The New England economy is still in a tailspin, according to the Federal Reserve Bank’s “beige book” report, with the exception of the region’s biotech industry.
Most manufacturers reported year-over-year revenue declines, according to the report, and almost all said they expect first-quarter sales to come in below last year’s levels.
But biopharmaceutical sales are still on the upswing, growing at a double-digit clip, and manufacturers of innovative products (like medical devices) reported that exports are holding their own compared with last year.
And although about half of the company’s surveyed by the Fed reported laying off workers or cutting back hours, the biotech sector is on track for employment growth.