Signs Of Optimism For New England Economy

New England business leaders are showing a few signs of optimism about the economy, according to the latest “beige book” from the Federal Reserve Bank of Boston.

The overall tone from the latest Fed survey of regional business leaders remains negative. Information technology firms are reporting declines in sales. Most manufacturers surveyed are cutting back on staffs and spending, as business continues to slow. Real estate markets , both commercial and residential, still appear weak.

However, a majority of retailers, which had been among the first businesses to report a downturn, are now reporting sales increases, compared to a year ago. Some staffing firms say they are seeing signs that the economy is stabilizing.

Put it all together, and “uncertain” is still a good word to sum up this informal outlook from the Boston Fed. Still, there are more signs of optimism than in previous beige books.

Five of the 12 Federal Reserve regions reported Wednesday that the “downward trend is showing signs of moderating.”