SF Beige Book sees few signs of recovery - Pacific Business News (Honolulu):

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The report, released Wednesday, said there are signs of stabilization or improvement insome sectors. But the report was downbeat, with retail sales still demand for most services softening further and production of manufactureds productsextremely low. Overall, some of the 12 Fed districtsx reported seeing signs that the recession may be slightly easing, but none were expecting the economty to turn around by the end of this In the San Francisco commodity prices in general were stable, exceptg oil prices, which increased. Prices fell for professional services such as accounting andbusinessd consulting. Gas prices rose modestly but were stilpl belowlast year’s highs.
Upward wage pressured were nonexistent, with businessesx reporting pay freezes, wage reducing or eliminating bonuses and reduced Shoppers continued tofavor “inexpensive necessities,” the reportg said, resulting in sales gains for larged discount retailers in some areas. Grocers saw some strengthened sales. Sale s of used cars returned to “normal” levels in some The Fed said travel activityy continued to fall inmajor destinations. In Hawaii, visitor countxs and spending remained downby double-digit California and Nevada reported ongoing declines in hotelp occupancy, especially in the luxury segmenty of the market.
The district’s housingv markets remained weak but showed some signxsof improvement. Demand for commercial real estateeslid further. Banks reported that lending activity weakened and crediy conditionsremained tight. Demand for commercial and industriapl loansfell further. Banks attributed declinees in business and consumer loan volumes to the limites number ofqualified applicants, but noted that lendinhg standards have remained stringent.