Saturday, June 9, 2012

Fed Beige Book: USA economy expanded at a moderate pace

Summary The Federal Reserve Board on June 6, 2012 issued the Beige Book commentary on current economic conditions for the approximately six weeks ending May 25, 2012. In general, across the 12 Federal Reserve Districts, "overall economic activity expanded at a moderate pace". The prior 3 Beige Books were phrased similarly, but slightly more negative: "modest to moderate pace". All 12 district reports were positive, indicating economic growth for the 2nd consecutive report.

USA Financial System Slightly more positive: "Lenders in most Districts noted an improvement in loan demand and credit conditions". The prior report: "banking conditions remained stable, with modest improvements in demand for lending".

USA Jobs Nationwide Slightly more positive: "Hiring was steady or increased slightly". The prior report: "Hiring was steady or showed a modest increase across many Districts".

Economic Conditions and Activity Nationwide by Category
Manufacturing: "continued to expand in most Districts"
NonFinancial Services: "generally stable to slightly higher"
Consumer Spending: "unchanged or up modestly"
Automobile Sales: "New vehicle sales remained strong and inventories of some popular models were tight. Sales of used automobiles held steady"
Travel and Tourism: "expanded, boosted by both the business and leisure segments"
Residential Real Estate: "improved in most Districts"
NonResidential Real Estate: "Commercial real estate conditions improved in most Districts"
Agriculture: "conditions generally improved"
Natural Resources: "Energy production and exploration continued to expand, except for coal producers who noted a slight slowing in activity"
Wages: "Wage pressures overall were modest"
Prices: "Price inflation remained modest"
Transportation: nothing in general reported

Economic Conditions and Activity by Federal Reserve District
Boston: continues to expand
New York: continued to expand at a moderate pace
Philadelphia: continues to improve, but the pace has slowed slightly in most sectors
Cleveland: grown at a moderate pace
Richmond: improved modestly
Atlanta: continued to expand at a moderate pace
Chicago: continued to expand at a moderate pace
St. Louis: continued to grow at a modest pace
Minneapolis: grew at a modest to firm pace
Kansas City: improved moderately
Dallas: expanded at a moderate pace
San Francisco: continued to grow at a moderate pace

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