Growth slowed in early '08, Fed regional reports say

Federal Reserve districts — including Boston’s, headed by Eric Rosengren, right — all saw decelerating economic growth in early 2008, even as prices pressed upward, the central bank’s ‘‘Beige Book’’ report said today.

The report was compiled with information collected through Feb. 25. Click here for the Boston report.

The survey found service industries slowing in most districts, while manufacturing was sluggish in half of the Fed’s 12 regions. Residential real estate markets were generally weak, and reports on retail spending were downbeat.

At the same time, upward pressure on prices from rising materials and energy costs showed up in almost all the district reports. Businesses in many regions said they had only mixed success in raising their prices to recoup increased costs.
(Reuters)