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Beige Book says US economy expands moderate to modest pace

FXStreet (San Francisco) - The US economy is expanding at moderate to modest pace as all 12 Federal Reserve regions continued to expand in the recent weeks according to the Beige Book. However, the growth hasn't been relevant.

"Reports from the twelve Federal Reserve Districts indicated that economic activity has expanded since the previous Beige Book report; however, none of the Districts pointed to a distinct shift in the overall pace of growth."

According to the report, the consumer spending grew in most districts from slight to moderate as well as activity among nonfinancial service sectors improved overall. Manufacturing outlook was optimistic in most districts. Labor market unchanged.

Main quotes:

Since the previous Beige Book, residential real estate activity, particularly sales of existing homes and construction of new homes, generally expanded or held steady in about half of the Districts

Overall, loan demand rose in eight Districts and held steady in one. Credit standards were largely unchanged. Six Districts reported improving credit quality, falling delinquency rates, or both.

Most Districts reported some growth in consumer spending with a pace of growth characterized as ranging from slight to moderate. Labor market unchanged.

Districts reporting on transportation services generally noted growth.

Since the last Beige Book period, the Cleveland, Richmond, and Dallas Districts reported that manufacturing activity has expanded; New York, Atlanta, Minneapolis, and Kansas City indicated that their growth rates had moderated somewhat. San Francisco cited mixed reports from a variety of contacts. Boston, Philadelphia, and Chicago reported continued growth.

Labor market conditions, as measured by hiring trends, were reported to be relatively unchanged from generally modest rates in most Districts; however, contacts in nearly all Districts reported difficulties finding certain types of skilled labor.

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