Presentation on theme: "Update on the Kentucky Economy Churchill Tax Free Fund Annual Shareholders Meeting April 25, 2008."— Presentation transcript:
Update on the Kentucky Economy Churchill Tax Free Fund Annual Shareholders Meeting April 25, 2008
2 High gasoline prices Subprime lending crisis/banking Housing weakness Slowdown in GDP Nationally – It was quite a year
3 To see what’s happened in Kentucky’s economy Let’s put it in a historical context
4 Kentucky’s Economy “A Quick History” 1980-1984Major Recession Heavy job loss 1984-2000Strong job growth Strong income growth Employment/Income growth greater than U.S.
5 THEN November 2000 – The light switch... July 2003 – Job losses Manufacturing Telecommunications Utilities
6 UPDATE 2004 – 2007 Decent growth-Not great Growth in business services Growth in health care Some defense related growth COAL Loss of manufacturing jobs
7 KY Employment is Growing Strongly March 2000: 1,831.6 July 2003: 1,775.3 March 2006: 1,839.7 Nonfarm employment in thousands January 2007: 1,854.3 March 2007: 1,858.8 December 2007: 1,857.3
8 Manufacturing Employment in KY Continues to be a Concern in thousands January 2006: 261.8 December 2007: 252.7
9 Employment Gain +3,000 jobs (+0.2%) Manufacturing -8,200 jobs (-3.1%) So, we continue in trading jobs Manufacturing (high wage) For Services (some high, some low) Healthcare Business Retail Income growth, but less than National average Update 2007
10 Kentucky Outlook Continued modest employment growth (Less than 1.0%) OK income growth (Around 5%) Below U.S. Housing slow Energy concerns Continued state budget issues Expenditure side of budget Pension Liability Other And We Will Try One More Time to Guess the Future
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