Monday, October 15, 2007

Georgia Sales Slowing Down Too - Tighten Those Lending Standards

First California sales tax receipts were dropping, and now Georgia has reported a similar problem. From the Atlanta Journal-Constitution (hat tip to Calculated Risk):

Collections in Georgia were down $2.3 million in September, compared to the same period in 2006. Sales taxes dropped 10.6 percent. For the first quarter of the fiscal year, which began July 1, overall collections are up 5 percent, or $199 million. The state needs a growth rate of 5 percent or more for the rest of fiscal 2008 to meet its $20.2 billion budget.

This is another indication that state economics are slowing down. Tighten up those lending standards and look for the best folks in all the credit grades that you lend in.

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