Here are some relevant quotes from the Beige Book: “Reports from the 12 Fed districts indicated that economic activity generally continued to expand since the last report, though a few Districts indicated some deceleration…Manufacturing activity continued to expand in most parts of the country, though a number of Districts noted some slowing in the pace of growth…Activity in the non-financial service sectors expanded at a steady pace, led by IT and business and professional services…Consumer spending was mixed…Auto sales were mixed but fairly robust in most of the country, though some slowing was noted in the Northeastern regions…Tourism activity improved in most Districts…Residential construction and RE continued to show widespread weakness, except in the rental segment…CRE leasing markets have been stable, while construction activity has remained very subdued…Loan demand was steady to stronger in most districts…Labor market conditions continued to improve gradually across most of nation, with a # of Districts noting a short supply of workers with specialized technical skills…Wage growth was modest…Most Districts continued to report widespread increases in commodity prices; mfr’s are said to be passing along a portion of the higher costs in the form of price hikes and fuel surcharges.
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