Beige Book

The Federal Reserve's latest report on regional economies paints a picture of a nation continuing to grow moderately, with car sales going strong, manufacturing adding to recent gains and the long-depressed housing market showing flickers of life. But throughout the country, many industries are feeling the pinch of higher oil prices, says the Fed's so-called beige book, released Wednesday. And some employers around the nation are having trouble finding qualified workers, especially to fill high-skilled jobs.

The U.S. economy expanded at a "measured pace" in recent weeks as gains in consumer demand and housing were tempered by a slowdown in manufacturing and the impact of Superstorm Sandy, the Federal Reserve said in its "beige book" survey. "Consumer spending grew at a moderate pace in most districts, while manufacturing weakened," the central bank said in the survey that comes out eight times a year and is based on reports from the Fed's 12 district banks. "Contacts in a number of districts expressed concern and uncertainty about the federal budget, especially the fiscal cliff.

A survey of the nation's 12 regional Federal Reserve Banks provided a mixed picture on how the nation's economic situation has played out in different areas of the country, though most of the regional banks saw overall growth continuing to "expand at a modest to moderate pace" in the past two months. The report, issued Wednesday by the Federal Reserve,  found that retail sales increased slightly in most areas, housing market reports were largely positive as sales have increased and home inventories declined.

Regional economies throughout the nation are getting a boost in real estate and other sectors, but barely enough to keep overall growth continuing to expand "at a modest to moderate pace" in the last two months. Housing markets in 12 federal regions were largely positive as sales increased and inventories declined, according to a survey released Wednesday by the Federal Reserve. The survey covers the nation's 12 regional Federal Reserve Banks. Indeed, U.S. builders last month began construction on the highest number of new homes since October 2008, with housing starts jumping 6.9% last month from May, according to a Commerce Department report Wednesday.

WASHINGTON — For all the gloom-and-doom economic news of late, there's little indication of trouble in the Federal Reserve's latest "beige book" report. In fact, the Fed's survey of its 12 banking regions, covering the period from early April to late May, paints a surprisingly upbeat picture of a U.S. economy continuing to improve at a moderate pace. Manufacturing in most areas is seen as expanding nicely, travel and tourism are strengthening, and the long-depressed housing market is showing more signs of recovery.

The effect on Americans' confidence from the ongoing anthrax scare and other issues stemming from the Sept. 11 terrorist attacks will be evident in Friday's report from the University of Michigan on consumer sentiment in October. The university's consumer sentiment index was 81.8 in September. the lowest in eight years. Confidence matters because it translates into consumer spending, which accounts for two-thirds of gross domestic product.

After a long holiday weekend, investors this week will have to sift through a slew of reports to get a bead on the state of the economy. The Institute of Supply Management will report Tuesday on the level of manufacturing activity in August. The ISM numbers are expected to show that manufacturing growth was at the second-fastest pace this year and that the services industry expanded for a fifth month, signs that the economic expansion has some pep, economists forecast.

The results of the recent surveys of national economic conditions by the Federal Reserve Board's 12 regional banks are beginning to sound like a stuck record: moderate economic growth, rising retail sales, tight labor markets, scattered reports of upward pressure on wages but relatively flat retail prices.

Economic activity was generally brisk through mid-June, the Federal Reserve Board said Wednesday, but there are further signs that the expansion has been losing steam and that it is stronger in some places than in others.

The Federal Reserve's regional banks Wednesday reported "generally modest improvement" in much of the nation's economy, with retail sales and industrial output on the upswing but job prospects mixed. The periodically issued so-called "beige book," based on surveys of businesses by all 12 Fed district banks that were conducted before April 23, painted a more optimistic picture of the economy than more recent government data has portrayed.

A survey of the nation's 12 regional Federal Reserve Banks provided a mixed picture on how the nation's economic situation has played out in different areas of the country, though most of the regional banks saw overall growth continuing to "expand at a modest to moderate pace" in the past two months. The report, issued Wednesday by the Federal Reserve,  found that retail sales increased slightly in most areas, housing market reports were largely positive as sales have increased and home inventories declined.

WASHINGTON -- For all the gloom-and-doom economic news of late, there's little indication of trouble in the Federal Reserve's latest Beige Book released Wednesday. In fact, the Fed's survey of its 12 banking regions, covering the period from early April to late May, paints a surprisingly upbeat picture of a U.S. economy continuing to improve at a moderate pace. Manufacturing in most areas is seen as expanding nicely, travel and tourism are strengthening, and the long-depressed housing market is showing more signs of recovery.

The Federal Reserve's latest report on regional economies paints a picture of a nation continuing to grow moderately, with car sales going strong, manufacturing adding to recent gains and the long-depressed housing market showing flickers of life. But throughout the country, many industries are feeling the pinch of higher oil prices, says the Fed's so-called beige book, released Wednesday. And some employers around the nation are having trouble finding qualified workers, especially to fill high-skilled jobs.

WASHINGTON -- The Federal Reserve's latest report of regional economies paints a picture of a nation continuing to grow moderately, with car sales going strong, manufacturing adding to recent gains and the long-depressed housing market showing flickers of life. But throughout the county, many industries are feeling the pinch of higher oil prices, says the Fed's so-called beige book, released Wednesday. And some employers around the nation are having trouble finding qualified workers, especially to fill high-skilled jobs.

The Federal Reserve's latest “Beige Book” confirms that the pace of economic activity around the country is picking up, with the notable exception of the housing market. The Fed report released Wednesday shows consumer spending was strong at the end of last year, with most parts of the country indicating significant gains in holiday sales. The central bank's New York district described the retail activity as “brisk,” and Dallas called it “robust.” Travel and tourism also performed solidly in most areas at year's end, according to a summary of economic conditions made by the Fed's 12 bank districts.

The U.S. economy continued to improve over the last month on gains in manufacturing, but firms are feeling the effects of higher energy and raw material costs, the Federal Reserve said Wednesday. "While many districts described the improvements as only moderate, most districts stated that gains were widespread across sectors, and Kansas City described its economic gains as solid," the U.S. central bank said in its "beige book" summary. "Manufacturing continued to lead, with virtually every district citing examples of steady improvement, often with reports of increased hiring," the Fed said.

Prices are rising steadily in a vibrant national economy that is being powered by vigorous consumer spending, the Federal Reserve Board said Wednesday. The Fed's periodic "beige book" survey of regional economic conditions notes that widespread price increases are fueling inflation expectations. Coming less than two weeks before its policy-setting Federal Open Market Committee meets, the latest survey suggests a seventh increase in interest rates is likely at the meeting Jan. 31 to Feb. 1.

The U.S. economy improved in 10 of the Federal Reserve's 12 districts last month, marking a broadening of the recovery, the central bank said today. "While economic activity remains at a low level, conditions have improved modestly further," the Fed said today in its Beige Book business survey, published two weeks before the Federal Open Market Committee meets to set monetary policy. The Philadelphia and Richmond Fed districts reported "mixed conditions." The beige book offers anecdotal evidence that will help central bankers weigh developments in an economy where unemployment is projected to remain above 10 percent through the first half of the year.