U.S. Federal Reserve Beige Book: New York District (Text)

The following is the text of the Federal Reserve Board’s Second District -- New York.

The pace of activity in the Second District’s economy slowed somewhat since the last report. Business contacts across a variety of sectors indicate that activity has flattened out in recent weeks and that hiring has tapered off. Retail sales remained fairly sturdy in June but were mixed in early July. Consumer confidence has remained at low levels. Tourism activity has remained strong. Commercial real estate markets have been mixed since the last report, with office markets mostly stable but industrial markets weakening somewhat. The residential purchase market has been steady to somewhat softer, while the rental market has shown further signs of strengthening; there continues to be little new home construction. Finally, bankers report increased demand for commercial & industrial loans, lower delinquency rates on such loans, and no change in credit standards in any category.