'Beige Book' Reports Good Economic News For New England

The Federal Reserve survey of regional businesses, known as the Beige Book, has been gloomy for months. But now, New England businesses — especially in information technology, manufacturing, and defense — say they are hiring and that they are seeing more sales.

The news for the local unemployed isn't all good however, according to Brian Bethune, an economist at IHS Global Insight in Lexington.

The survey represents "good news in the Boston area," Bethune said, "but, unfortunately, that appears to be an exception when you look across the country."

Not all New England business sectors are reporting growth. Retail and tourism companies are still cautious in their outlook and one retailer even quipped that flat growth is the new benchmark for success.

New England is one of just two regions reporting modest growth in the survey. The rest report a slowing economy and analysts say that should limit the improvement New England businesses can expect.

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