| District economic developments | |||||||
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| District Economic Developments E Y The Fifth District economy continued expand solid pace the third quarter Payroll employment growth was large enough finally nudge Fifth District employment above the peak reached prior the recession And while retail sales were sluggish output goods and services overall was nicely higher conomic growth Fifth District states was relatively strong the third quarter The broad services sector expanded brisk pace despite softness retail sales and manufacturing maintained good momentum through the summer Personal income and employment moved higher well while the District unemployment rate edged lower late fall economic growth had slowed somewhat but the District economic expansion remained firmly intact Retail sales however remained weak spot District retailers told that higher energy prices were partly blame for lackluster third quarter sales Discount chains reported particularly soft sales higher gasoline prices strained the already tight budgets lower income customers And late fall increasing number retailers were expressing concern that sharp rise heating bills might constrain spending even further this winter But the manufacturing news from Maryland was not upbeat November General Motors announced would close its Broening Avenue assembly plant Baltimore Approximately jobs are expected lost Built and its heyday employing more than people the plant was mainstay Baltimore once considerable manufacturing economy Jobs Recovery Employment the Distri | |||||||
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