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 current commentary, the Federal Reserve Bank of Boston (First Federal Reserve District) advises that economic activity continues to expand in the New England area, albeit slowly. Most contacted retailers, but only one-half of responding manufacturers, report higher sales in the latest period than a year earlier; nonetheless, most manufacturers are upbeat about 2013. Contacted staffing services firms cite a pick-up in business, while several software and IT services firms say their results are below expectations, although they maintain a positive outlook. Commercial real estate fundamentals are largely unchanged, with office leasing activity mixed. Most residential real estate markets across the region continue to show robust sales growth and modest price increases. Across sectors, vendor prices and selling prices are reported to be generally stable and headcount changes fairly modest, either up or down.
To access the complete First District summary, please visit:
Federal Reserve Bank: Beige Book - March 6, 2013: First District – Boston
Media report:
To access a copy of the complete national summary, please visit:
Summary of Commentary on Current Economic Conditions by Federal Reserve District (6 March 2013)
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