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

The following is the text of the Federal Reserve Board’s Third District -- Philadelphia.

Business activity in the Third District has been varied across sectors since the last Beige Book. Manufacturers, on balance, reported increases in shipments and new orders in November. Retailers have been making year-over-year gains in sales. Motor vehicle dealers have also posted year-to-year sales increases. Third District banks reported practically unchanged loan volume outstanding since the last Beige Book. Residential real estate agents and homebuilders indicated that the recent sales trend has been downward. Contacts in the commercial real estate sector said market conditions remain soft. Service-sector firms reported that activity has been roughly steady in the past month. Business contacts indicated that prices of most goods and services have shown no change, although retailers noted recent increases in prices for goods ordered from foreign suppliers.