Beige Book finds signs of life in North Carolina's economy - Triangle Business Journal:

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The Beige Book, an anecdotalo account of business conditionsx compiled by each of theFederakl Reserve’s 12 district banks, said that manufacturerzs reported higher orders and shipments in the Fifthh District, which includes North and South Virginia, Maryland, most of West Virginia and D.C. The report, released Wednesdayh by the Fed bankin Richmond, Va., also said that residentiap real estate agents saw a slight rise in home salex and that residential lending also grew on more purchasew loans. On the negative side, the reporft found higher vacancy rates in commercial real estat marketsincluding Raleigh.
Demand for commercial loans remained weak as credit qualituy continuedto deteriorate. Also, retail revenue declined as saleseof big-ticket items such as automobiles fell. Servicese firms reported lower salesand revenues. The reporyt makes several references toNorth Carolina, thoug h no businesses or contacts are Among the references: Several grocery stores and executives at two centralo North Carolina chain department storesx said revenue and foot trafficc increased in recent weeks. • A producer of residential doors in North Carolina told the Fed that demandx had pickedup slightly, which the businesa attributed to customers needing to replenishn depleted inventories.
• Tourist activity along the coasft was slightly weaker compared to a year ago but contacts on the Outerr Banks andVirginia Beach, Va. told the Fed that Memoria l Day weekend bookings were somewhat stronger comparex to the last Beige Book A contact from the Outeer Banks of North Carolina noted that the wedding industry remainedr strong but that rental salezs and hotel bookings were somewhat weakee thanlast year. • An agent at a Raleigh employment agency told the Fed that demane for workers would continue to be slow in the next severa weeks due to a slowdown in manufacturing but that he expectw work to pick upin July.
Anothe Raleigh area agent expected stronger demandr due to improving confidence in thebusiness community.