Fed Beige Book says economic activity expanding

Beige Book: Economy continues to expand

Most of the country is experiencing solid growth, with only the energy sector providing a drag, the Federal Reserve reported Wednesday.

The Fed's Beige Book is released eight times a year and provides a snapshot of economic conditions in the Fed's 12 districts.

"Respondents in most sectors across Districts expected growth to continue at its recent pace, but the Kansas City report cited more mixed expectations," the report stated.

Manufacturing activity was "mostly positive," though New York and Kansas City both reported declines. Retail sales "continued to expand" in most districts, while real estate reports "were mostly positive," according to the Fed. Wages were "up slightly in selected industries or occupations" but prices were "stable or up only slightly."

"However, several districts reported increasing wage pressures caused by labor market tightening," the report stated.

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The news wasn't as good, however, when it came to energy.

"Districts reporting on the energy sector indicated that conditions were stable to declining; coal production was down in the Richmond and St. Louis Districts, while oil-related activity declined in the Cleveland, Atlanta, and Dallas Districts." the report said.