The economy slipped amid the Philadelphia region's icy weather for most of January and February, the Federal Reserve said Wednesday as part of its national snapshot of business activity, which otherwise showed improvement for much of the country.
In this region, many retailers realized losses through heavy discounting of winter inventory. On the bright side, Philadelphia auto dealers anticipate a release of pent-up demand when spring arrives, the Fed said.
The bank's latest so-called Beige Book report follows a generally more positive report for December. Declining activity for Philadelphia happened recently across the board in retail and auto sales, construction, manufacturing, tourism, and other categories, the bank said.