"Modest" is the word for the state of business activity in the Philadelphia region, according to the latest Federal Reserve Beige Book report.
With a few "moderates" thrown in to describe residential real estate sales and sales of new and used automobiles.
There is not much in the report that hasn't been said many times before since the financial crisis. The line that is sure tamp down enthusiasm for a pickup in the economy locally is: "Many contacts continue to hold off on their plans to expand capacity and hire more staff."
Wait 'til next season, I guess.