The Federal Reserve's latest Beige Book for the Eighth District reports mixed results on economic conditions in the area that includes Springfield.
Released last week, the latest report indicates the service sector improved this year, while the manufacturing sector faltered. Residential real estate market conditions rose, and commercial and industrial real estate, as well as construction, were mixed. In the banking sector, total lending increased moderately from the first of the year.
The Beige Book, published eight times a year, summarizes anecdotal information on current economic conditions in 12 districts.
Banking and finance Loans outstanding at a sample of small and midsize banks increased 1.2 percent from Dec. 31 to mid-March.
Real estate lending - which is 71.5 percent of total loans - decreased 0.2 percent during the period.
Loans to individuals declined 5 percent, and all other loans increased 1.6 percent, according to the Fed.
Consumer spending Contacts surveyed by the Fed indicate moderately increasing retail and restaurant sales throughout the Eighth District.
Several retailers reported year-to-year sales growth, while many expect increases to continue through 2015, according to the data.
Contacts report consumer demand pushed the growth. Retail, grocery, discount store and apparel employers also recorded increases.
Manufacturing Furniture, transportation equipment, and plastics and rubber manufacturers reported plans to add workers, expand operations or open new facilities. However, they were the exceptions, according to the Fed.
Large layoffs were reported in the primary metals and chemical sectors, while mixed results came from food manufacturers.
However, plans to hire are up for several manufacturing sectors.
Real estate and construction Residential activity improved throughout much of the district.
Compared to the same period in 2015, home sales were up 15 percent in St. Louis, the main city of the Eighth District.
Residential construction declined in a majority of metropolitan areas during February.
Commercial and industrial real estate contacts indicated largely mixed results.[[In-content Ad]]
