Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, November 3, 1994 TAG: 9411030082
SECTION: BUSINESS PAGE: B-10 EDITION: METRO
SOURCE: STAFF REPORT
DATELINE: LENGTH: Short
The district, which includes Virginia, West Virginia, the Carolinas, Maryland and the District of Columbia, comprises the region of the Federal Reserve Bank of Richmond.
The district reported growth in the service sector, commercial real estate, state revenues and tourism. Manufacturing declined in September, but factories reported declining inventories of finished goods and projected increased shipments and employment during the next six months.
Retail activity was flat in September, the district reported. Merchants' inventories increased, while shopper traffic and big-ticket sales fell. Retail prices rose 0.5 percent, while retailers predicted growing demand and an average 1.6 percent increase in sales in the next half year.
Financial institutions said loan demand was mixed; commercial loans increased, but borrowing by consumers fell moderately. Mortgage lending continued to drop, the report said.
Contracts on commercial restate estate grew in October, and vacancy rates in commercial property declined.
State governments forecast moderate increases in tax collections.
Agriculture conditions were mixed, with near-record crop yields expected from fall harvests but weak prices hampering cash receipts for farmers.
by CNB