Beige Book Highlights

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Data from today's Beige Book suggests that "economic activity continued to expand moderately from November through December."

Here are the highlights:

  • "Residential real estate markets remained weak across all Districts. Commercial construction was described as subdued or slow…"
  • "Activity in residential real estate and new home construction remained slow across all Districts. A majority of the Districts, including Boston, New York, Cleveland, Atlanta, Chicago, Minneapolis, Dallas, and San Francisco characterized local housing markets as weak and sluggish with little change from the previous reporting period."
  • "Reports on credit activity were mixed across Federal Reserve Districts. Overall, loan demand was reported as stable in San Francisco, mixed in New York, steady to slightly softer in Kansas City, weaker in St. Louis and Dallas, and slowly improving in Philadelphia and Richmond. Demand for consumer loans declined in the New York, Cleveland, St. Louis, Kansas City, and San Francisco Districts. By contrast, consumer lending increased in the Dallas District, and exceeded expectations in the Chicago District."
  • "Unfavorable weather conditions damped agricultural production in some areas."
  • "Most District reports mentioned increasing prevalence of cost pressures but only modest pass-through into final prices because of competitive pressures."
  • "Labor markets in most Districts appear to be firming somewhat, but with virtually no upward pressure on wages. All District reports indicated that employment levels are rising in at least some sectors, generally by modest amounts"


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