Eight times a year, each Federal Reserve Bank gathers information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. The subsequent report is commonly known as the Beige Book.
In its commentary, the Federal Reserve Bank of Boston (First Federal Reserve District) advises that reports from business contacts reflect a growing economy, although the pace of growth appears to be somewhat slower than in the last round. Retailers cite mixed sales results, manufacturers note slow growth, and software and IT services firms report disappointing results. By contrast, staffing firms are seeing a pick-up in growth. Commercial real estate contacts indicate that fundamentals remain flat, and sentiment has soured somewhat in recent weeks; residential real estate respondents say growth in home sales has slowed but home prices are rising modestly in some areas. Hurricane Sandy reportedly had very modest effects on economic activity in New England. Prices are said to be level in general, with minimal inflationary pressures. While some firms cite shortages of specialized workers, few are hiring, none extensively, and no one mentioned upward wage pressures.
To access the complete First District summary, please visit:
Federal Reserve Bank: Beige Book - November 28, 2012: First District--Boston
Media report:
Boston Business Journal: Boston Fed report shows signs of a slowing New England economy (28 NOV 12)
To access a copy of the complete national summary, please visit:
Summary of Commentary on Current Economic Conditions by Federal Reserve District (November 2012)
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