The latest iteration of the Fed's Beige Book - which is published eight times a year - came out yesterday, and takes a surprising look at the automobile-sales market around the New Jersey area. The Beige Book consists of economic snapshots from each of the Fed's 12 regional offices, and New Jersey is divided between the New York City and Philadelphia offices.
Sales of used cars were reported to be soft in the New York City office, which covers the northern half of our state. But that's not necessarily bad news: The biggest drawback was that attractive deals and financing opportunities for new cars were leading more car buyers in that direction.
Meanwhile, in Philadelphia - and by extension in the southern part of New Jersey - car sales are reported to be "on fire," and apparently still growing, since "dealers are bullish for the next couple of years." Auto sales could well become a key driver of economic growth in our state.
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