Fed's beige book
The Fed's beige book is being released.
CLICK HERE for the full report
Overall economic activity:
- economic activity increased, but gains were generally modest
- activity remained well below levels prior to Covid 19 pandemic
- manufacturing rose most districts, led by increased activity of ports and among transportation and distribution firms
- consumer spending continue to pick up spark by vehicle sales and improvement in tourism and retail
- many districts noted a slowing pace of growth in these areas
- total spending was still far below pre-pandemic levels
- commercial construction was down widely
- commercial real estate remained in contraction
- residential construction was a bright spot showing growth and resilience in many districts
- residential sales were also notably higher with prices continue to rise along with demand and a shortage of inventory
- overall loan demand increased slightly led by residential mortgage
- agricultural conditions continue to suffer from low prices
- energy activity was the dude at low levels
- continued uncertainty and volatility related to Covid and its negative effect on consumer business activity was a theme echoed across the country
- employment increased overall among districts with gains manufacturing cited most
- some districts also reported slowing job growth and increased hiring volatility particularly in service industries
- firms continued to experience difficulty finding necessary labor a matter compounded by daycare availability, uncertainty over the coming school year and jobless benefits
- wages were flat to slightly higher in most districts
- price pressures increased since the last report will remain modest
- input prices generally rose faster than selling prices
- exceptions included inputs experiencing demand surges such as structural lumber
- freight transportation race rose in several districts due to a resurgence in demand
