Region's businesses optimistic, but...

The Federal Reserve has released its April Beige Book - the periodic informal survey of business conditions in the 12 Federal Reserve districts - and the news from the Philadelphia Fed is good news for the economy, but guarded for the region's job market. Businesses in the region are optimistic that the recovery now under way will continue and strengthen - optimistic enough that demand for workers has risen, but not so optimistic that they are ready to hire on a large scale yet.

As in much of the rest of the country, manufacturing has rebounded in the Philadelphia district, which includes eastern Pennsylvania, southern New Jersey and Delaware. More than half the manufacturers the Philly Fed contacted said shipments and new orders increased in March, an increase in activity from February. Retail sales also improved, but not as strongly, and the earthquake and tsunami in Japan has disrupted shipments of electronics, autos and auto parts, also affecting sales.

On the construction front, activity remains depressed thanks to weak home sales and a languid commercial real estate market. But home sales are showing signs of picking up, and some builders told the Fed that they are seeing an uptick in remodeling jobs.

Service firms also reported increased business in March, but again, gains are modest. The Beige Book cited one respondent's response as emblematic of the sector: "The cycle has turned up, but our customers are being very cautious about increases in spending."

In sum, the economic recovery continues to gain steam in Greater Philadelphia and its surrounding hinterlands, but not enough steam to produce an explosion in hiring. Job seekers should expect continued stiff competition for available openings in their fields.

Gird yourself for battle. Use the educational and support resources on PhillyJobs.com to maximize your marketability.

By Sandy Smith

Sandy Smith is a veteran freelance writer, editor and public relations professional who lives in Philadelphia. Besides blogging for PhillyJobs.com, he has written for numerous publications and websites, would be happy to do your resume, and is himself actively seeking career opportunities on Beyond.com. Check out his LinkedIn profile and read his other posts on PhillyJobsBlog.com.

Economic outlook for the region: Beige

Many years ago, there was a breakfast cereal commercial in which people were asked if they could remember what they ate for breakfast that morning. Of all the non-answers given to that question, one stuck in my head and remains there to this day:

"Well, it was sort of ...beige."

That, I'd say, pretty aptly describes the economic outlook for the next few months for the Philadelphia region, based on the latest Federal Reserve "Beige Book" report for the Philadelphia district, which encompasses eastern Pennsylvania, southern New Jersey and Delaware.

According to the Philadelphia Fed, the region's businesses and industries are sending mixed economic signals right now. Manufacturing and retail are up, demand for credit and service sector activity is flat, and the real estate market is heading south. What's more, no one is forecasting anything more than modest growth in the near future.

In other words, it looks like the next three months are not much different from the three that just ended. Retailers will likely be adding to their workforces to handle better-than-expected sales, while Realtors will likely be beating the drums for sellers and buyers more than taking new agents on board. Car dealers had better-than-expected sales this fall too, but they don't expect that good fortune to continue into the new year. Manufacturers may have good reason to add to their workforces, but as long as they aren't lining up to take out loans to expand capacity, those additions will likely be small in number.

In short, the region's economy - and thus its job market - appear neither very bright nor terribly dark right now or in the months ahead, and there's nothing to get excited about. In other words, "sort of...beige."

Find more colorful employment in your field at PhillyJobs.com.

By Sandy Smith

Sandy Smith is an award-winning writer and editor who has spent most of his career in public relations and corporate communications. His work has appeared in The Philadelphia Inquirer, the Philadelphia CityPaper, PGN, and a number of Web sites. Philly-area residents may also recognize him as "MarketStEl" of discussion-board fame. He has been a part of the great reserve army of freelance writers since January 2009 and is actively seeking opportunities wherever they may lie.