Economic activity weakens in Richmond Fed District
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Media General News Service
Published: October 15, 2008
Economic activity weakened in September across all 12 Federal Reserve Districts, according to a snapshot released this afternoon.
In the Richmond Fed District, which includes Virginia, Washington, Maryland, the Carolinas and most of West Virginia, retail sales and manufacturing activity slowed while services firms expressed concerns about the future.
Although export volumes remained strong, activity at ports in the Richmond district cooled as shipments declined, according to the Beige Book report, which is published eight times a year.
Residential real estate activity continued to be weak in most of the district as national economic and financial uncertainty lowered demand for new mortgage lending.
Commercial lending also cooled as credit standards continued to tighten, and commercial leasing activity was sluggish, although vacancy rates changed little and rents were mostly stable.
Hiring activity contracted across the board.
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