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Report shows few changes in employment, retail sales, manufacturing
Published on Thursday, Jan 17, 2008
Beacon Journal staff report
The Ohio economy and parts of nearby areas in Pennsylvania, Kentucky and West Virginia continued to expand over the last six weeks, according to the latest survey done by the Federal Reserve Bank of Cleveland.
But growth in the Cleveland Fed's Fourth District was slow, according to the so-called ''beige book'' released Wednesday.
The regional report showed:
• Employment levels across the district were largely unchanged. Staffing firms reported a modest increase in the number of job openings while the number of job seekers was flat.
Demand was greatest in the health care and nonprofit sectors. There was little upward pressure on wages.
• Manufacturing output remained steady, though auto assembly plant production declined. While there was little change in employment levels, several manufacturing contacts said they plan to resume hiring in 2008.
• Residential builders reported new home sales were very weak, while commercial contractors experienced an increase in their backlogs. Home prices were steady. Nearly all contractors said that they expect activity in 2008 will be at a higher level than in 2007.
• Demand for business and consumer loans was flat to declining and the number of delinquencies rose slightly. Reports on credit quality showed some deterioration, especially on the consumer side. Two bankers reported some wage pressures that were attributed to difficulty in recruiting qualified workers.
• Overall retail sales were flat to declining during November, with most retailers expecting sales to remain flat during the first quarter of 2008. Auto dealers reported a decline in sales of new and used vehicles during the past six weeks, and they anticipate flat to lower sales in the coming months.
• Oil and gas production was steady to increasing. Drilling activity fell slightly.
• Truck freight volume was characterized as soft. Carriers anticipate 2008 will be a challenging year with little rebound in business activity until the second quarter at the earliest. Carriers said they are unwilling to spend in the current economic environment.
• Manufacturers reported increased costs for raw materials. Several producers reported raising their prices in response to rising input costs and others are planning to increase prices early in 2008.
Get the full article here.
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