YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
The Beige Book is released eight times a year and is created from anecdotal reports from businesses and contacts in the 12 Federal Reserve districts.
Half of the responding retailers in the eighth district said sales were down from a year ago, while about one-fifth said sales were up. Jewelry and food were strong sellers, but gift items, home décor and clothing moved more slowly.
About 64 percent of surveyed car dealers in the district said sales were down for the period, compared to 27 percent who said they saw increases. About 38 percent noted higher used-car sales relative to new-car sales, and 71 percent reported more low-end vehicle sales relative to high-end vehicle sales.
Manufacturing activity grew slightly during April and May, according to the report. Several respondents reported plans to open plants and expand operations in the near future, and fewer manufacturers reported plans to close plants or reduce operations. Industries with expansion plans included chemical, steel, frozen foods and office supplies manufacturing.
Respondents in the motor vehicle, motor vehicle parts, furniture and plastic manufacturing industries, however, say they expect to lay off workers.
Meanwhile, business support services and financial services firms reported plans to expand operations and hire more employees.
Home sales continued to fall in the spring across the district. April year-to-date sales were down 17 percent to 18 percent in several major cities, including St. Louis and Little Rock, Ark. Residential construction also fell, with between 33 percent and 53 percent fewer single-family housing permits in many metropolitan areas.
Commercial real estate market conditions were mixed. First-quarter vacancy rates declined in St. Louis and Louisville, Ky., but increased in Memphis and Little Rock. Several cities reported strong or stable commercial construction work.
Loan officers surveyed for the report said overall lending activity was down moderately in the first quarter, and credit standards tightened somewhat.
In agriculture, respondents said frequent wet and cool conditions have delayed planting and crop growth – particularly corn and soybean planting in Missouri.
This story originally appeared in SBJ’s June 18 free e-news Daily Update. Click here to register.[[In-content Ad]]
April 7 was the official opening day for Mexican-Italian fusion restaurant Show Me Chuy after a soft launch that started March 31; marketing agency AdZen debuted; and the Almighty Sando Shop opened a brick-and-mortar space.