As Usual: Florida Recovery Lags

ATLANTA ? Dec. 3, 2009 ? The national economy is perking up, even as Florida and the Southeast continue to struggle with a weak job market, depressed lending and a gloomy commercial real estate sector, the government said Wednesday.

The economic snapshot was provided in the Beige Book ? a compilation of economic anecdotes from the nation?s 12 Federal Reserve districts.

While the report found that in eight out of the 12 districts ?economic conditions have generally improved,? four others ? including the Atlanta District, which serves Florida ? reported mixed economic news.

The bright spots in the Southeast: ?The majority of retailers described activity as exceeding their modest expectations,? and new and used home sales were seen as improving, particularly in the lower-priced category.

Otherwise, the report painted a picture of continued weakness.

Manufacturers said orders were down, car sales have slipped since the days of the ?cash for clunkers? program and ?commercial real estate conditions were widely characterized as weak and, in many cases, deteriorating further,? the report found.

Of particular concern for Florida?s business community, banks said they were maintaining tight lending standards as they focus on repairing their balance sheets.

?Some financial contacts commented that increased lending was not anticipated given the current economic environment,? the report found.

The Beige Book is produced eight times a year, usually a few weeks before the Federal Reserve Open Market Committee meets to set monetary policy. Federal Reserve Chairman Ben Bernanke has suggested the government will keep interest rates low to spur the economic recovery.

Copyright ? 2009 The Miami Herald, Jim Wyss. Distributed by McClatchy-Tribune Information Services