NM region’s economy ‘expanded moderately’ in June

New Mexico Business Weekly - The economy in northern New Mexico and neighboring states “expanded moderately” in June, according to the Federal Reserve’s most recent Beige Book report, which gauges economic conditions. In the Fed’s Kansas City district, which includes northern New Mexico, consumer spending and real estate prices posted gains. Stronger automobile sales and a good start for summer tourism helped boost consumer spending, and sales growth helped to drive higher prices for commercial and residential real estate. Some banks in the district also said loan demand and loan quality were getting better. Despite the gains, expanding drought conditions slowed crop development in the region. Oil and gas drilling remained at peak levels, but were expected to slow as global demand falls. The Fed’s Beige Book report is published eight times a year. The Fed banks gather anecdotal information on local economic conditions, interviewing business contacts, economists and market experts. For more information, check out the report. Read More News New Mexico

NM region’s economy ‘expanded moderately’ in June