STRICTLY BUSINESS: IT'S NOT A RECESSION, BUT ECONOMIC GROWTH IS SLOW

"Growth in the economy remains slow!"

This is not a broken record, but it's a phrase that's been going around for a few months.

And, as told during the entire first half of this year, the economy is not in a recession but continues to slow.

* Retail sales, overall, are flat when compared with a year earlier, except in a few small pockets.

* Manufacturers continue to report slowing of activity, with reports of layoffs and down-sizing outnumbering reports of employment increases.

* Loan delinquencies are up slightly.

* The Fed, hoping to stimulate the economy, has cut rates not once, not twice, but a half-dozen times.

It's a "wait and see" economy out there.

And the latest in economics reports, issued last week, indicate a softening labor market, which could further hurt consumer spending.

The Beige Book report, issued eight times a year, touched on retail sales and labor markets.

First off, sales. Although retail sales the past two months are reported flat, activity has been picking up, with kitchen and laundry appliances as well as tools and supplies for home improvements posting strong sales throughout the 8th Federal District, which includes eastern Missouri, all of Arkansas, western Kentucky, Western Tennessee, Southern Illinois, Southern Indiana and Northern Mississippi.

The district is headquartered in St. Louis and has branches in Little Rock, Ark., Louisville, Ky., and Memphis, Tenn. The Beige Book is best described as a collection of anecdotal information, compiled primarily from various business and community leaders. Although the Beige Book is not an in-depth report, the Federal Reserve uses it as one of many tools to determine the direction of monetary policy.

The big winners on the retail scene appear to be low-priced chains, such as Wal-Mart, Kmart, and other big discounters.

A quick look at some leading retailers reveals that same-store Wal-Mart sales were up 6 percent last month, with total sales up 14 percent. Kmart same-store sales were up 3.4 percent and Kohl Stores sale were up 14.2 percent. Most shopping centers and malls report small increases. Sears sales, meanwhile, were down about 3 percent; Gap same-store sales were down 12 percent.

Automobile sales are mixed throughout the District. Dealers in Little Rock and Louisville report softness, especially in sales of domestic autos. Memphis car dealers, however, report recent sales increases, which they attribute to lower gas prices and interest rates, as well as to more generous manufacturer incentives.

Manufacturing throughout the district has slowed. Furniture, chemical and auto parts firms have laid off workers and closed plants.

On the labor front, the trucking industry continues to face driver shortages and some profit losses. A few trucking industry contacts have indicated, though, that the recent declines in gas prices have prompted a moderate resurgence of activity.

The information technology and telecommunications firms are posting slow growth, along with power generation, food, and paper plants.

Residential real estate sales and median prices have continued to show strength in most parts of the District over the past two months. Homes in the $150,000-to-$200,000 range have been the fastest sellers. Home sales have been good in the Cape Girardeau County area, and residential construction is steady in most of the District.

The harvest of winter wheat is complete down on the farm. Differing reports range from good to disappointing. But, corn, cotton, soybean, and rice crops are generally in good-to-excellent condition in most of the District.

City could get Best Buy

Best Buy may or may not be looking at the Cape Girardeau retail market, but the Eden Prairie, Minn., specialty retailer of consumer electronics, personal computers, entertainment software and appliances, is looking at Missouri.

Company spokesperson Connie Stelter said she couldn't confirm that the company was looking at Cape Girardeau, "but we are looking at 600 new stores over the next two years, and Missouri is one of the states we're looking at."

Best Buy has a number of stores in Missouri, including the St. Louis and Kansas City metropolitan areas and Springfield.

Meanwhile, I've been told that Best Buy was conducting a survey in the Cape Girardeau area.

Best Buy currently operates 400 retail stores in 41 states and is on track to have more than 550 stores nationwide by 2004.

Wienermobile turns 65

The "Wienermobile" turns 65 this year, but there's no plans for retirement.

The Wienermobile, a 23-foot-long hot dog on wheels, is still going strong and creates a stir wherever it goes.

The first hot dog on wheels was devised in 1936, when Carl G. Mayer, nephew of the company's founder, conceived the idea to transport the world's smallest chef, Little Oscar, who entertained children and adults with talent shows, magic tricks and product sampling.

The first Wienermobile was 13 feet long and made of metal. It contained an open cockpit in the center. Over the years the vehicle has emerged as a 23-foot luxury vehicle with a microwave oven, refrigerator, CB and cellular phone.

Today, a fleet of six energetic hotdoggers represent the company in towns across America, introducing people to Oscar Mayer products. Included among give-a-ways are wiener whistles and Wienermobile.

B. Ray Owen is the business editor of the Southeast Missourian.