Beige Book: Activity Low Amid Improving Signs

While economic activity remains low, modest improvements have been reported, and those improvements are broader geographically than seen in the previous “beige book,” according to the latest one that was released by the Federal Reserve yesterday.

“Ten districts reported some increased activity or improvement in conditions, while the remaining two — Philadelphia and Richmond — reported mixed conditions,” the beige book said. In the prior report, eight districts noted increased activity or improving conditions and four saw little change and-or mixed conditions.

Non-financial services activity generally improved. Transportation services volumes were slightly up or mixed in the five districts reporting.

Manufacturing increased or held steady since the last beige book. The manufacturing outlook was optimistic, but spending plans remain cautious.

The labor markets stayed depressed, despite reports of some hiring in a few Federal Reserve districts, with modest wage increases appearing in just a few districts. Price pressures remained subdued in nearly all districts.

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