PHILADELPHIA- Although the Federal Reserve Board of Philadelphia in its monthly Beige Book points to a number of positive trends, the region continues to mirror the national economic recovery's moderate growth pace.
"The local economy is very much in line with the national economy," says Luke Tilley, regional economic adviser for the Federal Reserve Bank of Philadelphia. "We still have a recovery ongoing but at a moderate pace."
The Beige Book comes out in advance of the next meeting of the Federal Open Market Committee, which will be held on Tuesday and Wednesday of this week.
The report stated that construction and home building executives "remained moderately busy with existing projects from spring sales." Some, however, reported a dip in new sales in July attributable, in part, to rising interest rates, according to The Inquirer.
The report noted that there was a boost in demand for construction materials, primarily in response to continued rebuilding as a result of Hurricane Sandy. Experts predict demand will soften in the months ahead. See story in The Inquirer.
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