PROVIDENCE – The Economic activity in New England expanded at a moderate pace toward the end of the second quarter, according to the Federal Reserve Beige Book published Wednesday.
Wage pressure in the region remained modest, despite a tight labor market, according to the report.
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Manufacturers in the region reports increased costs, decreased demand and higher uncertainty due to federal trade policy. A majority of manufacturing contacts reported flat or reduced employment levels and reported a negative revision of outlook due to trade policies.
Office leasing in Providence was reported to have picked up slightly in recent weeks, but going forward contacts in the region expected a seasonal slowdown to hit soon.
Residential real estate sales in the region increased in all areas. Inventory in Rhode Island declined. The median home price in the Ocean State was greater than $300,000.
Prices in the region did not show “unusual pressure” other than impacts from tariffs. Those impacted by tariffs said that they did not have trouble passing those costs to consumers.
Retailers in the region reported a decline in comparable sales year over year – but the sentiment was that the lull was temporary.
Nationally, the economic expansion was said to have expanded at a moderate pace from mid-May to early July – also with moderate employment growth and tight labor markets.
