por admin » Mié Nov 28, 2012 2:20 pm
El libor beige del Fed reporto que la economia se expandio a ritmo mesurado alrededor de sus regiones, aunque algunas areas reportaron condiciones mas debiles debido a la super tormenta Sandy.
Fed’s Beige Book: District-by-District Summary
PermalinkCloseFacebookTwitterExpand/CollapseThe Fed's latest "beige book" report noted that the economy expanded at a "measured pace" across most of the U.S., though some areas reported weaker conditions due to superstorm Sandy.
By Eric Morath and Kristina Peterson
The Federal Reserve‘s latest “beige book” report noted that the economy expanded at a “measured pace” across most of the U.S., though some areas reported weaker conditions due to superstorm Sandy. The following is a district-by-district summary of economic conditions in the 12 Fed districts for October and early November:
Boston: The pace of economic growth slowed in recent weeks as manufacturers and technology firms reported disappointing results. Commercial real estate contacts said sentiment soured somewhat and the growth in home sales has slowed, but prices are rising. Sandy had “very modest” effects on economic activity.
New York: Economic activity weakened due to widespread disruptions from Sandy. However, prices remained fairly stable. The storm caused a “noticeable slowdown” in real estate activity but residents are expected to return and rebuild. “Some of the biggest potential challenges are likely to be shortages of construction equipment and materials, and steeper prices for insurance,” the report said. Tourism fell off in New York City due to storm-related cancellations but that was partly offset by increased demand from local residents without power or access to their homes.
Philadelphia: Most sectors, including manufacturing, declined or saw the pace of growth slow due to Sandy. The overall outlook is less optimistic than in the late summer. Holiday sales expectations remain strong but have diminished slightly among general retailers. “Recovery from Hurricane Sandy and a renewed focus on the looming fiscal cliff contribute to greater uncertainty than before,” the report said.
Cleveland: The region’s economy grew at a modest pace as manufacturing and construction activity increased. Home and auto sales picked up as retailers reported higher sales than a year earlier. Oil and gas output held steady, but coal production fell. Still, hiring was “sluggish” even as wage pressures are contained.
Richmond: Economic activity strengthened “at a tempered pace” and the region saw some minor disruption due to Sandy. Labor market activity slowed and tourism businesses noted a seasonal decline in reservations. However, the real estate market strengthened and mortgage refinancing bolstered consumer lending.
Atlanta: The economy in much of the South grew marginally as tourism activity remained robust, but retailers and home builders reported only small improvements. Multifamily development continued to dominate the commercial real estate market. Employment continued to expand and inflation remained mild.
Chicago: As the deadline for the fiscal cliff approaches, the area’s economy expanded at a slow pace this fall. Business spending moderated further and manufacturing production decelerated. Construction increased at a slow, but steady pace. Consumer spending rose slightly and credit conditions improved. Business contacts, however, remained “cautiously optimistic” that growth would pick up pace in 2013, the report said.
St. Louis: Home sales rose in cities such as Louisville, Little Rock, Memphis and St. Louis, helping an overall expansion. Prices wages and employment levels have remained generally stable.
Minneapolis: Portions of the construction and real estate sectors “are growing at a double-digit clip” helping a moderate economic expansion in the region. However, activity slowed slightly in the manufacturing sector and labor markets continued to show signs of tightening.
Kansas City: The area’s economy expanded amid stronger retail sales, a trend contacts expect to continue during the upcoming holidays. High costs reduced farm profitability. “Low soil-moisture levels hindered winter wheat emergence, raising concerns that persistent drought could strain U.S. crop production,” the report said.
Dallas: The economy expanded at a modest pace but demand for staffing services declined. The area saw some short-term supply disruptions due to Sandy. Gulf Coast chemical production rose slightly as refiners said strong export demand is preventing inventories from building.
San Francisco: The region’s economy grew at a modest pace as price inflation was subdued and wage pressures were limited. Agricultural output and sales increased. Housing demand continued to firm, and conditions were largely stable for commercial real estate, the report said.