Despite the Snowmageddon that crippled Washington, D.C. and much of the East Coast during February, the economy continued to grow at a modest rate. This is the opinion of the Federal Reserve’s newly issued Beige Book report – officially known as the “Summary of Commentary on Current Economics Conditions by Federal Reserve District” — which is published monthly.
In terms of commercial real estate, the Beige Book notes that activity is still limited. “Most Districts characterized commercial real estate and construction activity as weak or having declined further, but some Districts noted slight stabilization and a few signs of modest improvement.” The Beige Book also noted that the snowy February kept prospective house hunters home in some parts of the nation. According to the report, “Residential real estate markets improved in a number of Districts, although several Districts noted that activity softened or remained weak partly due to extreme winter weather.”
On the jobs scene, the Beige Book reports that “the pace of layoffs slowed in most Districts, but hiring plans still remained generally soft.”