National & regional economies

Business Perspectives, Wntr-Spring, 2008

National Economic Indicators

                                 February     October      November
                                   2007         2007         2007

Consumer Confidence (1)             111.2         95.6         87.8
ISM Manufacturing Index (2)          52.3         50.9         50.8
Consumer Price' Index (USA
city Average for All
Urban Consumers) (3) *              203.5        208.9        210.2
Retail Sales (4) ($ Millions)   369,287      380,349      383,365
30-Year Mortgage Rate (5)             6.29         6.38         6.38
Housing Starts (000) (6)          1,487        1,174        1,178

                                 December     January      February
                                   2007         2008       2008 (P)

Consumer Confidence (1)              90.6         87.3         75.0
ISM Manufacturing Index (2)          47.7         48.3         48.3
Consumer Price' Index (USA
city Average for All
Urban Consumers) (3) *              210.0                     211.1
Retail Sales (4) ($ Millions)   380,711      382,336      380,197
30-Year Mortgage Rate (5)             6.10         5.76         5.92
Housing Starts (000) (6)          1,004        1,071        1,065

                                 Percent
                                  Change
                                 February
                                2007-2008

Consumer Confidence (1)           -32.6
ISM Manufacturing Index (2)        -7.6
Consumer Price' Index (USA
city Average for All
Urban Consumers) (3) *              3.7
Retail Sales (4) ($ Millions)       3.0
30-Year Mortgage Rate (5)          -5.9
Housing Starts (000) (6)          -28.4

* Not seasonally adjusted.

(P) = Preliminary estimate.

(1) The Conference Board, www.conference-board.org.

(2) Institute of Supply Management (ISM) Manufacturing Report on
Business.

(3) Bureau of Labor Statistics.

(4) Economic Indicators.Gov-Economics and Statistics Administrations,
www.economicindicators.gov/.

(5) The Board of Governors of the Federal Reserve System, The Federal
Reserve Bank, St  Louis, Missouri  All monthly 30-year mortgage
statistics in this table are reported for the third weekly observation
for each month.

(6) The Board of Governors of the Federal Reserve System, The Federal
Reserve Bank, St  Louis, Missouri.

National Unleaded Average Retail Gasoline Prices

                         Regular    Mid     Premium   Diesel

April 2, 2008, Average   $3.287    $3.491   $3.617    $4.025
April 1, 2008, Average   $3.286    $3.490   $3.616    $4.022
March 1, 2008, Average   $3.165    $3.361   $3.483    $3.674
April 2, 2007 Average    $2.696    $2.862   $2.965    $2.855

Source: Daily Fuel Gauge, AAA.com, http:/twww.fuelgaugereport.com/.

Memphis, Tennessee, Unleaded Average Retail Gasoline Prices)

                         Regular    Mid     Premium   Diesel

April 2, 2008, Average   $3.145    $3.329   $3.488    $3.893
April 1, 2008, Average   $3.141    $3.324   $3.484    $3.891
March 1, 2008, Average   $3.059    $3.238   $3.393    $3.526
April 2, 2007 Average    $2.506    $2.653   $2.780    $2.713

Source: Daily Fuel Gauge, AAA.com,
http://www.fuelgaugereport.com/TNmetro.asp.

Interest Rates, February 2007 and January and February 2008

                        February   January   February
                          2008      2008       2007     Difference

3-Month Treasury Bill       2.17      2.82       5.16     -2.99
6-Month Treasury Bill       2.10      2.84       5.16     -3.06
10-Year Treasury Bill       3.74      3.74       4.72     -0.98
30-Year Treasury Bill       4.52      4.33       4.82     -0.30
Effective Fed Funds         2.98      3.94       5.26     -2.28
Bank Prime Rate             6.00      6.98       8.25     -2.25
AAA Corporate Bond          5.53      5.33       5.39      0.14
30-Year Mortgage            5.92      5.76       6.29     -0.37

Source: St Louis Federal Reserve Bank.

National and Regional Unadjusted Housing Permits Issued,
December-February 2007 and January-February 2008

                February   December   January   February
                  2007       2007      2008       2008

United States   109,891     74,457    75,933     73,386
Alabama           2,076      1,441     1,558      1,515
Arkansas            988        618       655      1,085
Georgia           6,468      2,815     3,465      3,245
Kentucky          1,375        634       647        768
Louisiana         1,246      1,405     1,561      1,311
Mississippi       1,182        605       861      1,127
Missouri          1,289        797     1,180        836
Tennessee         2,868      1,669     1,749      1,671
Memphis MSA         583        282       208        215

                Percent Change
                February 2007-
                February 2008

United States     -33.3%
Alabama           -27.0%
Arkansas            9.8%
Georgia           -49.8%
Kentucky          -44.1%
Louisiana           5.2%
Mississippi        -4.7%
Missouri          -35.1%
Tennessee         -41.7%
Memphis MSA       -63.1%

Source: U.S. Census Bureau.

National and Regional Unemployment Rates, Seasonally Adjusted,
December-February 2007 and January-February 2008

                February   December   January   February
                  2007       2007      2008     2008 (P)

United States     4.5        5.0        4.9       4.8
Alabama           3.3        3.7        4.0       3.7
Arkansas          5.3        5.5        5.6       5.0
Georgia           4.2        4.5        4.9       5.2
Kentucky          5.7        5.3        5.2       5.2
Louisiana         3.8        4.0        4.0       3.7
Mississippi       6.5        6.3        6.0       5.9
Missouri          4.9        5.3        5.5       5.3
Tennessee         4.5        5.0        4.9       5.3
Memphis MSA *     5.2        5.5        5.8       6.0

                Percent Change
                February 2007-
                February 2008

United States         6.7
Alabama              12.1
Arkansas             -5.7
Georgia              23.8
Kentucky             -8.8
Louisiana            -2.6
Mississippi          -9.2
Missouri              8.2
Tennessee            17.8
Memphis MSA *        15.4

* Not seasonally adjusted.

(P)=Preliminary.

Source: U.S. Census Bureau.

Unemployment Rates, Memphis MSA, November 2007-January 2008

Crittenden County, AR

November 2007: 7.2
December 2007: 7.4
January 2008: 8.3

Tipton County, TN

November 2007: 5.1
December 2007: 5.7
January 2008: 6.5

Shelby County, TN

November 2007: 5.0
December 2007: 5.3
January 2008: 5.6

Fayette County, MS

November 2007: 7.9
December 2007: 7.9
January 2008: 7.5

Tunica County, MS

November 2007: 7.1
December 2007: 10.3
January 2008: 12.4

DeSoto County; MS

November 2007: 4.4
December 2007: 4.4
January 2008: 4.4

Tate County, MS

November 2007: 6.3
December 2007: 6.5
January 2008: 6.4

Marshall County, MS

November 2007: 8.5
December 2007: 8.4
January 2008: 8.2

Note: Not seasonally adjusted.

Source: U.S. Department of Labor, Bureau of Labor Statistics.

Privately-Owned Residential Building Permits Issued, Memphis MSA,
February 2008, and Percent Change, February 2007-2008

Crittenden County, AR

Permits Issued: 8
Percent Change: -61.9%

Tunica County, MS

Permits Issued
February 2008: 2
Permits Issued
February 20077: 0

Tipton County, TN

Permits Issued: 13
Percent Change: -50.0%

Shelby County, TN

Permits Issued: 98
Percent Change: -51.0%

DeSoto County, MS

Permits Issued: 45
Percent Change: -7.0%

Tate County, MS

Permits Issued: 7
Percent Change: -41.7%

Fayette County, TN

Permits Issued: 24
Percent Change: -51.0%

Marshall County, MS

Permits Issued: 12
Percent Change: -58.6%

Source: U.S. Census Bureau.