Business and the Economy
Federal Reserve Report Shows Slight Gains
The latest beige book from the Federal Reserve shows mixed results for the area. Louisville is in the Eighth District, which is centered in St. Louis. Overall, the district saw modest economic growth in July and August, but activity varied from sector to sector. Manufacturing, services and auto sales were up compared to the previous year. But residential real estate activity and non-auto retail sales dropped.
From the report:
Contacts reported that retail sales in July and early August were down slightly, on average, over year-earlier levels. About 29 percent of the retailers saw increases in sales, while half saw decreases and 21 percent saw no changes. Roughly 48 percent of the retailers reported that sales levels were below their expectations, 43 percent reported that sales met expectations, and 9 percent reported that sales were above expectations.
The three months leading up to August saw a slight increase in bank lending.