Report Indicates Slight Upswing in Some Areas

The Federal Beige Book released Tuesday indicates that consumer spending has remained generally steady overall for past few months in the New York District, of which Cranford is a part. The report also noted improvement in the labor market.

A write-up of business trends in various industries, the Beige Book is published eight times a year by the Federal Reserve and sums up the economic life of the nation.

Trends noted in the Beige Book mirrored comments made about the general economic life of Cranford by Robert Hoeffler, executive director of Cranford Chamber of Commerce, an advocacy organization for over 150 businesses in town. Hoeffler added that while retail business in-town braked in general since the beginning of the recession, signs have indicated that the economic life is improving.

Consumer Spending

The Beige Book reported that retail sales were higher than a year earlier, but increases were modest. In the district, the report noted that "prices are expected to remain steady during the second half of 2010 and rise modestly in 2011."

Hoeffler added that he's noticed that spending "is no where near what it was three years ago," but the economy is perking up – and he forecasts that it will continue to waken further in the next couple of months. 

"It seems like a few of these companies have done better than they did a year ago, as we think the economy is turning a little bit and people are beginning to spend money," he said.

Labor Markets

The report added that labor market conditions in the New York district improved since the last report in June. Reflecting that report, it seems Cranford is indeed doing well relative to the rest of the nation.

According to SimplyHired.com, which collects employment statistics from job listings and career Web sites, the unemployment rate in Cranford is at 4.1 percent, compared to the national  average of 5.8 percent.

"The unemployment rate in Cranford was one of the lowest rates in the county," Hoeffler added. 

Real Estate

While the retail side of things is steady, the real estate market in the New York District remains unsettled, according to the Beige Book.

"An authority on New Jersey's housing industry characterizes housing demand as sluggish and lacking momentum,"  the report noted. And Hoeffler agrees where Cranford is concerned.

"There's not a lot of buyers out there," he said, adding, "the real estate market right now in terms of listings is probably the highest point it's been within the last ten years."