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Highlights from the Fed's US economic survey

Highlights from the Fed's US economic survey

July 19th, 2012 by MARTIN CRUTSINGER, AP Economics Writer in News

WASHINGTON (AP) - A Federal Reserve survey released Wednesday found that the economy expanded modestly in June and early July, but growth and hiring slowed in several parts of the country.

Three of the Fed's banking districts - New York, Philadelphia and Cleveland - reported weaker growth.

The report is based on anecdotal information from the Fed's 12 regional banks and covers the period from June to July 9.

Here are some highlights:

BOSTON (includes Maine, Vermont, Massachusetts, New Hampshire, Rhode Island and part of Connecticut):

The economy expanded at a moderate pace. Home sales increased compared to last year and commercial construction gained momentum. Retail sales remained flat.

NEW YORK (includes New York and parts of Connecticut and New Jersey):

Growth slowed since the last report, although labor market conditions continued to improve. Price pressures receded further in manufacturing, and retail prices were stable. Retailers reported weaker results for May and June.

PHILADELPHIA (includes Delaware and parts of Pennsylvania and New Jersey):

Business activity continued to improve but results were mixed. Manufacturing slowed while retail sales and auto sales increased. Demand for new homes held steady. Price pressures eased further.

CLEVELAND (includes Ohio, Kentucky and parts of Pennsylvania and West Virginia):

Economic activity continued to expand but at a slower pace. Manufacturers reported a slight rise in production but construction of new homes slowed. Wet shale gas drilling and production increased but coal production slowed.

RICHMOND (includes Virginia, Maryland, North Carolina, South Carolina, District of Columbia and part of West Virginia):

Business contacts provided mixed reports on activity. Retailers saw strength in consumer spending despite end-of-June power outages caused by severe storms. Tourism bookings remained solid and home sales improved slightly.

ATLANTA (includes Georgia, Alabama, Florida and parts of Louisiana, Mississippi and Tennessee):

Economic activity expanded at a modest pace. The outlook among most firms remained cautiously optimistic although many business contacts acknowledged that the risks were to the downside. Retailers said sales had improved slightly.

CHICAGO (includes Iowa, Wisconsin, Michigan and parts of Illinois and Indiana):

Economic activity continued to expand at a moderate pace in June and July although the pace of growth slowed from the previous reporting period. Consumer spending moderated while business spending increased at a steady pace.

ST. LOUIS (Includes Missouri, Arkansas and Kentucky, and parts of Illinois, Indiana, Tennessee and Mississippi):

The economy continued to expand at a modest pace. Residential real estate conditions continued to improve. Overall lending at a sample of small and mid-sized banks increased slightly from mid-March to mid-June.

MINNEAPOLIS (includes Montana, North Dakota, South Dakota, Minnesota and parts of Wisconsin and Michigan):

The economy grew moderately with increased activity in consumer spending, tourism, professional services, construction, real estate and agriculture. Growth was slightly slower in manufacturing, energy and mining services.

KANSAS CITY (includes Wyoming, Nebraska, Colorado, Kansas, Oklahoma and parts of Missouri and New Mexico):

The economy expanded moderately. Consumer spending was stronger than expected due to stronger auto sales and a solid start to summer tourism. Commercial and residential real estate prices rose due to stronger sales.

DALLAS (includes Texas and parts of New Mexico and Louisiana):

The economy grew at a moderate pace with overall manufacturing activity continuing to expand. Agricultural conditions deteriorated slightly due to hot and dry weather. Crops were mostly in fair to good shape with conditions better than last year.

SAN FRANCISCO (includes California, Washington, Oregon, Idaho, Nevada, Utah, Arizona, Hawaii and Alaska):

Economic activity expanded at a modest pace. Upward price pressures eased and remained well contained. Retail sales rose a bit and demand grew for most business and consumer services. Demand for homes edged up.