We Read It So You Don’t Have To: 12 Beige Book Gems
The Federal Reserve’s “beige book” report, out Wednesday, offers a snapshot of economic activity across the country in recent weeks based on anecdotes gathered from the central bank’s 12 districts from late May through early July. Despite its bland title, there are often lots of interesting nuggets tucked within.
Here are excerpts:
THE YOUNG ARE MISSING: According to contacts in the Boston area, hiring in both Portland and Hartford — and hence added office demand — is held back by a scarcity of young, educated workers in these cities.
A TOUGH ACT TO FOLLOW: With more Broadway shows running in New York City through the early summer than in a number of years, revenues and especially attendance at Broadway theaters strengthened further in late May and June.
A TAXING PROBLEM: Philadelphia-area furniture retailers reported slower sales, attributing the decline to the end of the tax refund season and interpreting it as evidence that households will spend for the home when they have windfall income.
SPLIT-LEVEL HOMES: Home builders in the Cleveland district reported that banks remain reluctant to finance single-family tract development, while commercial developers indicated that banks and insurance companies are more willing to finance projects, including multifamily developments....MORE
