The U.S. economy continued to expand across the country in March and the first half of April, according to reports from all 12 U.S. Federal Reserve districts in the U.S. Federal Reserve Board’s Beige Book summary of economic conditions.
Three of the districts — Minneapolis, Kansas City, and San Francisco — characterize growth as “solid,” while a number of others describe the rate of economic activity as “modest,” “moderate,” or “steady.” Richmond notes a quicker pace of growth, and Dallas indicates that activity continued to strengthen. By contrast, New York says the rate of growth may have slipped a bit since the last report.
Most Districts report that orders or revenue in the manufacturing sector continue to come in ahead of year-earlier levels, although New York notes some deceleration in manufacturing activity, and Atlanta says that manufacturers’ results were mixed.
Activity levels in service industries — including temporary help, health services, professional and technical services, and transportation and shipping —are also expanding according to district reports.
The pace of housing market activity is said to be moderating in many districts, while commercial activity is firming. A majority of districts note that labour markets, at least for skilled workers, are tight or are tightening.
Although energy costs are high and costs for selected other inputs are rising, businesses continue to have limited ability to raise their selling prices.
Non-auto retail sales are up from a year ago, as well, according to most districts, although the shift of Easter from March last year to April this year makes comparisons difficult.
U.S. economic activity continues to grow
Of 12 districts, New York the only one seen to be slipping
- By: IE Staff
- April 26, 2006 April 26, 2006
- 13:47