South By North Strategies, Ltd.

Service Activity In The South Atlantic: July 2011

From the Federal Reserve Bank of Richmond’s latest survey of service-sector activity in the South Atlantic (District of Columbia, Maryland, North Carolina, South Carolina, Virginia and West Virginia):

Service sector activity picked up in July, according to the latest survey by the Federal Reserve Bank of Richmond. Retail sales rose sharply, despite lagging big-ticket sales and weaker shopper traffic. Retail inventories dropped. Non-retail services firms also reported stronger revenues this month. Looking ahead, survey participants expected stronger demand for goods and services through the end of the 2011 holiday season.
…
Hiring in the broad service sector was flat, as retailers added employees at a faster pace, while hiring slackened at non-retail services providing firms. Growth in average wages prevailed across the board.
…
Price changes in the broad service sector slowed compared to a month ago, with most of the change coming from slower retail price increases. For the six months ahead, survey respondents expected prices to accelerate from the July pace.

Around The Dial – August 1, 2011

Economic policy reports, blog postings, and media stories of interest:

• Brad DeLong writes about “America’s locust years.”
• Economix describes the downward GDP revision.
• Naked Capitalism wonder about S&P’s motives in the debt ceiling debate.
• Rortybomb thinks about long-term unemployment.
• Paul Krugman sees catastrophe on multiple levels.
• The New York Times reports on what the debt deal may mean for the economy.

Discussing North Carolina’s Economy

John Quinterno of South by North Strategies recently appeared on the syndicated radio program News & Views with Chris Fitzsimon. In the 8.5 minute segment, Quinterno and Fitzsimon discuss the problem of unemployment in North Carolina, its consequences for households and the larger economy,  and the relative lack of interest in addressing it. Click below to listen to the segment.

Manufacturing In The South Atlantic: July 2011

From the Federal Reserve Bank of Richmond’s latest survey of manufacturing activity in the South Atlantic (District of Columbia, Maryland, North Carolina, South Carolina, Virginia and West Virginia):

Manufacturing activity in the central Atlantic region stalled in July after firming somewhat in June, according to the Richmond Fed’s latest survey. The index of overall activity was pushed lower as growth in new orders and shipments edged into negative territory. Employment, however, continued to grow but at a pace below June’s rate. Other indicators also suggested softer activity. District contacts reported that backlogs and capacity utilization fell further, but noted that delivery times and raw material goods inventories grew at a somewhat quicker pace.
…
Looking forward, manufacturers were generally sanguine in July, though their optimism was somewhat less rosy than last month. Survey contacts at an increasing number of firms anticipated that their shipments, new orders, and capital expenditures would grow more slowly in coming months. In contrast, they expected backlogs of orders to grow more quickly.

Around The Dial – July 29, 2011

Economic policy reports, blog postings, and media stories of interest:

• Naked Capitalism points out more dubious bank practices.
• The Wall St. Journal reports on proposed new rules for retirement accounts.
• Christopher Hill asks what the budget debate means for U.S. foreign policy.
• Paul Krugman looks askance at “centrism.”
• Jared Bernstein graphs wage inequality.