Tabs

Wednesday, June 5, 2013

Beige Book Reports Modest Growth

The Federal Reserve released its Beige Book today, which shows that the economy is recovering at a modest to moderate pace since the previous report across all Federal Reserve Districts except the Dallas District, which reported strong economic growth.

Similar to the last report, the manufacturing sector expanded in most Districts since the previous report. Consumer spending grew slightly to moderately in most districts, particularly centered around vehicle sales. The energy sector was flat, partially due to lower gas prices that could have dampened consumer spending.

Residential real estate and construction activity increased at a moderate to strong pace in all Districts. Several Districts reported that higher demand and low inventory of homes available for sale are resulting in multiple offers on properties. Almost all Districts reported higher home sale prices. Continuing a theme from the previous report, strength in residential construction boosted suppliers in that industry.

Defense related sectors experienced weakened activity in several districts, likely a result of the sequester.

Residential real estate and construction activity increased at a moderate to strong pace in all Districts. Several Districts reported that higher demand and low inventory of homes available for sale are resulting in multiple offers on properties. Almost all Districts reported higher home sale prices. Commercial real estate and construction activity grew at a modest to moderate pace in most Districts.

Hiring increased at a measured pace in several Districts, with some contacts noting difficulty finding qualified workers. Wage pressures remained contained overall.

Read the report.

No comments:

Post a Comment

Please read our comment policy before making a comment.