Southern New Jersey Overlook

The Federal Reserve just 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 January 8th):

1. Economic activity continued to expand at a moderate growth with a few exceptions (Boston  mixed, Cleveland softening) since the last report. 

2. Modest increases in retail sales were reported overall, but with regional variation in electronics and apparel. Many districts reported continued sluggishness in vehicle sales with foreign cars outselling domestic trucks, and continued weakness in home-related products.

3. Tourism was generally up and positive, especially San Francisco and Boston, except in districts reporting doldrums due to lack of snow.
 
4. Activity in the service sector generally expanded in most Districts since the last report.  Many districts are     experiencing growing demands for technical and information technology service, including Philadelphia.
 
5. Manufacturing continued to expand in most districts, especially products used in the energy sector and food products.  The exception still being manufacturers support the residential construction industry.
  
6. Commercial markets continued showing strong activity in most of the country, with several indicating increasing rents and some having lower vacancies.
 
7. Nearly all districts reported continued softening in housing markets. Overall, residential real estate markets indicated increasing inventories, less new building starts, slow home sales, but with some signs of stabilizing. 
  
8. Financial institutions reported commercial lending up whileresidential mortgage origination and refinancing continued to weaken.  Overall credit remains good, but a few areas showed increases in consumer or mortgage delinquencies.
 
9. Agricultural conditions were generally upbeat because of good weather and higher prices.  Activity in the energy and mining sectors remain at strong levels.
 
10. Labor market conditions are generally tightening, with some businesses reporting difficulty finding qualified workers.  Engineers and machinists positions were hard to fill and finance and accounting skills were in great demand, often providing increased demand for temporary agencies.  Despite increased demand, wages increases were only moderate due in part to increased costs on the benefits side of compensation

11. Prices increased moderately overall.  Energy and a number of materials prices have eased, but competition has kept prices for final goods in check.
 
  
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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