Rugged Elegance: San Francisco: Beige Book Sees Color Return to West's Economy

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November 28, 2003

Beige Book Sees Color Return to West's Economy

Silicon Valley/San Jose Business Journal

The.Beige.Book.jpg The economy in much of California and the Pacific West showed solid growth in October and early November, according to the Federal Reserve Bank's 12th District regional report released this week.

Little upward pressure on prices for most consumer goods and services was seen and increases in wages and salaries also were limited, while many businesses reported shifting rising costs of health benefits to their employees, the San Francisco-based bank says in its report, which accompanies the release of the November Beige Book by the Fed.

Lumber and other building materials were the main exceptions to the price trend; robust housing starts, rebuilding efforts in Iraq, expected rebuilding in Southern California following the fires, and higher export demand for materials reportedly contributed to price increases.

Slack labor markets damped wage increases in most sectors. However, some businesses reportedly have reinstated year-end bonus programs, albeit at modest levels, according to the report.

Regarding benefits, employers noted continued rapid increases in health care costs, with a significant portion of the increase passed on to employees.

Consumer spending in the West, excluding auto sales, remained solid in recent weeks, boosted by preholiday discounting and an early start to the winter ski season, it says. Consistent with solid consumer spending, the region's travel and tourism sector experienced a pickup in demand, the report says. Early snows and cold conditions in ski areas pushed up the start of the winter travel season in many parts of the West

Posted by Jennifer King at November 28, 2003 10:31 AM

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