Highlights of the Federal Reserve Beige Book released December 3, 2014:

  • Some districts saw ‘slight to moderate’ labor-cost increases
  • Overall price and wage gains remained ‘subdued’
  • Most reported stronger manufacturing
  • Consumer spending continued to advance
  • Energy and mining activity higher but lower oil prices a concern in some districts
  • Employment gains widespread across districts
  • A number of districts noted optimism about the outlook for future economic activity
  • Collected on or before Nov 24
  • Full text

Nothing particularly notable in the release and little reaction in the market.

Reports from the twelve Federal Reserve Districts suggest that national economic activity continued to expand in October and November. A number of Districts also noted that contacts remained optimistic about the outlook for future economic activity. Consumer spending continued to advance in most Districts, and reports on tourism were mostly positive. Employment gains were widespread across Districts, and Districts reporting on business spending generally noted some improvement. Demand for nonfinancial services generally increased. Manufacturing activity strengthened in most Districts. Construction and real estate activity expanded overall, but at a pace that varied by sector and by District. Lending typically held steady or increased. Crop yields were generally good, although overly wet or dry conditions were an issue in some Districts. Most crop prices were lower than last year, but livestock prices were higher. Energy and mining activity was higher on net, though lower oil prices were a concern for the oil industry in the Atlanta and Dallas Districts. Overall price and wage inflation remained subdued.