WASHINGTON (AP) — Highlights from the Federal Reserve's survey of economic conditions nationwide. The survey, released Wednesday and known as the Beige Book, is based on information collected from the Fed's 12 regional bank districts.
BOSTON
(This region covers Maine, Vermont, Massachusetts, New Hampshire, Rhode Island and part of Connecticut.)
The region's economy grew. Manufacturers saw revenues rise, and many expect demand will improve gradually through the rest of this year. Some firms noted a "choppiness" in business activity. Retail sales were mixed, with many merchants worried about sagging consumer confidence. Most companies were holding the size of their work forces steady.
NEW YORK
(This region covers New York and parts of Connecticut and New Jersey.)
The economy showed more signs of strengthening. Tourism in New York City was robust, helped by a pickup in business travel. Manhattan hotels said occupancy rates rose to a record high for May and stayed strong in June. Broadway theater attendance was brisk. Retailers said sales met or beat expectations. Sales of clothing were healthy. But sales of big-ticket appliances were sluggish. Auto sales retreated a bit, but are up from a year ago. Factories reported some "leveling off" in activity. The commercial real estate market was mixed, although office leasing activity rose in New York City and vacancy rates dipped. The housing market was soft. More banks reported rising demand for consumer loans.
PHILADELPHIA
(This region covers Delaware and parts of Pennsylvania and New Jersey.)
Economic growth picked up slightly. Retailers saw sales gains as warm weather boosted purchases of summer clothes. Some merchants said jewelry sales grew, but many said home goods and expensive appliances were weak. Auto sales declined. Factories reported an increase in shipments. Makers of wood products and chemicals saw an increase in new orders, but other manufacturers said new orders held steady or declined.
CLEVELAND
(This region covers Ohio and parts of Pennsylvania, West Virginia and Kentucky.)
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