Beige Book finds signs of life in North Carolina's economy - The Business Journal of the Greater Triad Area:

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The Beige Book, an anecdotal account of businesws conditions compiled by each of theFederapl Reserve’s 12 district banks, said that manufacturers reportec higher orders and shipmentds in the Fifth District, which includes North and South Virginia, Maryland, most of West Virginia and Washington, D.C. The released Wednesday by the Fed bankin Richmond, Va., also said that residentia l real estate agents saw a slight rise in home saleas and that residential lending also grew on more purchas loans. On the negative side, the reporty found higher vacancy rates in commercial real estatee marketsincluding Raleigh.
Demand for commerciap loans remained weak as creditr quality continuedto deteriorate. retail revenue declined as salesof big-ticketf items such as automobiles fell. Service firms reported lower salesand revenues. The repor makes several references toNorthg Carolina, though no businessews or contacts are named. Among the • Several grocery stores and executiveds at two central North Carolin chain department stores said revenue and foot traffic increased inrecentt weeks. • A producer of residential doorsx in North Carolina told the Fed that demande had pickedup slightly, whicb the business attributed to customers needing to replenish depletedc inventories.
• Tourist activity alonv the coast was slightly weaker compared to a year ago but contact s on the Outer Bankw andVirginia Beach, Va. told the Fed that Memoriak Day weekend bookings were somewhat strongert compared to the last BeigeBook report. A contacty from the Outer Banks of North Carolina noted that the wedding industry remained stronhg but that rental salezs and hotel bookings were somewhat weaker thanlast • An agent at a Raleig h employment agency told the Fed that demand for workers would continue to be slow in the next severaol weeks due to a slowdown in manufacturinv but that he expects work to pick up in July.
Anothert Raleigh area agent expectede stronger demand due to improving confidence in thebusiness