| Regional/District economic developments | |
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| DISTRICT ECONOMIC OVERVIEW E Y conomic growth was relatively strong most sectors the Fifth District economy the fourth quarter The broad services sector expanded solid pace ongoing gains employment and income drove demand for services higher Housing markets were particularly strong new home construction was well above the pace year earlier and home prices rose sharply number District states Manufacturing was soft spot however growth shipments and new orders slowed and factory employment edged lower Job growth was somewhat stronger other sectors the economy though pushing the District unemployment rate down percent The Fifth District economy continued expand solid pace came close One the District largest retailers Richmond based Circuit City continued struggle difficult retail environment February announced the closing stores mainly the Midwest effort cut costs distribution center Doswell will also closed Reports higher prices for raw materials were more evidence among respondents October and November Steel plastic and natural gas were among those commodities most frequently mentioned rising rapidly price But raw material price hikes eased toward the end the year and prices for finished goods rose only modestly District Job Performance Bests Nation track monthly payroll employment numbers closely because these data are among the timeliest measures economic performance available the state level Fifth District payroll employment the fourth quarter was percent higher than year ea | |
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