The Economy: A Regional Look

(1) Most retailers report an increase in sales but are unsure whether this presages recovery; manufacturers say sales and orders have continued to decline from year-ago levels. (2) Economic reports are mixed. Retail sales stronger than expected; home builders report slight sales increase; corporate layoffs continue, and state unemployment rates rise. (3) Economic activity is steady or slightly improved. Manufacturers report more orders. Retailers say sales up slightly. Homes sales are increasing and business optimism growing. (4) Outlook is more optimistic than in recent months. Retailers are buoyed by improved sales; car sales are expected to rise next quarter. Recovery in manufacturing production expected. (5) Most sectors of the district’s economy improved modestly. Retailers note a rise in sales. Spending by tourists increased, and factory activity increased modestly. (6) Economic conditions have improved somewhat. Retailers, auto dealers and real estate agents report modest sales increases. Manufacturers reported new orders and higher production. (7) There is a slow but steady advance in economic activity. Manufacturers expect production to improve soon. Retail sales surprisingly strong; housing activity picked up markedly. (8) Most sectors are reporting growth. Economy stimulated by corporate relocations. Construction activity picking up. Loan demand increasing. (9) Economic conditions strengthening. Retail, housing and auto sales have improved. Agriculture doing reasonably well, and tourism remains strong. Job market remains weak. (10) The economy grows slowly despite weakening in the farm and energy sectors. Housing starts are still increasing, new car sales are picking up, and retail sales continue to improve. (11) Economic activity has improved slightly, though energy and agricultural sectors still weak. Manufacturers and retailers see signs of recovery; housing construction rebounds. (12) Weakness remains in California, while other states report moderate growth. Home and auto sales up on lower interest rates. Job losses continue in defense-related manufacturing, banking, legal and government sectors. Loan demand weak. Rain improves farm prospects. Source: Federal Reserve