Nine of the 12 Federal Reserve districts reported improved economic activity that was generally modest, despite severe snowstorms that held back activity in several districts, according to the Fed’s “beige book.”
“Overall conditions were described as mixed in the Atlanta and St. Louis districts, though St. Louis noted further signs of improvement in some areas,” according to the report. “Richmond reported that economic activity slackened or remained soft across most sectors, due importantly to especially severe February weather in that region.”
Slight improvements in consumer spending were reported. Tourism was seen as “increased or mixed” and hotel occupancies rose.
“The demand for services was generally positive across districts, most notably for health care and information technology firms,” the report said.
Three of the five districts described transportation as improved, while manufacturing activity “strengthened in most regions, particularly in the high-tech equipment, automobile, and metal industries.”
The Minneapolis, Dallas, and San Francisco districts said activity was “flat or mixed.”
