South By North Strategies, Ltd.

Service Activity In The South Atlantic: April 2012

From the Federal Reserve Bank of Richmond’s latest survey of service-sector activity in the South Atlantic (District of Columbia, Maryland, North Carolina, South Carolina, Virginia and West Virginia):

Activity in the service sector flattened overall, according to the latest survey by the Federal Reserve Bank of Richmond. Retail sales fell and revenues slowed at non-retail services providers, compared to last month. Big-ticket sales dropped sharply and shopper traffic diminished. Retailers reduced inventories. Looking ahead six months, non-retail survey respondents remained upbeat about future sales, while retailers looked for continued slowing.
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In service sector labor markets, retail merchants trimmed their payrolls and hiring at non-retail firms was little changed from a month earlier. Average wage gains were less widespread.
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The pace of this month’s price change in the broad service sector also moderated, while survey participants looked for somewhat quicker increases during the next six months.

Around The Dial – April 26, 2012

Economic policy reports, blog postings, and media stories of interest:

• Jared Bernstein rounds up evidence on raising taxes on high income households.
• The New Yorker asks if there should be more walls between Stanford and Silicon Valley.
• Working Economics mulls the economic impacts of a federal budget sequestration.
• Paul Krugman checks in on the (lack of) progress in internal devaluation.
• Martin Wolf looks at the dangerous state of European banks.

Manufacturing In The South Atlantic: April 2012

From the Federal Reserve Bank of Richmond’s latest survey of manufacturing activity in the South Atlantic (District of Columbia, Maryland, North Carolina, South Carolina, Virginia and West Virginia):

Manufacturing activity in the central Atlantic region advanced somewhat faster in April following slightly slower growth in March, according to the Richmond Fed’s latest survey. A significant increase in the shipments component pushed the overall index higher, while employment grew at a rate above March’s pace and growth in new orders held nearly steady. Most other indicators also suggested solid activity. District contacts reported capacity utilization grew more quickly, while backlogs grew more slowly. In addition, manufacturers reported that delivery times lessened, while inventories grew at a somewhat higher rate.
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Looking ahead, manufacturers’ optimism remained in place in April. Contacts at more firms anticipated that shipments, new orders, backlogs, capacity utilization, and capital expenditures would continue to grow at a solid pace in the months ahead.

Fast Facts About Food Stamps

A new infographic from the Congressional Budget Office summarizes key facts about the Supplemental Nutrition Assistance Program, formerly known as Food Stamps.

Around The Dial – April 25, 2012

Economic policy reports, blog postings, and media stories of interest:

• Off the Charts analyzes the impact of federal recovery aid to state budgets.
• An op-ed in Politico wonders about the “missing” federal mortgage task force.
• Jeffrey Sachs sees “a world adrift.”
• Nancy Folbre argues for “valuing family work.”
• Ed Glaeser considers the future of HUD.