Highlights from the Fed's latest economic survey
WASHINGTON (AP) — The economy worsened in much of the country earlier this summer, according to a Federal Reserve survey, because of high unemployment, weak home sales and signs of a slowdown in manufacturing.
Growth slowed in eight of the Fed's 12 bank regions in June and early July compared with the spring, the report found. That marked the worst showing this year.
The survey, released Wednesday and known as the Beige Book, is based on anecdotal information from the Fed's 12 regional bank districts. The report covers a roughly seven-week period from May 28 through July 15. Here are some highlights:
BOSTON
(This region covers Maine, Vermont, Massachusetts, New Hampshire, Rhode Island and part of Connecticut.)
Economic activity expanded but was mixed compared with previous reports. Retail sales rose modestly, while housing markets remain "in the doldrums." Hiring is slow, except at advertising and consulting firms. Companies expressed concern about rising uncertainty stemming from political disputes in Washington over government spending and deficits.
NEW YORK
(This region covers New York and parts of Connecticut and New Jersey.)
Economic activity has slowed since spring. Retail sales were sturdy in June but mixed in early July. Canadian shoppers have boosted sales at one mall in western New York. Manufacturing companies say growth has slowed.
PHILADELPHIA
(Includes Delaware and parts of Pennsylvania and New Jersey.)
The economy grew sluggishly. Falling home prices have cut into sales of new and previously occupied homes. Manufacturers reported a lull in new orders. Lower gas prices have boosted consumer spending.
CLEVELAND
(Includes Ohio and parts of Pennsylvania, West Virginia and Kentucky.)
Business activity expanded at a modest pace but more slowly than in April and May. Manufacturing output rose slightly. Auto production increased in June as supply disruptions due to Japan's earthquake eased. Job openings increased in manufacturing and professional business services. Home construction remained weak.
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Head coach Rick McHone, a parts and service director for three RV dealerships in North Carolina, said simply, “We came to win it.” The team was decked out in red shirts with a cardinal on the bat, a la the St. Louis Cardinals. Why the Cardinals?
Because City Hall, the water department and other essential buildings were destroyed, local officials requested MEMA's mobile operations center, an RV-like structure with computers and radios. “We transferred command to them,” Goza said.
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