The government said Wednesday, even as Florida and the Southeast continue to struggle with a weak job market, depressed lending and a gloomy Miami commercial real estate sector, the national economy is perking up.
Anecdotes from the nation’s 12 Federal Reserve districts were provided in the Beige Book, a compilation of economic.
The report found that in eight out of the 12 districts "economic conditions have generally improved." However, in four others, including the Atlanta District, which serves Florida, reported mixed economic news.
The bright spots in the Southeast: ``The majority of retailers described activity as exceeding their modest expectations,'' and sales of Miami homes were seen as improving, mainly in the lower-priced category.
Beside that, the report painted a picture of unremitting weakness.
Manufacturers said orders were down, car sales have slipped since the days of the ``cash for clunkers'' program and in many cases, Miami commercial real estate conditions were characterized as weak and, deteriorating further, the report found.
Banks said they were maintaining tight lending standards as they focus on repairing their balance sheets, of particular concern for Florida's business community.
The report also found some financial contacts commented that increased lending was not anticipated given the current economic environment.
The Beige Book is produced a few weeks before the Federal Reserve Open Market Committee meets to set monetary, policy eight times a year. Federal Reserve Chairman Ben Bernanke has suggested the government will keep interest rates low to encourage the economic recovery.
Contributed by MLR Realty
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