WASHINGTON -(Dow Jones)- The Federal Reserve, in its latest beige book report, said Wednesday that the U.S. economy continued to expand between the second half of July and the end of August, but some districts noted mixed or weakening activity.
The following is a district-by-district summary of economic conditions in the 12 Fed districts.
Boston: Businesses reported mixed results and appear to have largely pessimistic outlooks for the remainder of the year. Retail activity was mostly flat, tourism was up, staffing and software and information technology services firms noted continued growth, but real estate markets remained sluggish. Input cost pressures have eased somewhat since the last report. Firms did little hiring.
New York: Economic growth remained sluggish. Preliminary reports after Hurricane Irene?for which there was not enough time to verify?indicate the storm caused widespread disruptions and local pockets of more extreme stress from flooding and power outages. But transportation and other infrastructure apparently sustained limited damage. Prior to the hurricane, manufacturing sector sources noted steady to weakening activity. Bankers reported reduced demand for consumer and commercial and industrial loans, widespread increases in household delinquency rates, and some tightening in credit standards for commercial loans and mortgages.
Philadelphia: Since the last report, business activity was more mixed and somewhat weaker overall, with manufacturing activity declining. Year-over-year sales fell slightly for general retailers but increased a bit for auto dealers. Bank lending was flat. Upward price pressures from food, energy, and other commodities have lessened somewhat. The ability to pass along costs remains mixed, and there is little evidence of wage pressure.
Cleveland: The economy grew at a slow pace, with many contacts downgrading their near-term outlooks. Modest increases in payrolls were mainly limited to the manufacturing and energy sectors. Staffing firms noted moderate growth in the number of new job openings, with vacancies concentrated in technical occupations and healthcare. Almost all openings were for experienced workers. Wage pressures were contained.
Richmond: Economic activity slowed as manufacturing activity pulled back ?markedly,? following a sluggish July, and retail sales weakened. Residential construction and housing sales declined further. Commercial real estate activity was mixed. Coastal hoteliers watched their guests flee as Hurricane Irene approached. However, inland hotel managers reported no change in their solid bookings.
Atlanta: Contacts indicated that economic activity continued to expand at a very subdued pace in July and August. Despite solid tourism, retail sales grew more slowly. Existing home sales improved in Florida, but were weak elsewhere in the district. Manufacturers indicated that the level of production and new orders increased, but at a slower pace than experienced earlier in the year. Bankers noted ongoing weakness in loan demand as both consumers and businesses were restrained in their borrowing activity.
Chicago: Growth occurred slowly in July and August than in previous reports while contacts expressed concern about the outlook, especially lower business and consumer confidence. Both consumer and business spending were little changed over the reporting period. Manufacturing production expanded at a slower pace, while construction decreased. Credit conditions tightened moderately. Expectations for the corn and soybean harvests were trimmed due to hot and dry weather.
St. Louis: The economy continued to grow at a modest pace, with increases in manufacturing and the services sectors. Retail sales in July and early August declined slightly over year-earlier levels, and auto sales increased over the same period. Residential real estate market activity has continued to decline.
Minneapolis: Increased activity in a variety of areas?including tourism, residential and commercial construction and manufacturing?spurred the economy to grow ?slightly.? Crop reports were mostly down from last year, but some agricultural prices have risen.
Kansas City: Economic activity expanded modestly in late July and early August. Consumer spending edged up with solid back-to-school shopping and stronger than expected auto sales. Led by durable goods production, manufacturing activity grew slightly, with expectations for stronger activity over the coming months. Residential and commercial construction remained weak.
Dallas: The economy grew at a modest pace with mixed reports from manufacturers but slight increases in activity reported in the services sector. The single-family housing sector remained weak, but activity in the multifamily sector was strong and the commercial real estate sector saw continued improvement. Financial services respondents said overall loan demand was flat during the reporting period. The energy industry continued to expand at a robust pace, while agricultural conditions deteriorated further.
San Francisco: Economic activity continued to expand modestly. Upward price pressures were mixed but appeared to ease overall, and upward pressures on wages were subdued. Retail demand edged up on balance, as did demand for business and consumer services. Housing activity remained sluggish. Overall loan demand was stable or inched downward.
Copyright ? 2011 Dow Jones Newswires
Article source: http://www.foxbusiness.com/industries/2011/09/07/beige-book-district-by-district-summary-conditions/
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