The Fed's latest Beige Book, compiling on-the-spot reports from around the country, suggests that the economy continued to expand at a modest pace through the end of August. Coverage of New Jersey's economy is split between the Fed's New York City and Philadelphia offices, so those are the reports that are of the most concern to us.
In New York, the labor market has remained very tight, with businesses reporting trouble finding qualified workers in a wide variety of roles, including engineers, teachers, construction workers, truck drivers, and retail clerks. Tourism has picked up noticeably, and banks reported a rebound in loan demand, though the financial sector overall showed signs of softening.
In Philadelphia, malls and convenience stores continued to report modest growth in retail sales. Some mall store operators reported modest increases in year-over-year sales and foot traffic. Tourism activity continued to grow at a modest pace; one contact noted that the Jersey shore season has been fine, with high occupancy, that restaurants and other retail are performing well, and that casino revenues in Atlantic City were up.
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