Beige Book: Economy expanded at moderate pace in most regions
The Fed’s Beige Book for late November through year-end:
- Retail sales up in three-quarters of districts
- Most districts said “holiday sales on plan or up a bit compared with 2012″
- Manufacturing growing steadily in most districts; many report growing sales and optimism about outlook
- Two-thirds of districts reported increases in hiring
- Outlook positive in most districts, some expect a pick-up in growth
- Full text of the Beige Book
In the prior Beige Book, the Fed said the economy was expanding at a “modest to moderate pace”. This time “Nine Districts indicated the local economy was expanding at a moderate pace” while two cited a modest pace and Kansas City reported the economy ‘held steady’.
The Boston Fed prepared the report and used generally colorful language:
The economic outlook is positive in most Districts, with some reports citing expectations of “more of the same” and some expecting a pickup in growth.