Fed survey says New England companies generally upbeat
Boston, MA – The New England economy fared better than the nation as a whole in recent weeks, as businesses in several of the region’s key industries reported “upbeat” results, according to a Federal Reserve survey released today.
The survey, which comes out eight times a year, said the national economy appeared to slow significantly in recent months, while business conditions across New England were “positive on average.” Still, some industries, such as retail and real estate, struggled.
The New England “outlook varies widely across sectors, from largely positive in manufacturing and software to cautious in retail and tourism and mixed among commercial real estate professionals,” the Fed reported.
The survey, known as the Beige Book, collects anecdotal information from businesses around the country in advance of the Fed’s rate-setting meetings. Policy makers are expected to hold the Fed’s benchmark interest rate near zero when they meet September 21.
New England manufacturers reported solid growth recently, with many citing strong demand from Europe, according to the Fed. They continue to hire cautiously, however, and employment at most firms remains below 2008 levels.
