Fed Beige Book mentions Pa., Ohio drilling impact
Published: Friday, March 8, 2013
Updated: Friday, March 8, 2013 06:03
PITTSBURGH (AP) -- The U.S. Federal Reserve's latest survey of regional economic trends is mentioning the Marcellus Shale natural gas boom.
The Fed's latest Beige Book issued Wednesday mentions that Pennsylvania banks see customers paying down loans with natural gas royalty money. In neighboring Ohio the Fed says shale gas activity is expanding at a robust pace, but some auto dealers are worried they're lose technicians to energy companies.
Economists say it's interesting that bankers and other businesses in the northeast are mentioning shale gas. But they caution that the Beige Book is a snapshot of anecdotal economic trends with no hard numbers.
The Federal Reserve issues the Beige Book eight times a year as a snapshot of business conditions in each of the Fed's 12 regional bank districts.