The anecdotal report says “overall economic activity expanded at a moderate pace” compared to a “modest to moderate pace” in the previous report.
- 5 regions saw ‘modest’ growth, 5 regions saw ‘moderate’ growth and 2 regions said expansion accelerated
- Most banks noted a marked improvement in real estate
- Consumer spending grew modestly
- Factory activity up in most districts
- Information collected on or before April 5
The report is more upbeat than the previous Beige Book, which is a surprise given softening economic data. It hints that the oft-cited season factors for the poor numbers may be for real.