Amid growing concerns about a possible recession, the Federal Reserve Bank of Boston this afternoon released its latest survey of New England's economy.
The regional survey of business contacts suggests that the economy started to slow in the last few months of last year. Retailers generally report lukewarm holiday sales. Part of that ties into the weak real estate market. Apparently, sellers have come around and are pricing their homes more realistically. But buyers are still being very patient, the Fed reports, so the bottom hasn't hit quite yet.
However some industries are performing well. Manufacturers and advertising and consulting firms are reporting decent growth. Tourism is also expected to be strong next year, with more money coming in from foreigners to make up for a drop in domestic tourists.
Overall, The Fed survey indicates companies are approaching the economy cautiously, but no one's jumping ship.
This program aired on January 16, 2008. The audio for this program is not available.