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Report from Federal Reserve Bank of Cleveland reveals sluggish sales, flat production since August
Published on Thursday, Oct 18, 2007
Beacon Journal staff report
The economy in the region covered by the Federal Reserve Bank of Cleveland grew slowly since August, the bank reported Wednesday as part of the Federal Reserve Board's ''Beige Book.''
The pace of growth for the regional economy was slower than in the preceding reporting period that ended in August, the Cleveland bank said.
The Cleveland bank's region includes all of Ohio and parts of Kentucky, Pennsylvania and West Virginia.
The so-called Beige Book, which collects anecdotal information on the economies in the 12 Federal Reserve Bank districts, is published eight times a year before meetings of the Federal Open Market Committee, which sets interest rates.
In the Cleveland bank's district, manufacturers reported production was flat or decreasing since August, while auto assemblers reported significant production increases as factories resumed operations after model-changeover retooling.
District employment levels overall were flat. The health-care industry had the largest number of job openings.
''The majority of staffing contacts told us that it is increasingly difficult to find quality job applicants,'' the regional bank reported.
New home sales were down year over year. But commercial contractors said business has been steady since late August, as well as year over year, particularly for health care, educa tion and manufacturing construction.
Retailers reported a slight decrease in general merchandise sales, while food sales were stable.
In banking, the mortgage market was sluggish and auto loans were flat. Some bankers saw an increase in the use of home equity lines of credit.
Natural gas production fell in the region since the last report, while oil production was flat to increasing. Energy producers said they had increased employment and were going to continue hiring, but that finding skilled workers remained an issue.
The Cleveland bank said demand for trucking and shipping services was described as stable by most carriers.
Beacon Journal staff report
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