Economy in brief - Westfair Communications

Beige book holds little pizzazz

The tristate economy expanded at a modest pace in the early part of the year, according to the latest informal survey by the Federal Reserve Bank of New York.

In its recurring beige book report published in early March, the Fed stated while there has been little or no net hiring in the financial and manufacturing sectors, there has been a slight pickup in some other sectors, and retail sales have been relatively strong despite bad weather.

Bankers report strengthening demand for commercial loans and mortgages, but weaker demand for home mortgage loans.

NFIB tracks increase in confidence

Business confidence continues to trend upward, according to an index published by the National Federation of Independent Business.

While business owners complained of weak sales in NFIB surveys, they also indicated plans to hire workers in the coming months.

Despite the increase, NFIB stated it fell short of a surge that would signal an economy in a “shift to second gear,” in its words.

“This is not a reading that characterizes a strongly rebounding economy,” Bill Dunkelberg, NFIB”™s chief economist, said in a statement. “But it is the third best reading since the fourth quarter of 2009 when the economy was expanding rapidly. So, it gives us cause for some real optimism. Apparently the future is looking brighter for a few more small-business owners, although much will depend on what Congress does this year.”