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March 06, 2008

Economy Got You Down?

The local Starbucks offers up some economic stimulus.

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Economy.com estimates that the Pennsylvania economy is still expanding. However by metropolitan area they find that that Erie and Altoona are in recession. Pittsburgh, Reading and Williamsport are "at risk" of being in recession.

Dean Baker questions mortgage bailouts currently being considered.

David Leonhardt of the New York Times offers up a reminder of the importance of looking beyond official unemployment rates when evaluating the health of the labor market.

The Federal Reserves Beige Book evaluates the health of the economy from the perspective of its member banks.

Here is what they have to say about real estate and construction:

"Residential real estate markets were generally weak over the last couple of months...Contacts in the Chicago, Kansas City, and Philadelphia Districts cited tight credit conditions as a reason for low sales; each of those Districts either reported or expected stabilization of demand for homes in the low and mid-price ranges...The markets for office and retail space showed signs of a slowdown in several Districts. Office vacancies were reported up, and leasing volumes down, in Manhattan, Baltimore, Washington, D.C., Memphis, portions of Maine and Rhode Island, and Las Vegas. Districts indicated that office vacancies held steady in Boston and the Carolinas, and were down in Philadelphia and in the Minneapolis and St. Louis Districts; however, contacts in the Boston and Philadelphia Districts and see some emerging slack. ...Eight of the twelve Districts reported that nonresidential construction activity was slow;"

There isn't much to say about this post at the Wall Street Journal except Eeek!

Posted by Price at March 6, 2008 04:57 PM


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