The Southeast economy continued to expand at a subdued pace in July, according to the Atlanta Fed's latest Data Digest.
The monthly report, produced by the Bank's Regional Economic Information Network (REIN), includes a host of data and analysis on key indicators for the southeastern economy, as well as results from the Atlanta Fed's surveys of the construction and real estate industries and retail sales.
According to the report, retail sales activity in the region pulled back slightly in July. Sales tax revenues, an indicator of retail sales, grew slowly. Meanwhile, respondents to the July Retail Sales Survey were less optimistic than in June, with 52 percent of respondents expecting sales to increase in the next three months, compared to more than 60 percent in June. Respondents also noted that sales and store traffic dipped to year-ago levels as wary consumers kept their wallets closed.
Housing markets also remained weak across the Southeast. Sales of existing homes were tepid, with the exception of Florida, where sales are being driven by foreclosures. Residential real estate brokers and homebuilders in the region were less optimistic in their outlook in July compared to the previous month, according to the latest Construction and Real Estate Survey.
Read the full report online to learn more about current economic conditions in the Southeast.