All about business

The U.S. economy continued to improve modestly in February despite uncharacteristically severe weather in many regions of the country, the latest Federal Reserve report on economic conditions reports.

Nine of the Fed’s 12 regional banks — including the New York Bank which encompasses Buffalo and Upstate — reported in the U.S. central bank’s Beige Book survey that economic activity improved last month.

Two districts, St. Louis and Atlanta, reported a more mixed performance and one district, Richmond, Va., was snowed under by winter storms.

The survey is a collection of anecdotes compiled by the Fed to give policy makers a feel for conditions across the country as they prepare for the next meeting on March 16 to plot monetary policy strategy.

Among the survey’s findings: Credit conditions have not improved and businesses still are unable to obtain credit, which is a critical factor behind the sluggish pace of growth creditreport.

Also, loan demand remains weak and banks are sticking to tight standards.

There were no signs in February of an improving labor market, though the pace of layoffs slowed.

Consumers appeared somewhat more willing to spend, the survey found, and demand for services was generally positive.

Manufacturing activity was stronger, but worries persisted about whether it was a result of customers restocking their shelves and unlikely to result in sustained improvement.

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