Fed's Beige Book Says Economy Continued To Expand
WASHINGTON (dpa-AFX) - With the Federal Reserve's next monetary policy meeting two weeks away, the central bank released its Beige Book on Wednesday.
The Beige Book, a compilation of anecdotal evidence on economic conditions in the twelve Fed districts, said the economy continued to expand across most regions from early October through mid-November.
Growth in the Boston, Minneapolis, and San Francisco districts was described as moderate, while the Atlanta, Chicago, St. Louis, and Dallas districts cited modest growth.
The Fed said Philadelphia, Cleveland, and Kansas City reported a slight pace of growth, Richmond characterized economic activity as mixed, and New York said activity remained flat.
The report noted that a tightening in labor market conditions was reported by seven districts, with modest employment growth on balance.
A majority of districts reported higher retail sales and business service firms saw rising activity, while the Beige Book said demand for manufactured products was mixed.
Additionally, the report said residential real estate activity improved across most districts, activity in nonresidential real estate expanded in many districts, and banking conditions were largely stable
The Beige Book included several references to uncertainty stemming from the presidential election that was held earlier this month.
The Fed is scheduled to hold a two-day monetary policy meeting on December 13th and 14th, with the central bank widely expected to raise interest rates.
Copyright RTT News/dpa-AFX