The Federal Reserve Bank’s Beige Book summary shows the St. Louis region as one of eight reporting moderate or modest growth and the Kansas City region as stable.
The St. Louis Federal Reserve Bank says that its region’s economy is still growing, but that it’s hearing of more layoffs than hiring in the services industry. The bank’s latest Beige Book report, based on anecdotal reports from business contacts in the region, says its reports from services firms were “negative on net.”
Industries reporting layoffs included mortgages, pharmacy benefit management, pest control and telephone answering services. Manufacturing remained a bright spot, with the Fed’s contacts reporting expansion in the auto, plastics, appliances and food industries.