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 July 17th):
   
1. Economic activity continued to grow during June through mid-July, since the last report, with individual district reports indicating that the pace of growth was slowing.  Regarding economic growth: several districts reported modest or moderate growth, San Fransciso reported solid economic expansion, Atlanta and St. Louis reported it was mixed.  Philadelphia, Cleveland, Richmond, Chicago, Dallas, and San Francisco district reports indicated a decline in the overall rate of economic growth.

2. Retail sales were slightly weaker from previous report, but still higher than previous year.  Vehicles sales were flat or down. Gas prices were pushing buyers to more energy efficient vehicles, usually foreign made. 

3. Tourism remained robust, although a few districts reported the pace of growth had slowed.
 
4. Activity in the service sector continued to expand across most districts, especially for firms serving business customers.  Transportation showed an overall increase, with Philadelphia, Richmond, St. Louis, and Dallas indicating a recent expansion in rail freight and trucking activity.
 
5. Manufacturing had significant gains in most districts, especially for electrical equipment and information technology products. commercial aircraft and national defense production, heavy equipment, machine tools, and steel.  Demand for building materials was mixed but positive.  Reports indicated strong demand and further growth for chemicals, plastics, textiles, and processed food.  Most areas experienced reduced demands for smaller equipment related to residential construction.
 
6. Commercial real estate markets remained strong, including office and industrial space.
 
7. The housing market showed continue weakness.  Sales were down and inventory was up.  The exceptions are St. Louis and Dallas.  Some areas are starting to see an increase in demand for rentals.
    
8. Overall loan activity remained strong but slowing, with strength in commercial loans and weakness in mortgages and consumer loans.
 
9. Agricultural demand was expanding although conditions were being hampered by dry weather in some areas. 

10. Oil and natural gas extraction activities increased.  Natural gas production was high with some areas experiencing rising inventories and downward pressure on prices.  
 
11. Labor markets were tight in general and continuing to tighten.  Wage and salaries remained moderate in general, but picked up for some areas and increase was rapid within specialized skills and professional and mangerial experience. Hiring activity picked up, especially for skilled workers in certain industries.
 
12. Consumer prices show only modest or minimal increases, despite strong upward pressures.  Most districts reported rising price adjustments by transportation services.   
  
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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