California Business Minute™

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Hi, I am Tim Johnson and welcome to the California Business Minute.

The Federal Reserve released its Beige Book, which provides its outlook on the
nation’s economy through its 12 Districts.  The observation from the nation’s bankers
identifies that economic activity in the Twelfth District which includes California has
grown modestly during the survey period of early January through late February.

In addition the report showed upward price pressures remaining strong for food and
energy but were limited for other products, and scattered reports pointed to slight
easing in upward pressures on labor costs.

The analysis also reported weak sales of retail goods, illustrating that sales were
slow at department stores and a variety of smaller retail chains, causing inventories
to rise above desired levels. Demand fell further for household items such as furniture
and appliances, although the drop reportedly was not as pronounced as it had been
in previous survey periods.

The report also identified a slower demand growth for various categories of services.
Manufacturing activity was mixed across sectors but appears to have expanded
slightly.  Agricultural producers saw continued solid growth in sales. Demand for
residential real estate remained exceptionally weak, and demand for commercial
real estate eased a bit further.

I am Tim Johnson and this has been the California Business Minute.

For further details go to Regions under Economic Overview at www.CaliforniaBusinessMinute.com

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                                                             Bob Slobe
                                                             Businessman
                                                             Philanthropist
                                                             All Around Great Guy