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(CNNMoney.com) -- The economy showed continued signs of modest improvement in recent months, the Federal Reserve said Wednesday in its latest snapshot of regional economic conditions. Economic activity increased or held steady in 10 of the central bank's 12 districts, according to the July edition of the Fed's so-called Beige Book report. The exceptions were Atlanta and Chicago, which reported slowdowns.      
         
         
         
      
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Comment"The stabilization of the economy continues," said Doug Roberts, chief investment strategist for Channel Capital Research. "But there's nothing major in terms of improvement, especially if you look at the underlying structural problems in the labor market and housing."  Districts noted better conditions in the services sector, with increases in the freight transportation industry and at consulting firms. The Fed said most of the districts also welcomed a rise in manufacturing activity, though the pace slowed or leveled off in half of the districts.Retail sales were a bright spot, suggesting a continued rise in consumer spending. Several districts said that necessities like clothes and food continued to be strong sellers, while big-ticket items moved more slowly. The report showed auto sales fell during the period since the last report in early June. Housing slump: The Fed said the housing market lost steam following the April 30 expiration of the homebuyer tax credit, and most districts expect construction and home sales to remain limited. The commercial real estate market also remained weak across country.  While the government incentive helped drive down the housing market's excess supply, Roberts said it wasn't enough to spur a real recovery."The tax credit was like a painkiller for the housing market, but we'll have to go into surgery to deal with the underlying problems," Roberts said. Temporary jobs on the rise: Most districts said the overall labor market gradually improved during the early summer months, citing an increase in temporary hiring.Boston and Dallas, however, said the job market held steady. Gains in Dallas were offset by significant layoffs in the energy sector due to the deepwater drilling moratorium following the BP oil spill in the Gulf of Mexico. "Temporary hiring doesn't set the basis for a more robust recovery," Roberts said. "It allows the conditions to stabilize a bit, and as long as there's some stimulus, you'll get a muted recovery, but there might not be much after that." 


    
        
         
      
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Hidden signs of life in the economy  Consumer confidence continues to sink  The fear economy



First Published: July 28, 2010: 2:23 PM ET

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(CNNMoney.com) -- Cash-strapped cities and counties have been cutting jobs to cope with massive budget shortfalls -- and that tally could edge up to nearly 500,000 if Congress doesn't step up to help.Local governments are looking to eliminate 8.6% of their total full-time equivalent positions by 2012, according to a new survey released Tuesday by the National League of Cities, the National Association of Counties and United States Conference of Mayors.       
         
         
         
      
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Comment"Local governments across the country are now facing the combined impact of decreased tax revenues, a falloff in state and federal aid and increased demand for social services," the report said. "In this current climate of fiscal distress, local governments are forced to eliminate both jobs and services." The depth of the recession has pushed cities to make reductions in departments that are typically shielded from cuts because they provide core services to residents, including public safety, public works, public health, social services and parks and recreation. Endangered species: Government workerIn fact, 63% of cities and nearly 40% of counties reported cuts in police and fire safety personnel, the survey showed.The report called on Congress to pass the Local Jobs for America Act, which would provide $75 billion in federal funds over two years to city and county governments and community-based organizations to save and create jobs. 0:00
      /5:02Digging Illinois out of debt"Federal investment that helps save local jobs and preserve local services will help stabilize communities across the country and ensure that all of America's families are able to participate in the economic recovery," the report said. But the bill's fate is uncertain as mounting concerns over the national deficit hinder the passage of new stimulus measures. 


    
        
         
      
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Newark mayor: No toilet paper for city offices  Maywood, Calif., to city cops and employees: You're fired  Wall Street to cities: wanna sell that bridge?

(CNNMoney.com) -- The number of Americans who own homes fell in the second quarter of the year to the lowest level since 1999, said a government survey released Tuesday.The Census Bureau said the home ownership rate fell to 66.9% in the second quarter of 2010, down half a percentage point from the previous year. The home ownership rate was 67.1% in the first quarter of the year.      
         
         
         
      
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CommentIn the second quarter rates were highest in the Midwest, where 70.8% of people are homeowners, and lowest in the West, where 61.4% of people own. Rates in the South and West were lower than a year ago, while the Northeast and Midwest stayed the same.Vacancies: The vacancy rate in non-rental units also fell in the second quarter, to 2.5%. Meanwhile, the vacancy rate in rental homes stayed steady at 10.6%.Almost 86% of U.S. homes were occupied in the second quarter, with owner-occupied housing comprising 57.3% of all housing units. Renter-occupied homes were 28.3% of all units.A separate report released Tuesday, the Case-Shiller index, showed home prices rose 1.3% in May compared with the previous month.


    
        
         
      
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For sale: Lair of the Lizard King   America's most overvalued cities
Find mortgage rates in your area




First Published: July 27, 2010: 4:52 PM ET

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(CNNMoney.com) -- Cash-strapped cities and counties have been cutting jobs to cope with massive budget shortfalls -- and that tally could edge up to nearly 500,000 if Congress doesn't step up to help.Local governments are looking to eliminate 8.6% of their total full-time equivalent positions by 2012, according to a new survey released Tuesday by the National League of Cities, the National Association of Counties and United States Conference of Mayors.       
         
         
         
      
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Comment"Local governments across the country are now facing the combined impact of decreased tax revenues, a falloff in state and federal aid and increased demand for social services," the report said. "In this current climate of fiscal distress, local governments are forced to eliminate both jobs and services." The depth of the recession has pushed cities to make reductions in departments that are typically shielded from cuts because they provide core services to residents, including public safety, public works, public health, social services and parks and recreation. Endangered species: Government workerIn fact, 63% of cities and nearly 40% of counties reported cuts in police and fire safety personnel, the survey showed.The report called on Congress to pass the Local Jobs for America Act, which would provide $75 billion in federal funds over two years to city and county governments and community-based organizations to save and create jobs. 0:00
      /5:02Digging Illinois out of debt"Federal investment that helps save local jobs and preserve local services will help stabilize communities across the country and ensure that all of America's families are able to participate in the economic recovery," the report said. But the bill's fate is uncertain as mounting concerns over the national deficit hinder the passage of new stimulus measures. 


    
        
         
      
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Newark mayor: No toilet paper for city offices  Maywood, Calif., to city cops and employees: You're fired  Wall Street to cities: wanna sell that bridge?

I finded picture

(CNNMoney.com) -- Cash-strapped cities and counties have been cutting jobs to cope with massive budget shortfalls -- and that tally could edge up to nearly 500,000 if Congress doesn't step up to help.Local governments are looking to eliminate 8.6% of their total full-time equivalent positions by 2012, according to a new survey released Tuesday by the National League of Cities, the National Association of Counties and United States Conference of Mayors.       
         
         
         
      
         Email
         Print
Comment"Local governments across the country are now facing the combined impact of decreased tax revenues, a falloff in state and federal aid and increased demand for social services," the report said. "In this current climate of fiscal distress, local governments are forced to eliminate both jobs and services." The depth of the recession has pushed cities to make reductions in departments that are typically shielded from cuts because they provide core services to residents, including public safety, public works, public health, social services and parks and recreation. Endangered species: Government workerIn fact, 63% of cities and nearly 40% of counties reported cuts in police and fire safety personnel, the survey showed.The report called on Congress to pass the Local Jobs for America Act, which would provide $75 billion in federal funds over two years to city and county governments and community-based organizations to save and create jobs. 0:00
      /5:02Digging Illinois out of debt"Federal investment that helps save local jobs and preserve local services will help stabilize communities across the country and ensure that all of America's families are able to participate in the economic recovery," the report said. But the bill's fate is uncertain as mounting concerns over the national deficit hinder the passage of new stimulus measures. 


    
        
         
      
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Newark mayor: No toilet paper for city offices  Maywood, Calif., to city cops and employees: You're fired  Wall Street to cities: wanna sell that bridge?

I finded picture

(CNNMoney.com) -- Manufacturing activity expanded for the 11th straight month in June, according to a purchasing managers' survey released Thursday, but the rate of expansion slowed more than economists expected. The Institute for Supply Management's (ISM) index of U.S. manufacturing dropped to 56.2 in June from 59.7 in May. The reading came in much lower than the slight decrease to 59 economists had expected, according to a Briefing.com consensus survey.      
         
         
         
      
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CommentDespite the slowdown in growth, levels higher than 50 signal manufacturing growth, while readings below 50 indicate contraction. "We are now 11 months into the manufacturing recovery, and given the robust nature of recent growth, it is not surprising that we would see a slower rate of growth at this time," said Norbert Ore, chair of the Institute for Supply Management Manufacturing Business Survey Committee. "Comments from the respondents remain generally positive, but expectations have been that the second half of the year will not be as strong in terms of the rate of growth, and June appears to validate that forecast," he added.The decline in manufacturing growth in June was largely due to a slowdown in new orders and production, the report showed.ISM's new orders index dropped to 58.5 in June from 65.7 in April, driven by contraction in the machinery and wood products industries. The institute's production index fell to 61.4 from 66.6, led by declines in the wood products and apparel industries.Overall, only three of the 18 manufacturing industries surveyed reported slower growth in June, while thirteen reported accelerated in growth.Apparel and leather products, wood products and machinery all posted slower gains. Activity expanded most in the plastics and rubber products, transportation equipment, printing activities and computer and electronic industries.


    
        
         
      
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If you thought the 1st half was bad...  Auto sales rebound is a myth  Huge June jobs miss



First Published: July 1, 2010: 10:13 AM ET