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Economy Title: FED'S BEIGE BOOK SAYS ECONOMY IMPROVED IN ALL 12 DISTRICTS June 9 (Bloomberg) -- Following is a summary of U.S. economic conditions as reported by the 12 Federal Reserve district banks in the central bank’s latest regional survey, also known as the beige book. The Federal Reserve Bank of Chicago prepared the latest report. Information was collected on or before May 28. Boston: “Business contacts in the First District report stable to increasing activity in recent months compared with a year earlier, with most citing increases. Retail contacts note some potholes in the recovery path, but generally positive sales results; most responding manufacturers, staffing firms, and software and information technology services providers are also seeing recent or continued revenue growth.” New York: “The Second District’s economy has strengthened further since the last report, with scattered signs of improvement in the job market; manufacturers and other firms continue to face upward cost pressures, but prices at the consumer level remain relatively stable. Manufacturing-sector contacts continue to report improvement in business activity and increasingly widespread plans to increase capital spending.” Philadelphia: “Economic activity has advanced modestly in the Third District since the last Beige Book. Manufacturers, on balance, reported increases in shipments and new orders. Retailers posted sales increases from April to May. Motor vehicle dealers also indicated that sales increased. Third District banks reported mostly steady loan volume outstanding.” Cleveland: “The economy in the Fourth District showed further signs of strengthening during the past eight weeks. Manufacturers reported that the rise in production which began late last year continued, although orders remain below pre- recession levels. Contacts in non-residential construction noted some signs of renewed growth, while residential builders cited only a modest uptick in activity.” Richmond: “Economic activity in the Fifth District continued to post moderate gains across most sectors from weak levels. Manufacturing continued to be a bright spot, with contacts indicating slow-but-steady expansion across a broad range of industries. Banks and other services-providing firms, also cited improvements over the last six to eight weeks, with scattered reports of weaker activity.” Atlanta: “On balance, Sixth District business conditions appear to have improved modestly in April and May. Most retail contacts continued to experience increased traffic and sales, and their outlook remained generally optimistic. Reports on tourism were also generally positive; however, considerable uncertainty was expressed about the potential impact from the Gulf oil spill and the recent floods in Tennessee.” Chicago: “Economic activity in the Seventh District continued to improve, but the rate of improvement slowed from April to May. Manufacturing continued to lead the way, and consumer and business spending also increased further. Construction activity improved slightly on the basis of increases in residential and public building.” St. Louis: “Economic activity in the Eighth District has increased modestly since our previous report. Manufacturing activity increased on balance, while activity in the services sector was mixed. Retail and auto sales in April and early May increased over a year ago.” Minneapolis: “The Ninth District economy grew at a steady pace since the last report. Consumer spending, tourism, residential real estate and construction, services, manufacturing, energy, mining and agriculture saw increases. Commercial real estate was flat at low levels, and commercial construction activity was slow.” Kansas City: “The Tenth District economy grew modestly since the last survey with expectations of further improvement in the coming months. Consumer sales edged up at retail stores and auto dealerships, and District contacts were hopeful that rising consumer confidence would boost future sales. Residential real estate activity improved slightly, but real estate agents expected expiring tax credits to weigh on the housing rebound.” Dallas: “Business conditions continued to improve in the Eleventh District. Activity in manufacturing, staffing services, transportation services, housing and energy grew modestly. Retail sales were flat to slightly down but in line with retailers’ expectations during the reporting period.” San Francisco: “The Twelfth District economy posted further modest improvement during the reporting period of early April through the end of May. Despite rising prices for some non-oil commodities, price increases for final goods and services remained restrained, and upward wage pressures were largely absent. Demand for retail items and services continued to strengthen, but sales remain well below pre-recession levels.”
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#1. To: Boofer (#0)
GET DOWN OFF THAT LEDGE... [you might hurt someone when you jump]
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