Fed: New England Economy Growing
The New England economy grew at a moderate pace during the first quarter of 2012, according to the Federal Reserve's "Beige Book."
Retailers, manufacturers and consulting and advertising firms generally reported making more money than they did in the same period last year. Commercial real estate stayed fairly level, and residential sales picked up, but at lower prices than last year.
For the most part, employers reported little hiring.
Retail businesses said their sales have been fairly strong so far this year, thanks partly to the warm weather, but both retailers and tourism companies said rising gas prices are a concern.
In the manufacturing sector, varied conditions around the world mean that companies doing business in Europe are having more trouble than those selling in the U.S. and Asia. Manufacturers are also facing higher input costs, but they say that isn't having a big effect on their operations.
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