Wednesday, July 17, 2013

Fed's Beige Book Shows Modest to Moderate Expansion

The Federal Reserve's Beige Book indicated that economic activity expanded at a modest to moderate pace across the country. The report, which covered June through mid-July, indicated that improvements across all districts. Most industries reported moderate to modest growth except for agriculture.

Eleven of the Federal Reserve districts reported economic activity grew at a "moderate" pace and one district, Atlanta, reported that its improvement was "modest." “Most Districts noted that overall consumer spending and auto sales increased during the reporting period. Activity in a wide variety of nonfinancial services was stable or increased in most reporting Districts… Manufacturing expanded in most Districts since the previous report, with many Districts reporting increases in new orders, shipments, or production.”

“Banking conditions generally improved across the Districts. Credit quality improved, while credit standards remained largely unchanged.”

Read the full Federal Reserve report.

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