A report issued by the Federal Reserve Bank in St. Louis paints a bleak picture about the regional economy.
A survey of businesses in 71 Missouri counties and the city of St. Louis conducted by the Federal Reserve, called the Burgundy Book , paints a gloomy picture. St. Louis Federal Reserve Bank economist Howard Wall says the regional economy has indeed slowed down. About two-thirds of the general retail stores report declining sales in late July and early August. Car dealers are really struggling. A full 83% of the automobile dealers surveyed reported sales were down.
Though Wall concentrates on the eastern side of the state, he says it appears Kansas City seems to be in a better position, but not that much better.
If there is a bright spot, it is the service sector. Wall says employment in the service sector has fallen a bit in the St. Louis metro area, but in the other cities, the service sector continues to grow, though not by much.