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Job growth has slumped to an average of 75,000 a month in the April-June quarter from 226,000 a month from January through March. The unemployment rate was stuck in June at 8.2 percent. Consumers spent less at retail businesses in June for a third straight month, the government said earlier this week. The Beige Book was compiled from information collected before July 9. The survey found that nine regions reported slight gains in retail sales. Those largely reflected better auto sales. Auto dealers reported higher demand for more fuel-efficient vehicles. Tourism remained strong in the New York, Richmond, Minneapolis, San Francisco and Atlanta districts. Manufacturing expanded slowly in most districts but several noted a slowdown in new orders. Philadelphia and Richmond said that both new orders and shipments had weakened. The Institute for Supply Management reported that manufacturing shrank in June for the first time in nearly three years. Europe's financial crisis and slower growth in emerging markets such as China and India have dampened demand for U.S. exports. That has sapped a key source of growth since the Great Recession ended three years ago.
[Associated
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