Container Top
Homes   Jobs   Cars   Shopping
Search

Events Calendar

EVENT SEARCH:

In This Section


Most Read Stories


Blogs:


Pets:
Officials: NYer Had 20 Dead Dogs Buried in Yard

The Heldenfiles:
Monday Notebook

Patrick McManamon:
First and 10: Some ideas for a better second half

Akron Zips:
MAC Roundtable

Tribe Matters:
Indians announce spring dates

Cleveland Browns:
Mangini doesn't name a quarterback

Kent State Sports:
Bye week coming at good time for Flashes

Cleveland Cavaliers:
Shaq: It’s All About Winning Championships

Buckeye Blogging:
Weekly ‘B’ Deck Report – New Mexico St.

Varsity Letters:
Report: Grant visited Michigan State

All Da King's Men:
If It Looks Like Islamic Terrorism…

Blog of Mass Destruction:
Dems Message To Women: Don't Enjoy The Sex

Akron Law Café:
Health Care Financing Reform: (63) Commonwealth Fund Report on Primary Care

See Jane Style:
Muffle Your Muffler

Car Chase:
Clock Tender- Extending the Life of Collector Car Clocks

Let's Talk Real Estate:
Rumors: Akron Starbucks Closing

Ohio Travels with Betty:
Jack is looking for a trip to Southern Ohio the week of November 16.

Sound Check:
The Black Keys to perform benefit concert at Musica on November 27

HRLite House:
Personal Rant – Why People Do Not Live in Northeast Ohio

Akron Gamer:
New 'Call of Duty' could set entertainment record

Fed says economy of region is stable

New home sales, spending are flat

Beacon Journal staff report

Economic activity since early April has been stable in Ohio and parts of Kentucky, West Virginia and Pennsylvania that make up the Federal Reserve Bank of Cleveland's district, according to the latest Beige Book survey released Wednesday.

On balance, employment was largely unchanged across the district. Contacts reported modest wage pressure. Staffing firms saw little net change in the number of job openings, while the number of job seekers increased. Job vacancies were greatest in medical-related fields.

Other data from the Cleveland Fed's district over the last six weeks show:

MANUFACTURING

Output was stable to increasing.

Increased production was attributed primarily to seasonal adjustments or rising demand by customers in energy-related industries. Manufacturers' outlook is best described as guarded. Steel shipments were stable to increasing.

Auto production showed a slight uptick in April. Compared to a year ago, auto production was down appreciably.

Access to credit is not an issue for manufacturers. All contacts reported substantial price increases for raw materials; two-thirds of contacts either raised product prices or increased surcharges and most are considering additional price increases. A third of respondents said they had recently hired a small number of workers, some on a temporary basis.

REAL ESTATE

New home sales were flat to declining and inventory levels remain high. Almost all home builders expect no improvement for the remainder of the year.

New home prices have been relatively stable since six weeks ago, though discounting
has increased. Several general contractors reported reductions in staff.

Commercial contractors said business has been steady. Owners and developers are finding it more difficult to obtain funding because of stricter credit standards. Work force levels remain largely unchanged.
CONSUMER SPENDING

Retailers reported flat to improving sales since the last Fed report. Contacts are cautious in their outlook for the third quarter, with the majority expecting sales to be relatively flat. Auto dealers reported new and used car sales were mixed, while purchases of SUVs and trucks declined. Most retailers have passed cost increases through to their customers. Employment growth is limited to staffing new stores.

BANKING

Demand for commercial and industrial lending was mixed.

Segments showing strength include commercial real estate and small business loans. Consumer loan demand weakened, especially for autos. A few contacts noted a pickup in home equity lines of credit. Most respondents experienced a slight increase in delinquencies. An uptick in home mortgage originations is not seen as the beginning of a trend.

Bankers said credit is available, though lending standards continue to tighten. Employment levels showed a small net decline.

ENERGY

There was little change in oil, gas and coal production. Energy producers reported a pickup in oil and gas drilling. Contacts expect to see a rise in production activity.

Employment levels increased slightly, and producers are looking to expand payrolls but many said it is difficult to attract qualified workers.

TRANSPORTATION

Freight shipments have been flat since the last report, with volumes running below available capacity.

Most carriers expect current market conditions to continue into the second half of 2008, with some modest improvement toward the end of the year. All contacts noted a significant jump in fuel prices, which they were largely able to pass through via a surcharge.

Beacon Journal staff report

Get the full article here.


Story tools

Email  Email   Print  Print   Save  Save   Reprint  Reprint   Popular  Most Popular   Reprint  Subscribe

Share this story

AddThis Social Bookmark Button
















Most Commented Stories