Fed Survey: N.E. Business Contacts Say Growth Slowing

The pace of New England's economic recovery is apparently slowing, according to the latest business survey from the Federal Reserve Bank of Boston.

The Boston Fed checks in with business contacts around the region a few times a year. The survey is known as the Beige Book. Those contacts says although their business is growing, the pace of growth is slowing, especially in software and information technology services, which is an especially important part of the economy in Massachusetts.

Retailers say demand is up after a hard winter kept more people out of stores. Manufacturing sales are up, too. But very few New England businesses told the Boston Fed they’re adding jobs. Most say the only hiring they’re doing is replacing people.

Even so, the survey says their outlook is still fairly positive. Most business contacts say they expect the current pace to continue or even pick up.