| District economic developments | |||||||
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| District Economic ROBERT LACY Growth economic activity within the Federal Reserve Fifth District was modest recent months Consumers continued spend but outside automobiles and houses their appetite for goods and services was light Slow growth personal income diminished wealth due stock market losses and the threat war with Iraq all played role Economic growth the Fifth District was modest the summer and early fall Manufacturing activity which had rebounded nicely the spring turned down August and September The broad services sector expanded but only hesitantly consumer appetite for goods and services waned the midst sharp stock market declines and talk war with Iraq Housing Construction Strong The Fifth District housing markets continue impress Just when analysts expected the housing sector begin slow gained additional momentum Building permits issued September were percent higher than year ago Mortgage rates that eased below percent the third quarter played large role sustaining strength the sector Lower interest rates however have done little boost construction the commercial and industrial sectors businesses remain hesitant invest Total employment the construction sector picked the third quarter but remains below year ago levels Economic Malaise Participants our monthly surveys retailers and service businesses report that revenues were flat the third quarter Automobile sales were bright spot spurred higher attractive incentives such zero percent financing But outside deale | |||||||
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