.22 307.74 
 
THOUSANDS 
 
6 Economic Indicators / First Quarter 2003 
 
Georgia Department of Labor 
 
 THOUSANDS 
 
THOUSANDS 
 
GEORGIA 
19. 7 
2001- 2002 2002- 2003 
16. 2 
 
5.9 2001- 2002 2002- 2003 
5.2 
 
PERCENTAGES 
 
12. 7 
 
4.6 
 
9. 2 
 
4.0 
 
5. 7 
Nonagricultural Job Openings Unfilled 
2. 2 
99.6 
80.9 
62.1 
43.4 
24.6 
Initial Unemployment Claims 
5.9 485.6 
 
PERCENTAGES 
 
3.3 2.7 2.76 2.26 1.76 1.26 0.76 0.26 63 
 
Unemployment Rate Insured Unemployment Rate 
 
392.5 
 
56 
 
THOUSANDS 
 
299.4 
 
50 
 
206.2 
 
43 
 
113.1 
 
37 
 
Continued Unemployment Claims 
 
New Motor Vehicle Sales 
 
20.0 
 
30 
 
A 
 
M 
 
J 
 
J 
 
A 
 
S 
 
O 
 
N 
 
D 
 
J 
 
F 
 
M 
 
A 
 
M 
 
J 
 
J 
 
A 
 
S 
 
O 
 
N 
 
D 
 
J 
 
F 
 
M 
 
THOUSANDS 
 
2001: Q2 Q3 Q4 
2002: Q1 Q2 Q3 Q4 
2003: Jan. Feb. Mar. 
 
Job Openings 
9,059 8,287 7,624 9,214 9,697 10,246 10,690 10,811 11,646 12,003 
 
Initial Claims 
57,570 53,592 61,024 46,376 49,953 44,835 50,556 46,239 45,394 55,465 
 
1 Rate at the end of each quarter, except for monthly rates. Georgia Department of Labor 
 
Unemployment 
 
Continued Claims 
 
Rate 1 
 
257,142 
 
4.5% 
 
277,203 
 
4.2% 
 
348,012 
 
4.3% 
 
309,885 
 
4.6% 
 
342,513 
 
5.2% 
 
321,650 
 
4.8% 
 
303,933 
 
4.6% 
 
254,757 
 
4.5% 
 
303,271 
 
4.6% 
 
341,074 
 
4.7% 
 
Insured 1 
1.59% 1.73% 2.09% 2.06% 1.94% 1.96% 2.19% 1.91% 1.88% 1.99% 
 
New Motor Vehicle Sales 
43,837 47,677 47,801 46,658 43,752 47,308 42,452 53,735 39,455 42,496 
 
Economic Indicators / First Quarter 2003 7 
 
 HOUSEHOLD UNITS 
 
MILLIONS 
 
GEORGIA 
 
10,277 9,388 
 
2001- 2002 2002- 2003 
 
8,499 
 
7,609 
 
6,720 5,831 
$810 
 
Residential Construction 2 
 
CHARTERS 
 
7,123 6,068 5,014 3,959 2,905 1,850 $1,683 
 
2001- 2002 2002- 2003 
New Business Corporations 3 
 
$672 
$534 
$396 
$258 
Nonresidential Construction 
$120 $675 
 
MILLIONS 
 
$1,466 $1,250 $1,033 
$817 $600 
$940 
 
Total State Revenue 
 
$550 
 
$823 
 
$425 
 
$706 
 
MILLIONS 
 
$300 
 
$589 
 
$175 
Deflated Nonresidential Construction 
 
$472 
Deflated Total State Revenue 
 
$50 
 
$355 
 
A 
 
M 
 
J 
 
J 
 
A 
 
S 
 
O 
 
N 
 
D 
 
J 
 
F 
 
M 
 
A 
 
M 
 
J 
 
J 
 
A 
 
S 
 
O 
 
N 
 
D 
 
J 
 
F 
 
M 
 
MILLIONS 
 
Construction 
 
Residential 2 Non-residential 1 Deflated non-res 1 
 
2001: Q2 
 
8,117 
 
$468,826,000 
 
$393,750,800 
 
Q3 
 
7,639 
 
496,546,000 
 
414,825,400 
 
Q4 
 
7,428 
 
499,825,000 
 
415,367,000 
 
2002: Q1 
 
7,794 
 
441,608,000 
 
364,262,900 
 
Q2 
 
8,400 
 
448,637,000 
 
368,439,900 
 
Q3 
 
7,861 
 
436,092,000 
 
357,062,200 
 
Q4 
 
7,970 
 
492,563,000 
 
399,375,400 
 
2003: Jan. Feb. 
 
8,243 6,610 
 
351,921,000 396,306,000 
 
281,311,800 316,033,500 
 
Mar. 
 
7,196 
 
478,739,000 
 
380,858,400 
 
1 Data rounded 2 Household units 3 Includes limited liability companies 
 
8 Economic Indicators / First Quarter 2003 
 
New Business Corporations 3 
4,561 4,846 3,645 5,236 4,785 5,180 5,186 5,084 5,440 4,324 
 
Total State Revenue 1 Deflated Rev. 1 
$1,191,590,000 $671,192,300 1,098,360,000 617,866,100 1,089,340,000 614,520,500 1,040,070,000 584,637,400 1,131,250,000 629,054,700 1,004,900,000 556,423,000 1,073,530,000 592,564,900 1,203,870,000 662,559,200 1,013,290,000 553,408,000 
895,170,000 485,977,200 
Georgia Department of Labor 
 
 Metro Atlanta Index of Economic Indicators 
184.9 
Leading indicators Coincident indicators 
165.6 
 
146.3 
 
127.1 
 
107.8 
1995-96 = 100 
 
88.5 
 
96 
 
97 
 
98 
 
99 
 
00 
 
01 
 
02 
 
03 
 
04 
 
Metro Atlanta waits for the economy to turn the corner 
 
Note: All indicators are seasonally adjusted. 
 
*** 
 
Economic growth has declined over the last several quarters, adding a layer of uncertainty to the economy. The transition from the old economy in the 90's to the 21st century has been long awaited. After all, economic progress will return, but the question is what type of economy will emerge after we turn the corner? 
The Leading Economic Indicators (LEI) for Metropolitan Atlanta increased from 168.3 in January to 170.4 in March, ending the quarter up 1.2 percent. 
The commercial construction sector led the LEI with two consecutive months of gains, up 56.38 percent in February and 13.8 percent in March. Nonresidential construction activity remains low in comparison to previous time periods. Sales of new homes 
 
(driven by low interest rates) seem to be holding up despite fears of a housing bubble. Permits for new homes increased 13.0 percent in March after declining 9.7 percent in February. Manufacturing hours worked declined slightly in March; however, the weekly average remains close to 40. Initial unemployment claims, a gauge used to measure the condition of the current job market, continue to hover around last year's levels. 
The Coincident Economic Indicator, which measures current economic conditions, increased from 158.3 in January to 159.9 in March, an increase of 1.0 percent for the quarter. 
Unemployment in the metro area remained stable (at 4.7%) during the 
 
first quarter. Retail employment increased in February (up 1.4 percent) and then declined 1.8 percent in March, averaging 167 thousand jobs in the first quarter. The curvature of the coincident indicator has been elevated due to the transition from SIC to NAICS industry coding and revised benchmarked data (detecting an increase in retail jobs ). The insured unemployment rate edged up slightly to 1.81% in March. 
The economy seems to be continuing to turn around slowly. No phenomenal gains were recorded during the first quarter. We will have to wait until the second quarter to determine the mind set of consumers and business. 
 
Economic Indicators / First Quarter 2003 
 
Georgia Department of Labor 9 
 
 Metro Atlanta 
 
Mar-2003 
 
Feb-2003 
 
Percent Percent 
 
Change Change 
 
Feb-2003 Jan-2003 
 
to 
 
to 
 
Jan-2003 Mar-2003 Feb-2003 
 
Nonagricultural Employment 
 
2,187,205 
 
Wholesale Employment 
 
140,487 
 
Retail Employment 
 
249,062 
 
Accommodation and Food Services Employment 
 
169,515 
 
Manufacturing Employment 
 
166,717 
 
Government Employment 
 
289,299 
 
Construction Employment 
 
121,165 
 
Trans., Warehousing and Utilities Employment 
 
112,311 
 
Financial Activities Employment 
 
144,335 
 
Professional and Business Services Employment 
 
366,895 
 
Hospital Services Employment 
 
57,928 
 
Social Assistance Employment 
 
25,729 
 
Manufacturing Workweek 
 
39.4 
 
Manufacturing Earnings 
 
$584.01 
 
Deflated Manufacturing Earnings 
 
$317.05 
 
Initial Unemployment Claims 
 
13,304 
 
Continued Unemployment Claims 
 
184,529 
 
Total Unemployment Rate (not seasonally adjusted ) 
 
4.7 
 
Insured Unemployment Rate 
 
1.81% 
 
MARTA Passengers 
 
5,422,000 
 
Cobb County Transit Passengers 
 
191,194 
 
Residential Construction (household units) 
 
5,060 
 
Nonresidential Construction (value) 
 
$290,530,000 
 
Deflated Nonresidential Construction 
 
$231,100,000 
 
Hotel Occupancy 
 
55.2% 
 
Average Hotel Room Rates 
 
$72.15 
 
Deflated Average Hotel Room Rate 
 
$39.17 
 
Average 30-Year Fixed Mortgage Rate 
 
5.74% 
 
Average 15-Year Fixed Mortgage Rate 
 
5.10% 
 
Average One-Year Adjustable Mortgage Rate 
 
3.43% 
 
2,178,846 140,698 253,791 167,385 167,600 289,869 118,244 112,209 143,728 354,871 57,430 26,068 39.9 $606.73 $331.36 13,338 157,790 4.7 1.77% 
5,352,000 187,400 4,476 
$255,299,000 $203,600,000 
60.1% $75.84 $41.42 5.80% 5.20% 3.50% 
 
2,174,554 141,331 250,216 164,954 167,409 290,475 116,548 113,156 145,545 357,807 56,779 26,470 38.6 $587.95 $323.58 13,175 133,712 4.7 1.74% 
5,655,000 194,787 4,957 
$163,268,000 $130,500,000 
55.0% $74.55 $41.03 5.90% 5.28% 3.61% 
 
0.38% -0.15% -1.86% 1.27% -0.53% -0.20% 2.47% 0.09% 0.42% 3.39% 0.87% -1.30% -1.44% -3.74% -4.32% -0.26% 16.95% 
1.31% 2.02% 13.06% 13.80% 13.51% -4.87% -5.44% - 
 
0.20% -0.45% 1.43% 1.47% 0.11% -0.21% 1.46% -0.84% -1.25% -0.82% 1.15% -1.52% 3.55% 3.19% 2.41% 1.24% 18.01% 
-5.36% -3.79% -9.71% 56.37% 56.02% 1.73% 0.95% - 
 
10 Economic Indicators / First Quarter 2003 
 
Georgia Department of Labor 
 
 MILLIONS 
 
THOUSANDS 
 
Metro Atlanta 
 
2.24 2.22 
 
2001-2002 2002-2003 
 
2.19 
 
300 2001- 2002 2002- 2003 
250 
200 
 
THOUSANDS 
 
2.17 
2.14 
Nonagricultural Employment 
2.12 155 
150 
145 
140 
135 
Wholesale Employment 
130 
270 
 
THOUSANDS 
 
150 
100 
Accommodation and Food Services 
50 300 
290 
280 270 
260 
Manufacturing employment 
250 310 
 
260 
 
300 
 
THOUSANDS 
 
250 
 
290 
 
240 
 
280 
 
230 
Retail Employment 
 
270 
Government Employment 
 
220 
 
260 
 
A 
 
M 
 
J 
 
J 
 
A 
 
S 
 
O 
 
N 
 
D 
 
J 
 
F 
 
M 
 
A 
 
M 
 
J 
 
J 
 
A 
 
S 
 
O 
 
N 
 
D 
 
J 
 
F 
 
M 
 
Period 
2001 :Q2 Q3 Q4 
2002 :Q1 Q2 Q3 Q4 
2003 Jan. Feb. Mar. 
 
Nonag 
2,200,741 2,189,656 2,170,232 2,179,602 2,187,850 2,170,072 2,165,678 2,174,554 2,178,846 2,187,205 
 
Wholesale 
142,981 142,935 140,392 142,714 143,538 140,903 140,245 141,331 140,698 140,487 
 
Employment 
 
Retail 
254,978 253,176 249,327 247,873 249,841 248,473 247,770 250,216 253,791 249,062 
 
Accom. & Food Services 
170,963 168,195 170,810 167,837 172,037 167,944 166,992 164,954 167,385 169,515 
 
Manufacturing 
185,754 180,238 174,470 171,189 173,126 169,593 169,181 167,409 167,600 166,717 
 
Government 
273,275 277,440 278,909 278,665 282,007 286,104 288,326 290,475 289,869 289,299 
 
THOUSANDS 
 
Georgia Department of Labor 
 
Economic Indicators / First Quarter 2003 11 
 
 THOUSANDS 
 
THOUSANDS 
 
Metro Atlanta 
132 2001-2002 2002-2003 
126 
120 
114 
108 
Construction Employment 
102 
140 
130 
120 
110 
100 
Transportation, Warehousing & Utilities Employment 
90 
155 
 
THOUSANDS 
 
THOUSANDS 
 
400 2001- 2002 2002- 2003 
380 
360 
340 
320 
Professional and Business Services Employment 
300 
80 
70 
60 
50 
40 
Hospital Services Employment 
30 
40 
 
151 
 
35 
 
147 
 
30 
 
THOUSANDS 
 
143 
 
25 
 
139 
Financial Activities Employment 
 
20 
Social Assistance Employment 
 
135 
 
15 
 
A 
 
M 
 
J 
 
J 
 
A 
 
S 
 
O 
 
N 
 
D 
 
J 
 
F 
 
M 
 
A 
 
M 
 
J 
 
J 
 
A 
 
S 
 
O 
 
N 
 
D 
 
J 
 
F 
 
M 
 
Period 
2001 :Q2 Q3 Q4 
2002 :Q1 Q2 Q3 Q4 
2003 Jan. Feb. Mar. 
 
Construction 
121,628 120,630 119,221 121,539 118,075 116,408 116,369 116,548 118,244 121,165 
 
Trans, Ware & Utilities 
121,291 121,417 118,616 115,924 116,827 113,881 111,873 113,156 112,209 112,311 
 
Employment 
 
Financial Activities 
 
Professional & Business Services 
 
365,598 363,102 358,915 363,112 365,666 359,489 355,674 357,807 354,871 366,895 
 
365,598 363,102 358,915 363,112 365,666 359,489 355,674 357,807 354,871 366,895 
 
Hospital Services 
53,185 54,282 54,823 56,012 55,545 55,074 56,032 56,779 57,430 57,928 
 
Social Assistance 
24,274 24,810 25,010 24,971 25,311 25,183 25,330 26,470 26,068 25,729 
 
THOUSANDS 
 
12 Economic Indicators / First Quarter 2003 
 
Georgia Department of Labor 
 
 HOURS 
 
DOLLARS 
 
Metro Atlanta 
44.8 2001- 2002 2002- 2003 
43.0 
41.3 
39.5 
37.8 
Manufacturing Workweek 
36.0 
$660 
$630 
$600 
$570 
$540 
Manufacturing Earnings 
$510 
$450 
 
THOUSANDS 
 
THOUSANDS 
 
25.8 2001-2002 2002-2003 
21.0 
16.2 
11.5 
6.7 
Initial Unemployment Claims 
1.9 
277 
222 
166 
111 
55 
Continued Unemployment Claims 
0 
6.4 
 
$400 
 
5.4 
 
PERCENTAGES 
 
$350 
 
4.5 
 
$300 
 
3.6 
 
$250 
 
2.6 
 
Deflated Manufacturing Earnings 
 
Total Unemployment Rate 
 
$200 
 
1.7 
 
AM J 
 
J 
 
A 
 
S 
 
O 
 
N 
 
D 
 
J 
 
FM 
 
A 
 
M 
 
J 
 
J 
 
A 
 
S 
 
O 
 
N 
 
D 
 
J 
 
F 
 
M 
 
DOLLARS 
 
Period 
2001 :Q2 Q3 Q4 
2002 :Q1 Q2 Q3 Q4 
2003 Jan. Feb. Mar. 
 
Work Week (hrs) 
40.0 41.7 39.8 40.1 40.0 39.0 39.5 38.6 39.9 39.4 
 
Manufacturing 
Weekly Earnings 
$550.39 587.04 585.21 617.37 607.08 592.97 603.96 587.95 606.73 584.01 
 
Deflated Earnings 
$310.01 330.23 330.14 347.00 337.58 328.33 333.37 323.58 331.36 317.05 
 
Initial Claims 
11,593 12,560 16,544 13,434 14,878 13,060 13,623 13,175 13,338 13,304 
 
Unemployment 
Continued Claims 
107,502 126,694 183,017 171,515 186,676 173,034 163,621 133,712 157,790 184,529 
 
Rate 
3.6% 3.8% 4.4% 5.2% 5.9% 5.6% 5.2% 4.7% 4.7% 4.7% 
 
Georgia Department of Labor 
 
Economic Indicators / First Quarter 2003 13 
 
 PERCENTAGES 
 
MILLIONS 
 
Metro Atlanta 
2.6 2001- 2002 2002- 2003 
2.1 
1.6 
1.1 
0.6 
Insured Unemployment Rate 
0.0 
7.0 
6.5 
6.0 
5.5 
5.0 
Marta Passengers 
4.5 
224 
 
MILLIONS 
 
HOUSEHOLD UNITS ( THOUSANDS ) 
 
7.5 6.6 5.8 4.9 4.1 3.2 $645 $518 $391 $264 $137 $10 $431 
 
2001-2002 2002- 2003 
Residential Construction 3 
Nonresidential Construction 
 
197 
 
$346 
 
171 
 
$261 
 
MILLIONS 
 
144 
 
$176 
 
117 
Cobb Community Transit Passengers 
 
$91 
Deflated Nonresidential Construction 
 
91 
 
A 
 
M 
 
J 
 
J 
 
A 
 
S 
 
O 
 
N 
 
D 
 
J 
 
F 
 
M 
 
$6 
 
A 
 
M 
 
J 
 
J 
 
A 
 
S 
 
O 
 
N 
 
D 
 
J 
 
F 
 
M 
 
THOUSANDS 
 
Period 
2001 :Q2 Q3 Q4 
2002 :Q1 Q2 Q3 Q4 
2003 Jan. Feb. Mar. 
 
Insured Unemployment 
Rate 2 
1.15% 1.50% 1.91% 2.00% 2.04% 1.81% 1.83% 1.74% 1.77% 1.81% 
 
Transit Passengers 
 
Marta 1 
6,454,000 5,831,900 5,904,600 5,618,800 5,637,400 5,361,200 5,456,900 5,654,800 5,351,600 5,422,500 
 
Cobb Community 
163,759 177,181 187,516 175,120 167,733 178,376 193,958 194,787 187,400 191,194 
 
Construction 
 
Residential 3 
5,555 5,202 5,122 5,181 5,721 5,180 5,442 4,957 4,476 5,060 
 
Nonresidential 
$335,900,000 338,729,000 317,069,000 296,865,000 283,007,000 290,063,000 285,491,000 163,268,000 255,299,000 290,530,000 
 
Deflated Non-res 
$282,266,667 283,000,000 263,466,667 244,866,667 232,400,000 237,466,667 231,500,000 130,500,000 203,600,000 231,100,000 
 
1 Data rounded 2 Rate at the end of each quarter, except for monthly rates. 
14 Georgia Department of Labor 
 
3 Household units Economic Indicators / First Quarter 2003 
 
 PERCENTAGES 
 
DOLLARS 
 
Metro Atlanta 
75 2001- 2002 2002- 2003 
69 
63 
 
8.00 2001- 2002 2002- 2003 
7.40 
6.80 
 
PERCENTAGES 
 
56 
 
6.20 
 
50 
Hotel Occupancy 
44 
$89 
 
5.60 
Average 30-Year Fixed Mortgage Rate 1 
5.00 
7.60 
 
$84 
 
6.98 
 
PERCENTAGES 
 
$80 
 
6.36 
 
$76 
$71 
Average Hotel Room Rates 
$67 $51 
$49 
$46 
 
5.74 
5.12 
Average 15-Year Fixed Mortgage Rate 1 
4.50 
7.61 
6.43 
5.25 
 
PERCENTAGES 
 
$43 
 
4.07 
 
$40 
 
$37 
 
A 
 
M 
 
Deflated Average Hotel Room Rates 
 
J 
 
J 
 
A 
 
S 
 
O 
 
N 
 
D 
 
J 
 
2.89 
 
Average One-Year Adjustable Mortgage Rate 1 
 
1.71 
 
F 
 
M 
 
A 
 
M 
 
J 
 
J 
 
A 
 
S 
 
O 
 
N 
 
D 
 
J 
 
F 
 
M 
 
DOLLARS 
 
Period 
2001 :Q2 Q3 Q4 
2002 :Q1 Q2 Q3 Q4 
2003 Jan. Feb. Mar. 
 
Occupancy % 
62.7% 58.3% 58.4% 60.2% 57.8% 57.7% 58.2% 55.0% 60.1% 55.2% 
 
1 Rate does not include points 
 
Georgia Department of Labor 
 
Hotel Data 
Room Rates 
$80.33 76.20 76.60 77.65 77.55 75.75 77.10 74.55 75.84 72.15 
 
Deflated Room Rates 
$45.24 42.87 43.21 43.65 43.13 41.94 42.56 41.03 41.42 39.17 
 
3 0 - Ye a r Fixed 1 
7.2% 6.8% 7.2% 7.0% 6.6% 6.2% 6.0% 5.9% 5.8% 5.7% 
 
Mortgage Rates 
 
1 5 - Ye a r Fixed 1 
 
O n e - Ye a r Rate Adjustable 1 
 
6.8% 
 
5.7% 
 
6.4% 
 
5.4% 
 
6.7% 
 
5.3% 
 
6.6% 
 
5.0% 
 
6.1% 
 
4.3% 
 
5.6% 
 
4.2% 
 
5.4% 
 
3.6% 
 
5.3% 
 
3.6% 
 
5.2% 
 
3.5% 
 
5.1% 
 
3.4% 
 
Economic Indicators / First Quarter 2003 15 
 
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