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That's The Randle Report for August 27, 2015
Join us again tomorrow morning for all of the American South's business, economic development and political news in real time and in one place. Use the sort buttons or the search window above to find your favorite stories from yesterday, last week, last month or last year. Click on the headline to access Southern Business & Development magazine.
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U.S. GDP Expands Faster Than Thought in Second Quarter
WASHINGTON—The U.S. economy expanded at a brisker pace than initially thought in the second quarter as businesses ramped up spending, a hopeful sign for an economy that has been repeatedly buffeted by bad weather, domestic political standoffs and overseas turmoil. Gross domestic product, the broadest sum of goods and services produced across the economy, expanded at a 3.7% seasonally adjusted annual rate in the second quarter of 2015, the Commerce Department said Thursday, up from the initial estimate of 2.3% growth. Economists surveyed by The Wall Street Journal had forecast a 3.3% rate. The Wall Street Journal
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5 Things the U.S. GDP Report May Tell Us About What’s Next
The U.S. economy likely expanded at a faster pace than initially thought in the second quarter. Economists surveyed by The Wall Street Journal are forecasting a 3.3% seasonally adjusted annual rate of growth from April to June, up a full percentage point from the initially reported 2.3%. Here are some things Thursday’s Commerce Department report may (and may not) tell us about what’s happening now. The Wall Street Journal
Submitted 11 hours ago

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U.S. Jobless Claims Fall, Remain Near Historic Lows
WASHINGTON—The number of Americans seeking first-time unemployment benefits fell last week, suggesting the labor market remains healthy. Initial jobless claims, a proxy for layoffs across the U.S., decreased by 6,000 to a seasonally adjusted 271,000 in the week ended Aug. 22 the Labor Department said Thursday. The decline comes after four straight weekly increases. Economists surveyed by The Wall Street Journal had expected 273,000 claims. The Labor Department said there were no special factors impacting the latest weekly data. The Wall Street Journal
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10 YEARS AFTER KATRINA
NEW ORLEANS — It is a wonder that any of it is here at all: The scattered faithful gathering into Beulah Land Baptist Church on a Sunday morning in the Lower Ninth Ward. The men on stoops in Mid-City swapping gossip in the August dusk. The brass band in Tremé, the lawyers in Lakeview, the new homeowners in Pontchartrain Park. On Aug. 29, 2005, it all seemed lost. Four-fifths of the city lay submerged as residents frantically signaled for help from their rooftops and thousands were stranded at the Superdome, a congregation of the desperate and poor. From the moment the storm surge of Hurricane Katrina dismantled a fatally defective levee system, New Orleans became a global symbol of American dysfunction and government negligence. The New York Times
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An Unfinished Riff: New Orleans’s Uneven Revival in Decade After Katrina
NEW ORLEANS—For Paul McGoey, Hurricane Katrina delivered the unlikely opportunity of a lifetime. A month into the flood, Mr. McGoey heard from the owners of three suburban hamburger joints: Their managing partner had left town for good. Would Mr. McGoey run the chain in exchange for an ownership stake? Mr. McGoey, at the time a restaurant consultant, took the deal and now employs 600 people at 15 restaurants and cafes across the metropolitan region. The Wall Street Journal
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Hurricane Katrina migration: Where did people go? Where are they coming from now?
In the decade since the levees broke, the story of the Katrina diaspora has evolved into a tale of post-Katrina transplants. NOLA.com | The Times-Picayune has created a New Orleans migration map using Internal Revenue Service records to show where families relocated after the storm -- and where new arrivals are coming from in recent years. Look at the state-by-state numbers, then click on "more" to see parish/county-specific data. See anything interesting? Please share your observations in the comments. NOLA.com
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Obama to Face Reckoning in New Orleans Over Katrina Promises
WASHINGTON — Eight years ago as a senator running for president, Barack Obama visited New Orleans, a city still battered and broken two years after Hurricane Katrina, and made the kind of extravagant promises that candidates often make to get elected. “America failed the people of New Orleans and the Gulf Coast long before that failure showed up on our television sets,” Mr. Obama said at the time. “America failed them again during Katrina. We cannot — we must not — fail for a third time.” The New York Times
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Katrina drove Confederate Motors out of New Orleans, now bike maker plans Birmingham expansion
For the last 24 years, Confederate Motors has custom built high-end motorcycles for celebrities, royalty and "all the best people," as company founder Matt Chambers likes to say. That all nearly came to an end when Hurricane Katrina literally brought the roof down on the company's New Orleans headquarters. "We couldn't build a bike for nine months. We couldn't get into the city for seven weeks. Our insurance company went bankrupt. We got nothing from FEMA -- not a nickel -- and it wasn't for a lack of trying," Chambers said. AL.com
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Metro Atlanta unemployment rate rises to 6.1 percent in July
Metro Atlanta’s unemployment rate for July was 6.1 percent, up one-tenth of a percentage point from 6.0 percent in June, the Georgia Department of Labor said early Thursday. The rate in July 2014 was 7.6 percent. Despite an increase in new jobs, some could not to find work. There was also an increase in layoffs, GDoL said. Atlanta’s labor force grew to 2,839,716, an increase of 20,584 from June. In July 2014, the labor force stood at 2,838,298, the agency added. Atlanta Business Chronicle
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Features & Opinion

 Top Ten Places in the South for Relocating California Companies

Urban areas have all kinds of assets that are easy to spot. They have the population, so the labor shed is not usually an issue. Urban areas are also connected by better roads, rail and air service and many have river and deep water ports. Usually Internet access and other forms of communication are more efficient in urban areas. And you have a larger array of quality of life options to choose from, such as the cultural assets found in metropolitan areas.
 

 Randle Report - Business News in the South

 FEATURE  
By Mike Randle
The belief that "80 percent of all new jobs come from existing business and industry" is an out-of-date, old-fashioned fabrication. I have no idea how it started, where it started, or who said it first, but there are professionals in economic development as well as leaders of government in the South who actually believe that each year, 80 percent (why 80 percent I don't know, either) of all new jobs are created by existing business and industry. I hear it all the time and I just roll my eyes. There is nothing static in economic development but this: 100 percent of all lost jobs come from existing business and industry. That, and of course 100 percent of the time site consultants never pay for a meal.
 

 Business News in the South - Randle Report

FEATURE     
After I finished the cover story for this issue, I read an interesting article by economist Paul Krugman, the op-ed columnist for the New York Times, titled, "Partying like it’s 1995." Generally I side with Krugman, even though I am a journalist, not an economist. Occasionally, though, I read some of his stuff and ask myself, "What planet did Krugman come from?" Like when he predicted a shift of automotive assembly to Canada after Toyota announced a new plant in Woodstock, Ontario in 2005 because of "free healthcare," among other benefits. That Toyota deal was the last major automotive assembly plant announced in Canada and I predict it will be the very last one for the Canadians.
 
 Nashville Mayour Karl Dean
If you have ever seen one of my presentations, then you know about the word "reshoring" and how that phenomenon has lifted the spirits of even the most skeptical Southerners regarding the future of the region's economy. After all, in the last four decades, manufacturing has suffered a bloodletting never before seen in U.S. history. The biggest factor behind the slow and long meltdown that began in the 1990s was the herd mentality to offshore manufacturing capacity to cheaper locales, primarily by U.S.-owned companies.
 


 

 

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