The Federal Reserve released the latest of its periodic Beige Book yesterday, the eight-times-a-year report from the Fed's 12 regional offices. New Jersey's territory is evenly split between the New York and Philadelphia offices, so to get a handle on what's happening in our state, you have to read both regional reports.
The differences between the two regions are slight, but they exist. New York's report - which also covers North Jersey - says that economic activity "has continued to expand at a moderate pace," while in the Philadelphia region - which covers South Jersey - the economy "continues to improve, but the pace has slowed slightly."
The outlook was slightly more optimistic out of New York in several areas, including manufacturing and hiring. Tourism was a big growth area for New York in the springtime as well. One area in which the Philadelphia report was a bit stronger than the New York one was commercial real estate, which showed "several signs of improvement." Overall, the signs for New Jersey are about what you'd expect: improving, but very slowly.
No comments:
Post a Comment