Wednesday, January 14, 2009

Beige not bright: No light at the end of the tunnel says Fed report

The Federal Reserve Bank's Beige Book reporting on New England and Boston economy:
Business activity in the First District continued to slow at the end of 2008. Retailers report sluggish holiday sales, and manufacturers cite smaller increases or actual declines in revenues or orders in the fourth quarter compared with a year earlier. Selected business services firms are somewhat more upbeat, with demand in the fourth quarter stable versus year-ago levels. Residential and commercial real estate markets remain very weak. Respondents expect more of the same or further softening, at least through the first quarter. Many contacts point to declining costs as a silver lining.
Boston report here.

Entire national outlook here.

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