The Atlanta Fed's SouthPoint offers commentary and observations on various aspects of the region's economy.
The blog's authors include staff from the Atlanta Fed's Regional Economic Information Network and Public Affairs Department.
Postings are weekly.
Coming to grips
As we gather more information on
From a macroeconomic standpoint, our job is to analyze the potential impact on overall economic activity. We continue to do this by talking to our business contacts in the larger affected areas such as Tuscaloosa, Birmingham, and Huntsville. As we noted in our previous post, we anticipate that disruptions of the April 27 tornado outbreak will be temporary and do not pose a threat to the broader economic recovery under way in the region. Power is being restored, and the cleanup is under way. We expect that disruptions to production, transportation, and general business activity to be short-lived in most areas. Neighborhoods where the devastation was significant will, of course, take longer to recover.
So we think we have a pretty good handle on how this event will play out on a macroeconomic scale: short-term losses will be largely offset by longer-term recovery and rebuilding activity, a pattern that tends to apply to natural disasters' impact on overall economic activity.
What I don't have a handle on—and can never hope to come to grips with—is the human cost. I didn’t lose any family or friends. My home was not damaged. In most ways April 27 was just another day for me. But something is different.
My wife told me about a story she heard on NPR about how Hackleburg, a small town in northwest Alabama, was practically wiped out, and how residents there are coping. (See the follow-up NPR story on the town and a video shot from a helicopter surveying the damage.) Hackleburg is one of dozens of small towns that face an arduous path to recovery. I have not really thought about that aspect until I read the story. I still don't know how to think about their plight.
Then I saw something that brought April 27 more into focus for me. I came across an aerial photograph of the track of the Tuscaloosa tornado. I noticed it passed within blocks of the apartment complex where my daughter lived when she was in school there. I can only imagine what people are going through. I don't have a clue how the people of Hackleburg will manage.
It had always been a dream of mine to go storm chasing—to maybe take my sons on what I pictured to be an adventure of sorts. I wanted to take pictures of a tornado, see it up close. Not anymore. I never want to see a tornado. Ever.
By Mike Chriszt, an assistant vice president in the Atlanta Fed's research department
TrackBack URL for this entry:
Listed below are links to blogs that reference Coming to grips :
- Southeastern Transportation: Tapping the Brakes?
- Southeast Manufacturing Slows in August
- It's Mostly Sunny in Florida
- Auto Manufacturing an Economic Boon for Tennessee
- Southeast Manufacturing Rebounded in June
- Southeast Manufacturing Dips in May
- Assessing the Impact of Oil Price Declines on Louisiana's Economy
- Seeking the Slack
- Middle Tennessee Consumer Confidence on the Rise
- Trials and Tribulations in Transportation
- November 2015
- September 2015
- August 2015
- July 2015
- June 2015
- May 2015
- April 2015
- March 2015
- February 2015
- January 2015
- Banks and banking
- Beige Book
- Business Cycles
- Commodity Prices
- Consumer Savings
- Data Releases
- Disaster recovery
- Economic conditions
- Economic Growth and Development
- Economic Indicators
- Fiscal Policy
- Gulf Coast
- Health Care
- Holiday Sales
- Labor Markets
- Local Economic Analysis and Research Network (LEARN)
- Monetary Policy
- Natural Disasters
- New Orleans
- Oil Spill
- Real Estate
- Sales Tax