Financial Controls: Fed Beige Book: "USA Economic Activity Generally Continued to Improve" (Review) "Labor markets generally stronger"

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Marriner S. Eccles Federal Reserve Board Building in Washington

Summary

The Federal Reserve Board issued the much scrutinized Beige Book on April 13, 2011. Overall across the 12 Federal Reserve Districts, "economic activity generally continued to improve." The Federal Reserve wording and theme continues more positive regarding economic activity, recovery, and growth than in previous reports. No districts reported overall negative, slow, or held steady economic activity: As always, the Fed Beige Book, officially titled the Summary of Commentary on Current Economic Conditions by Federal Reserve District, is carefully worded.

USA Financial System

"Most Districts cited loan demand as either unchanged or slightly improved since the last report, although many of the Districts citing improvements noted weak demand in some market segments. Several Districts reported that credit standards were unchanged or slightly tighter and that competition for quality loans was intense."

Jobs Nationwide

"Most Districts reported that labor market conditions were generally stronger than in their last reports."

Economic Conditions Nationwide by Category Based on Information On or Before April 4, 2011:

Consumer Spending: "Consumer spending picked up modestly across most Districts since the last report."

Automobile Sales: "Automobile sales rose in most Districts."

Travel and Tourism: reports were mixed

Professional and Nonfinancial Services: "Non-financial service firms generally reported expansion."

Manufacturing activity: "All twelve Districts reported that manufacturing activity increased since their previous reports."

Transportation activity: "Reports from transportation services firms were mostly positive."

Residential Real Estate: "little changed from low levels or continued to weaken across all Districts"

Commercial Real Estate: "remained weak across all Districts"

Banking and Finance: "Most Districts cited loan demand as either unchanged or slightly improved"

Agriculture: "Assessments of agricultural activity were mixed."

Natural Resources: "Activity in the energy industry generally strengthened since the last report."

Employment: "Labor market conditions continued to strengthen modestly"

Wages: "Wage pressures were reported to be mostly contained"

Prices: "Input prices rose in most Districts"

Economic Conditions By Federal Reserve District Based on Information On or Before April 4, 2011

Boston: Business activity in most sectors continued to expand

New York: economy has strengthened further

Philadelphia: Business activity in the Third District has improved overall

Cleveland: On balance, economic activity in the Fourth District continued to expand at a modest pace.

Richmond: Fifth District economic activity generally improved

Atlanta: economic activity advancing modestly

Chicago: Economic activity in the Seventh District continued to increase

St. Louis: Economic activity in the Eighth District has continued to expand at a modest pace

Minneapolis: economy expanded moderately

Kansas City: economy expanded solidly

Dallas: economy grew at a moderate pace

San Francisco: Economic activity in the Twelfth District expanded moderately

Conclusion

This April 13, 2011 Beige Book, by district economic activity, and the previous March 2, 2011 report, are the most positive post-recession reports so far. No districts reported negative, slow or held steady economic activity. The wording in the latest 3 reports continues more optimistic than previous reports.

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