The Beige Book is prepared at the Federal Reserve Bank of Philadelphia as is designed to gauge economic activity across various regions of the U.S. The recent (September 3rd, 2014) update shows broad economic growth with a few exceptions in construction, agriculture and wage pressure. Higher growth rates were experienced in Philadelphia, Atlanta, St. Louis, and Kansas City while moderate growth was experienced in New York, Cleveland, Chicago, Minneapolis, Dallas, and San Francisco.
Consumer
Spending and Tourism: Improvements in consumer spending. Auto
sales were raising and nearly every district experienced improvements in
tourism.
Nonfinancial
Services: Strong growth in professional and technology
services with moderate growth in freight shipment.
Manufacturing:
Moderate growth in manufacturing throughout most regions with increasing demand
for steel.
Real
Estate and Construction: A mixed bag with some regions showing
moderate growth and others stagnating.
Banking
and Finance: Growth is most regions with business
credit and auto loans strong. There is less demand for housing loans which is
in line with slack construction.
Agriculture
and Natural Resources: High yield crops lowered prices
for farmers creating mixed results. Higher demand for energy is realized throughout
the nation.
Employment,
Wages, Prices: Stable with some skilled labor
shortages of information technology workers in Boston District, truck drivers
in New York, and construction workers in Atlanta. Wages are not yet under
pressure in most areas with the exception of a few high demand growth sectors.
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