Source: Federal Reserve Bank
Economic activity of approximately six weeks prior to release.
Release Data
Date Thru District President
03-Mar-10 22-Feb-10 Kansas City Thomas Hoenig
Economic growth continued to expand since the last report, though
the snow storms held back activity in several districts, the Fed said.
Consumer spending improved slightly, but again the snow storms cut into
spending. Manufacturing activity was stronger in most regions.
Residential real estate improved, but remained weak in part due to the
weather. Commercial real estate and construction, however, weakened
further. Loan demand remained weak, while lending standards remained
tight. Price pressures were limited, except for raw materials prices.
Competitive pressures have kept selling prices down. Wage pressures have
been minimal due to continued soft labor markets.
13-Jan-10 04-Jan-10 Philadelphia Charles Plosser
Economic activity remains at low level, but conditions modestly
improved and are more geographically widespread than in previous
reports. Consumer spending during the holidays was still soft, but
better than in 2008. Retail inventory levels remained lean. Auto sales
steady or higher. Home sales increased at the end of 2009, but home
prices were little changed. Labor market conditions remained weak with
modest wage increases.
02-Dec-09 20-Nov-09 New York William Dudley
Economic conditions improved modestly, hiring expectations for the
coming holiday season were mixed despite a moderate improvement in
consumer spending. Manufacturing conditions improved. Residential real
estate improved “somewhat,” but prices remain flat or modestly down.
Commercial real estate continued to deteriorate. The labor market
remained weak, resulting in no upward wages pressures. Prices remained
stable.
21-Oct-09 13-Oct-09 Richmond Jeffrey Lacker
Economic activity stabilized or improved modestly in many sectors
from depressed levels, with residential real estate and manufacturing
key factors. However, even these sectors were noted to have pockets of
weakness. Consumption was hit by the drop in auto sales in September
following the August surge, as well as mixed readings for other
products. The banking sector reported increased lending to first time
home buyers, but a decline in credit quality. Loan demand fell, mostly
due to loans for commercial real estate, considered the worst sector in
the report. Energy demand fell further in the period, though production
was flat to rising modestly, resulting in decline in prices and, in the
Dallas region, layoffs. Wage and price pressures remained subdued, and
there were even reports of occasionally downward pressures due to
competition.
09-Sep-09 31-Aug-09 Atlanta Dennis Lockhart
Economic activity continued to stabilize in July and August, with
most reporting that the outlook for economic activity remained
cautiously positive in their districts. The majority of the districts
reported flat retail sales, with some noting that retailers continued to
manage inventories. Most districts did report a boost from the
cash-for-clunkers auto program. Most reported some improvement in
residential real estate, though downward pressure on prices remained.
Commercial real estate demand remained weak. Loan demand remained weak
and many districts reported tight credit standards. Most reported
improvements in manufacturing production. Wage pressures remained
minimal across all districts, while consumer prices were steady in most
districts.
29-Jul-09 20-Jul-09 Boston Eric Rosengren
Economic conditions remained weak going into the summer, but most
districts noted the pace of decline moderated since the last report or
that activity stabilized. Most districts reported sluggish retail
activity as households continued to be price conscious. Manufacturing
remained subdued but was slightly more positive as some districts noted
an uptick in finished-goods inventories. Chicago noted the quick
resolutions in Chrysler and GM boosted business confidence and that
automakers scheduled a pickup in July production. Commercial real estate
mostly weakened with a “mixed” outlook within and across Districts.
Residential real estate remained weak despite signs of improvement.
Although home prices were generally lower, there were “possible” signs
of stabilization. Overall lending was stable or weakened in most loan
categories. Labor markets remained “slack” with virtually no upward wage
pressure. There were “numerous” reports of increased demand for
temporary, part-time workers. Most Districts reported “upward price
pressures were minimal.”
10-Jun-09 01-Jun-09 Cleveland Sandra Pianalto
Economic conditions remained weak or deteriorated further from
mid-April through May, though five of the districts noted some signs of
moderation in the downward trend. Several districts received reports
that expectations had improved, though a large increase in economic
activity is not expected through the end of 2009. Manufacturing activity
declined or remained low in most districts, though the outlook has
improved. Retail sales remained soft as consumer bought less expensive
items rather than big-ticket items such as vehicles. A number of
districts reported an uptick in home sales, though most districts
reported lending to be “stable or weak” and credit conditions tightened
further. Labor conditions remained weak across the country, with wages
“flat or falling.” There were reports that prices remained “generally
flat or falling” with the exception of oil prices.
15-Apr-09 06-Apr-09 Dallas Richard Fisher
Economic activity continued to weaken, but with some moderation in
the downturn. Downward pressure on prices were reported in some
districts, while wages pressure were reduced due to job cuts.
Manufactuirng remained weak, while construction spending was “sluggish”
due to continued real estate weakness. Credit remained tight as
delinquincies rose.
04-Mar-09 23-Feb-09 San Francisco Janet Yellen
Economic activity continued to weaken in almost all the districts.
The deterioration was broad based across sectors, with a few exceptions
such as basic foods production and pharmaceuticals. Prospects for a
near-term economic improvement are seen as “poor.” No significant
recovery is expected before “late 2009 or early 2010.” Consumer spending
remained “sluggish” and manufacturing weakened further. While
residential real estate mostly “remained in the doldrums,” demand for
commercial real estate “weakened significantly.” Business loan demand
declined further amid continued tight credit availability. Business and
household credit quality deteriorated slightly. Upward price pressures
eased further. Unemployment rose in all areas, “reducing or eliminating
upward wage pressures.”
14-Jan-09 05-Jan-09 Saint Louis James Bullard
Economic activity continued to weaken in almost all the districts
and deteriorated or was low “across a wide range of industries,”
including retail, services and manufacturing. Commercial and residential
real estate markets also deteriorated, with many reports of declining
home prices and construction. “Overall lending activity declined,”
accompanied by tighter lending standards. Credit quality remained “a
concern.” Labor markets weakened as well, with wage pressures “largely
contained.” Some districts reported pay freezes or reductions. Most
districts reported “sizable holiday price cuts.”
** Market News International Washington Bureau (202) 371-2121 **
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