Fed Beige Book 10/21/09

http://www.federalreserve.gov/FOMC/Beigebook/2009/20091021/2.htm Some highlights (or lowlights) depending on perspective from the New York Section: Retail sales picked up noticeably in September and were mostly above plan Consumer confidence measures, while still low, have risen moderately since the last report. Manhattan's office vacancy rate continued to climb in September and for the third... [more]

http://www.federalreserve.gov/FOMC/Beigebook/2009/20091021/2.htm Some highlights (or lowlights) depending on perspective from the New York Section: Retail sales picked up noticeably in September and were mostly above plan Consumer confidence measures, while still low, have risen moderately since the last report. Manhattan's office vacancy rate continued to climb in September and for the third quarter overall, while asking rents continued to drop and were again down about 20 percent from a year earlier (not counting increased concessions by landlords). Manhattan's apartment sales market remained weak in the third quarter. Sales activity rebounded moderately from the prior quarter...prices continued to decline...The inventory of listings declined modestly, but the average number of days on the market continued to climb. Manhattan's rental market slackened further in September...in addition, landlords are reported to be offering increasingly generous concessions...Vacancy rates are reported to have edged down seasonally, but this is expected to reverse in the upcoming (typically slower) winter season. A major NYC employment agency...reports renewed softening in recent weeks...only scattered hiring at financial institutions, and activity has virtually ground to a halt in the legal and publishing industries. A finance-sector contact indicates that employment continues to decline...However, compensation--especially cash compensation--has reportedly fallen sharply, and is expected to fall further during the remainder of the year and into 2010... Bankers report decreased demand for all types of loans except residential mortgages, where they report an uptick in demand...For all loan categories, respondents indicated a tightening of credit standards...Finally, bankers note increased delinquency rates for all loan categories, most notably in the consumer loan category. [less]