Reports of wage growth were mixed. Consumer spending improved since the last report. Contains forward-looking comments—the Fed districts aim to draw relative conclusions in The Beige Book, not just regurgitate facts already presented Gives investors a "man on the street" perspective of economic health by taking first-hand accounts from business owners, economists and others.
The Beige Book takes an almost conversational approach. Credit quality nearly uniformly improved as well. Labor market conditions remained tight and wage growth was modest. Districts noted firms were adding work hours, strengthening retention efforts, partnering with local schools, and converting temporary workers to permanent, as well as raising compensation to attract and retain employees.
The labor market remained tight. The updates in the The Beige Book do add value as they are updates on a number of the statistical and data series that the Fed releases during the year on various aspects of the economy. Labor demand increased moderately, and some firms reported shortages.
The outliers were the Dallas District, which reported strong growth driven in part by the energy sector, and the St.
Needless to say, such an outcome is likely to weigh on the US Dollar. Note the following statement from the Federal Reserve: Manufacturing and retail sales strengthened, but firms in both sectors faced transportation constraints and rising input costs. Activity in the manufacturing sector and in residential and commercial real estate markets was solid.
Trucking firms saw record demand, which was partially unmet due to the driver shortage. While it is used by committee members during the meeting itself, it does not carry more clout than other data values and indicators.
Commercial real estate was largely unchanged. Housing markets have continued to firm, on balance, while commercial real estate markets have softened a bit. The previous report stated "Economic activity expanded moderately in late April and early May with few shifts in the pattern of growth". Cleveland The District economy grew moderately.
However, the extent of pass-through from input to consumer prices remained slight to moderate. Later in the day, the spotlight turns to the Federal Reserve Beige Book survey of regional economic conditions.
Tariffs contributed to the increases for metals and lumber. Tourism, which expanded in all districts, was one of the strongest areas in the report, with retail sales--driven by auto sales--and manufacturing also improving over the month.
Economic activity expands in all 12 U. Please see the end of this post for words the Federal Reserve uses when the economy is entering a recession.
Overall Economic Activity Economic activity continued to expand across the United States, with 10 of the 12 Federal Reserve Districts reporting moderate or modest growth.The Beige Book is the Federal Reserve's report of the U.S.
economy. The FOMC uses it to set monetary policy at its meetings.
Moreover, the Fed's Beige Book report on Wednesday revealed that manufacturers in all the 12 U.S. districts of the Central Bank were concerned about the impact of trade war. This dented investors.
The Minneapolis Fed’s most recent Beige Book report on current business conditions, released last week, found that hiring demand remained robust in the Ninth District, but continued to be restrained by a tight labor supply.
Price pressures appeared to be increasing, in part from growing concern. The Beige Book is a Federal Reserve System publication about current economic conditions across the 12 Federal Reserve Districts.
It charac-terizes regional economic conditions and prospects based on a variety of mostly qualitative information, gathered directly from District sources.
Between mid-August and the end of September, economic activity accelerated in 11 out of the 12 districts that report to the Federal Reserve for its Beige Book, a general snapshot of the state of the U.S.
economy. EIA weekly oil report: Stock build adds to bearish sentiment. 28 August Trump’s NAFTA overhaul, not a done deal yet. Snap Federal Reserve’s 2% target and there is growing anecdotal evidence that wages are rising more quickly (the Fed’s Beige Book for example).
Consequently, we continue to look for a September and a December rate.Download