Retailers in a majority of Fed districts reported that sales and revenues continued to expand. Cleveland and Minneapolis cited flat consumer activity since the last report, Atlanta reported mixed results, and Dallas reported decreased sales year-over-year.
Ten districts reported stable or positive growth in manufacturing and the other two, New York and Kansas City, reported declines. Auto sales drove manufacturing in the Cleveland, Richmond, and Chicago Fed districts, and the aerospace industry boosted manufacturing production in Chicago, Dallas, and San Francisco.
Construction industry demand rose in six Fed districts on everything from lumber to machinery. Commodity price weakness in agriculture and mining (oil) have reduced demand for machinery in these sectors.
Capital spending plans remained unchanged in all districts, although the Kansas City district noted that recent declines in activity is expected to lead to a reduction in capital spending.
The energy sector was flat or down in all Fed districts. Respondents in the Kansas City and Dallas districts revised expectations to deal with a long term low-price environment for oil; meanwhile drilling activity rose slightly in Minneapolis, Kansas City, and Dallas despite depressed demand. In Cleveland, drilling activity in the Marcellus and Utica Shales fell further, to 60 percent of the peak level in the fourth quarter last year.
Most districts reported slight or modest growth in employment since the previous Beige Book. Boston reported little or no hiring except via its staffing sector, while Philadelphia, Cleveland, St. Louis, Minneapolis, and Dallas cited slight to modest increases in employment.
Wages were relatively stable with slight to moderate increases since the last report. Wages are increasing in some districts, however, as labor markets tighten.
ALSO READ: Top Selling Products From Each State
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.