FED: It's ugly on Broadway

The Federal Reserve released its latest beige book of anecdotes from its districts on Wednesday afternoon.

Consumer spending improved across most all of the Fed’s 12 regional districts.

But at least in New York, the Fed’s contacts indicate that things aren’t looking great on Broadway.

Here’s the relevant excerpt, from the Fed’s New York district:

Tourism activity has shown further signs of slowing — particularly in New York City, where both hotels and Broadway theatres report slowing business and declining revenues, and a major retailer attributes recent weakness to reduced tourism. Buffalo area hotels also report lower occupancy rates but indicate that future bookings look promising. Despite the general softness in consumer spending and tourism, consumer confidence in the region (NY, NJ, Pa) surged in June, reaching its highest level since before the recession.

The Fed also noted that tourism improved in all the districts except New York, “where there were further signs of slowing.”

Not good.

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