| Regional/District economic developments : District economic overview | |
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| DISTRICT ECONOMIC OVERVIEW E Y Fifth District economy expanded fairly strong pace the first quarter Services businesses generally reported solid gains revenues manufacturers said that shipments and new orders were albeit modestly some cases and employment and personal income rose District states Although growth output and employment the services sector slowed toward the end the quarter the District economy retained considerable momentum heading into the spring District Gains Jobs The Fifth District economy expanded relatively strong pace the first quarter but momentum slowed the end the quarter higher gasoline prices contributed March malaise Manufacturing output rose the first quarter but the pace expansion remained generally modest New orders and shipments were somewhat higher while capacity utilization was flat Manufacturing employment the other hand edged lower jobs were trimmed from payrolls the first quarter The textiles and apparel sectors which employ one seven the District manufacturing workers will likely contract further imports are expected gain even greater shares the market Growth Continues Services businesses generally reported higher sales and expanded payrolls the first quarter Home sales and residential building activity were particularly brisk and commercial real estate activity picked number areas Financial institutions reported higher lending activity well Retail sales however were little softer the first quarter Shopper traffic and sales growth began slo | |
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