Tallahassee, FL – The Tallahassee Economic Index (TEI), the city’s top economic growth indicator, today released numbers ending February 2017 which showed a slight drop after a 12.52 point move in January. Employment maintained its strength, but some consumer spending sectors fell substantially.
“Coming off a multi-month high, the TEI experienced a slight pullback in February,” said TEI Founder Brett F. Ewing. “The underlying data in the individual indicators were relatively benign this month. We saw continued strength in employment data, but there were some pullbacks in the categories that are sensitive to consumer spending. If employment stays strong it is hard to believe those drops will be much more than a blip coming off an unseasonably strong month.”
The Index dipped down 1.21 points (due to rounding), from 61.10 in January to 59.90 in February.
“After such a strong January, it was entirely expected to see a slight cooling in the overall data for February,” said Lance Mitchell, Director of Research at the TEI. “There is nothing in this month’s data that would get us worried about the direction of the economy. The lagging areas of consumer spending should get help from the residential real estate market. Housing, new permits, and lumber all look solid and the sell through of those new homes will increase spending for big ticket items.”