BOSTON (AP) — A report from the Federal Reserve Board says economic activity has been picking up in recent months in New England, but the outlook for 2010 remains cautious.
According to the “Beige Book” survey, most businesses in the region expect to hold employment steady or make modest increases, though a few still plan further reductions.
Most manufacturers expect capital spending to stay the same or increase slightly.
Retailers reported holiday sales slightly above expectations, but believe consumers will continue to be careful about their spending in 2010.
Real estate sales have improved substantially in the region, but the commercial real estate outlook is mixed.
The Beige Book showed conditions in New England reflecting those in most of the other 12 Federal Reserve districts.