Beige Bk New York Econ Has 'Strengthened Noticeably' Market News International
WASHINGTON (MNI) - The following is the text of the Federal Reserve assessment of the Second District's economy in its Beige Book survey of economic conditions published Wednesday:
SECOND DISTRICT -- NEW YORK
The Second District's economy has strengthened noticeably since the last report, though hiring remains sluggish; price pressures have increased moderately but prices at the consumer level remain stable. Manufacturing-sector contacts report improved activity. Auto dealers note some pickup in sales in March, following a lull in February, while general merchandise retailers report improving sales in both months. Tourism activity in New York City has strengthened further since the last report. Commercial real estate markets have been steady to slacker. Residential real estate markets, though still sluggish, have shown scattered signs of improvement, especially at the lower end of the market. Bankers report steady to weaker loan demand, higher delinquency rates (except on consumer loans), and tighter credit standards.