Economy mixed in region's Fed district

Manufacturing activity, excluding automobile builders, increased slightly in the report, which covered June and early July. Several manufacturers, especially in the food and plastic sectors, reported plans to open plants and expand operations in the near future.

The exception was the auto industry, where companies planned to lay off large numbers of workers, halt production shifts and decrease operations, notably in trucks and minivans.

Home sales continued to decline throughout the district, which covers most of Missouri, plus Arkansas, western Kentucky, western Tennessee, southern Illinois, southern Indiana and northern Mississippi. Year-to-date home sales were down 19 percent in Memphis, Tenn., and 16 percent in Little Rock, Ark., and St. Louis. Commercial real estate construction was mixed across the district.

Agriculture is behind its five-year averages in the district. About 88 percent of total crops were considered in fair or better condition, comparable to last year, but farmers plan to harvest about 5 percent less corn and 3 percent less soybeans than in 2007, due in large part to flooding in Missouri, Illinois and Indiana.

Named for the color of its cover and produced eight times annually, the Beige Book is a snapshot of anecdotal information from businesses and community leaders.

This story originally appeared in SBJ’s July 28 free e-news Daily Update. Click here to register.[[In-content Ad]]