Beige Book: Weaker economy for Ohio, region since mid-April - Business First of Columbus:

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The Cleveland Fed in its “beige analysis of Ohio, easterbn Kentucky and western Pennsylvania, reported signs of further deteriorationnsince mid-April. That’s the story for much of the rest of the with all 12 of the districyt banks indicating economic conditionzs stayed weak or got worsethrough May. • Manufacturing With production down slightly through this year but off sharplyy comparedwith 2008, most Fed contacts aren’t expectinhg conditions to bottom out until at least the third Steel processors, however, are seeingt a sharp decline begi to level off, but no turnaround is expected this Most respondents said they’ve cut payroll costs by wage cuts and a reductio in hours.
• Real estate – The Fed notedf an increase in optimismamong respondents, thougu conditions remain rough compared with last year. Residential builders expect activity to remain relatively unchanged in the next few though some are hopeful an uptick couldf take place before the end of the Both residential and commercial builderse noted troublessecuring financing, which has led to construction delays or shutdowns on the commercial end. Consumer spending – The Fed reported relativelgy stable sales for retailers in thelast six-weeki period, with most not expecting majore changes through September.
New-vehicle sales, contactws said, dropped during the periof amid an ongoing crisis in the though used car lots sawa “modesf improvement.” • Banking – The Fed tracked mixedd demand for commercial and industrial loans, thouggh refinancing applications on the residential side remaih “very strong.” Core deposits jumpes sharply during the six weeks even as competition declined, the Fed As for tighter lending standards, they’re “firmly in place” with no expectationsz for easing up. • Energy – Coal companies have reporterd production declines as demand from utilitiesd has declined because ofexcess inventory.
At the same time, pricee for coal dropped sharply, whilwe gas and oil prices were steady or onthe • Transportation – Freight companiesw reported low volumes but told the Fed they’rw seeing this year’s decline moderate. Most Fed contactss expect conditions to hold steadythrough September.