Fed sees ‘slightly’ improved economy in Colorado region
Denver Business Journal by Heather Draper, Reporter
Date: Wednesday, October 19, 2011, 4:05pm MDT
- Heather Draper
- Reporter - Denver Business Journal
- Email | Facebook | Twitter | Finance Etc. blog
The economy in Colorado and neighboring states “improved slightly” in late August and September, the U.S. Federal Reserve reports in its latest “Beige Book” survey of the region’s business executives.
The Fed’s Kansas City-based 10th District, which includes Colorado and some or all of six neighboring states, was among 10 of the 12 Fed districts nationwide that registered modest or slight growth in the six-week period covered by the Beige Book. Growth was slower or non-existent in the Richmond and Philadelphia districts.
The Beige Book is based on interviews with a sample of business executives representing key industries in each district. The reports are anecdotal and do not contain statistics, but they are widely followed and help the Fed to set national economic policy.
According to the latest 10th District Beige Book, consumer spending increased in the retail and auto sectors, but declined slightly in the restaurant and travel sectors.
“Luxury goods, such as jewelry and custom-upholstered furniture, sold particularly well,” the report said.
Manufacturing activity rose at durable goods factories, and the high-tech services industry experienced strong growth, while transportation activity was flat.
Residential and commercial real estate and construction contacts continued to report weak conditions. Multi-family building projects were the only area of reported growth by commercial construction contacts.
The energy sector expanded further with production increasing for oil, natural gas and coal, according to the report.
Bankers in Colorado and neighboring states reported increased deposits, but somewhat weaker loan demand and a slight deterioration in loan quality.
Read More: http://www.bizjournals.com/denver/news/2011/10/19/fed-sees-slightly-improved-economy.html
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