Retail activity, including auto sales, was mixed, with 8 of 12 Fed districts reporting an overall increase in consumer spending. Only New York reported softer retail sales, but auto sales were “strong” in five districts, showed either “moderate” or “steady” growth in four more, while only Dallas reported softer sales.
All but one Fed district — Cleveland — reported increases in sales of single-family homes, with rising home sales, home prices, or home construction. Low inventories are pushing prices higher in several districts, but construction activity improved “moderately” in many districts. Commercial real estate markets were also generally positive.
Mining and energy production activity was said to be “stable or increased” across the 12 districts. Minneapolis noted that oil and gas exploration was up slightly, but coal production was down in three districts.
On the jobs front, the Fed said, “Hiring held steady or increased at a measured pace in most Districts,” and wage pressures “remained limited or contained. In general, prices for finished goods were stable or somewhat higher, though price rises increases raw materials prices were noted in Philadelphia and Richmond. New York indicated that input price pressure is down, but that it remains “widespread in services.”
Today’s report comes after several weeks of back-and-forth on the Fed’s asset purchasing program. There’s nothing obviously shocking in this edition of the Beige Book, and that’s probably a good thing.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.