Southern New Jersey Overlook

The Federal Reserve recently published their latest issue of the Beige Book.  It is available online.

The following is a brief list of it's overall (national) summary findings (using data as of June 4th):
   
1. Economic activity continued to expand from mid-April through May, since the last report.  Regarding economic growth: seven districts reported modest or moderate growth, Dallas reported moderately strong, Minneapolis said it "edged up", Philadelphia was somewhat faster, Richmond said it picked up and Boston said their's was generally positive.

2. Retail sales were generally up, with luxuray items selling better than lower-end merchandise.  There was little change in vehicles sales and the industry has a mixed outlook for the future. 

3. Tourism remained healthy despite gas prices.  There is some concern about gas price effects on the summer.
 
4. Except for declines in trucking, activity in the service sector continued to increase across most districts, especially with for firms serving business customers.
 
5. Manufacturing was up in many districts, with weakness among manufacturers supporting the residential construction industry. Several districts reported stengths among machinery and equipment manufacturers.
  
6. Commercial real estate markets showed increasing strength, including office and industrial space.
 
7. The housing market showed continued weakness. 
    
8. Half of the districts reported little or no change in overall loan demand, with strength in commercial loans and weakness in mortgages and consumer loans.
 
9. Agricultural conditions were improved and generally considered good for crops.  Early spring frost hurt winter wheat, drought caused problems for Southeast and far West.

10. Oil and gas exploration increased.  Coal production was down.  Energy-related products and some select raw materials experienced significant price increase, while others have remained stable.
 
11. Hiring activity picked up, especially for skilled workers, but wage pressures did not seem to increase.   
 
12. Consumer prices were generally stable, with some districts having modest increases.  Most districts reported rising prices for inputs and energy.  Alternative energy industries growing, especially in solar and wind technologies.
 
  
Note: This represents the national summary for ALL districts combined.  The report also provides more detail on each item summarized nationally, as well as reporting by each district on all items.
 
 
 
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