Thomassen explained that Georgia s economy basically follows the national trends. Thus, the national economy has a large effect on Georgia s economy, and the national economy is facing an imminent slow-down. He stressed that we were not in a recession at present as there had not been a spiral and there was as yet no significant duration or depth to this slow down. Thomassen feels it is a near certainty that fourth quarter returns for calendar year 2000 will be even lower than those of the disappointing third. He also noted the impact consumers play.
All reports show that consumer confidence is on a steady decline.
Moreover, the proportion of growth in manufacturing is the lowest it has been in the last fifteen years. An increase in the growth in manufacturing has been cited in years prior by Alan Greenspan as one of the clearest indicators of economic boom. This has resulted in rapidly shrinking business opportunity. This demonstrates a massive decrease in consumption during the past year. This could be counterbalanced by an increase in investment in private business, but this has not yet occurred.