The Fed’s Beige Book came out this week, with some good
anecdotal data from New Jersey. The Fed says that several areas of commerce around the state are
rebounding from slower growth in the prior period: Brokers reported modest growth
of existing home sales, auto dealers reported modest growth following a period
in which sales were flat, and manufacturers reported modest growth following
prior reports of slight declines.
Northern New Jersey's market for single-family
homes continues to improve modestly, although prices are still being held down
by a sizable overhang of distressed properties, which is coming down only
gradually. Industrial and warehouse construction has also picked up in northern New
Jersey.
But maybe the most surprising good news is out
of Atlantic City. “Unseasonably warm weather altered activities in the
mountains and attracted more visitors to the shore,” the Book reported. “Atlantic
City casino revenues rose 15 percent in February compared with the prior year - a rare increase that may reflect stronger-than-normal convention bookings.”
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