Federal Reserve Bank Pres ident Reports
Third District—
Philadelphia

Current Condition
Price

Price
Aggregate business activity is increasing at a very modest pace
Slight increases in wages, home price and general price levels

Manufacturing
Retail – Nonauto Retail and

Auto Retail

Construction ： Residential real estate

Nonresidential real estate

Labor Market
Market economy improves at a modest rate, but the labor market reveals at a different pace ， both temporary and permanent positions are requested to increase to fit market demand.

Service and manufacturing industries ：
Retail, real estate and construction ：

Production
The commercial and residential real estate

residential real estate estate nonresidential real

Retail

nonauto retail and auto retail ：

Interest Rate Sensitive Sectors

 Manufacturing
Retail
 Real estate and construction
Finance




Manufacturing ：（ Strong ） Except for paper p

roducts, most products reported overall increase s in shipments and orders
Real estate and construction （ Not good ） Sal es have fallen in most major markets and fewer people are qualifying for mortgages

Retail ： (Not good) Malls and restaurants per

formed bad in the second quarter, but did bett er in the third quarter. The auto retail perform ed better due to the low interest rate.

Finance : (Weak) Low levels of demand for ne

w mortgages, and negligible demand for refin ancing loans.

Future


Price

Over all the sectors in the third district, manufa cturing, real estate and construction, retail an d finance, little change to the steady,