South By North Strategies, Ltd.

Service Activity In The South Atlantic: Feb.

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 broad service sector continued to grow in February, despite weaker conditions at retail establishments, according to the latest survey by the Federal Reserve Bank of Richmond. Retail sales slumped in February, as shopper traffic declined and big-ticket sales fell; inventories rose. Revenues grew at non-retail services firms, although slightly less rapidly than a month earlier. Looking ahead six months, survey respondents expected stronger consumer demand, although optimism among services providers was partly offset by a bleaker outlook from retailers, compared to a month ago.
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Turning to service sector labor, employment rose overall in February, with both retail and non-retail sectors adding employees. Widespread growth in average retail wages continued, while average wages at services firms flattened.
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Price growth edged up slightly this month, and survey participants anticipated the pace of price growth would quicken in the six months ahead

 

Around The Dial – March 1

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

• Jeffrey Sachs looks at need vs. greed.
• Economix looks at the latest data on personal income.
• The Washington Post reports on the job losses caused by budget cuts.
• Free Exchange asks if the people should move to the growth.

Steadily Less Taxing

The blog of The PBS News Hour points out that the top marginal federal tax rate is at a historically low level.

South Atlantic Manufacturing Activity: Feb.

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 expanded for the fifth straight month, according to the Richmond Fed’s latest survey. All broad indicators — shipments, new orders and employment — posted solid gains. Other indicators also suggested stronger activity. District contacts reported that backlogs grew at a quicker pace and that growth in capacity utilization was virtually unchanged. Manufacturers reported that delivery times and finished goods inventories grew at a somewhat higher rate.
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Looking ahead, manufacturers in February were more optimistic about their future prospects. Respondents at an increasing number of firms looked for rapid growth in shipments, new orders, backlog of orders, capacity utilization, employment, and the average workweek in the next six months.

Around The Dial – Feb. 28

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

• Paul Krugman doesn’t see “a Texas miracle.”
• Fed Watch thinks about “a commodity shock.”
• Rortybomb mulls the consequences of trade with China.
• The New York Times reports on the Wake Co. school system.
• Slate looks at “sexual economics.”