Highlights from the Fed's US economic survey
WASHINGTON (AP) — A Federal Reserve survey released Wednesday found that the economy grew modestly in the late summer, bolstered by solid gains in housing.
The report is based on anecdotal information from the regional districts and covers the period from mid-August to Sept. 28.
Here are some highlights:
BOSTON (includes Maine, Vermont, Massachusetts, New Hampshire, Rhode Island and part of Connecticut):
The region's economy expanded modestly. Most retail and manufacturing contacts reported sales gains from a year earlier. Consulting and advertising firms were generally upbeat.
NEW YORK (includes New York and parts of Connecticut and New Jersey):
Economic growth was mostly unchanged from the last report. The job market looked softer as fewer businesses reported adding workers. Retailers noted some leveling off in sales.
PHILADELPHIA (includes Delaware and parts of Pennsylvania and New Jersey):
Business activity improved. Retail sales grew modestly pace and auto sales continued at a strong pace. But manufacturing declined.
CLEVELAND (includes Ohio, Kentucky and parts of Pennsylvania and West Virginia):
The economy grew modestly. Manufacturing output rose. Retailers and auto dealers saw greater sales.
RICHMOND (includes Virginia, Maryland, North Carolina, South Carolina, District of Columbia and part of West Virginia):
The economy grew modestly. Manufacturing improved. Port activity continued to expand. Retailers reported sales growth. Residential real estate continued to strengthen.
ATLANTA (includes Georgia, Alabama, Florida and parts of Louisiana, Mississippi and Tennessee):
Economic activity expanded slowly in September and most business contacts expect little change in the near term. Retailers cited slow sales growth. Auto dealers continued to see strong sales.
CHICAGO (includes Iowa, Wisconsin, Michigan and parts of Illinois and Indiana):
Economic activity expanded slowly. Contacts remained guardedly optimistic that conditions would improve. Some noted uncertainty surrounding the outlook will be resolved by the November election.
ST. LOUIS (Includes Missouri, Arkansas and Kentucky, and parts of Illinois, Indiana, Tennessee and Mississippi):
Economic activity expanded moderately. Manufacturing and service companies reported positive gains. Residential real estate markets have continued to improve moderately.
MINNEAPOLIS (includes Montana, North Dakota, South Dakota, Minnesota and parts of Wisconsin and Michigan):
The economy expanded modestly with increased activity in construction and real estate, consumer spending, tourism and professional services. Agriculture varied widely with crop farmers generally in better shape than animal producers.
KANSAS CITY (includes Wyoming, Nebraska, Colorado, Kansas, Oklahoma and parts of Missouri and New Mexico):
The economy expanded at a slightly slower pace compared to earlier in the summer. Consumer spending slowed and manufacturing growth was more subdued. Drought conditions hurt agricultural production.
DALLAS (includes Texas and parts of New Mexico and Louisiana):
The economy expanded moderately. Energy activity remained strong and construction picked up as housing demand strengthened. Agricultural conditions improved slightly.
SAN FRANCISCO (includes California, Washington, Oregon, Idaho, Nevada, Utah, Arizona, Hawaii and Alaska):
Economic activity grew modestly. Upward price pressures remained limited and wage pressures remained muted. Retail sales rose slightly and demand for housing continued to show signs of improvement.
Copyright 2012 The Associated Press.