The recovery continued through early February as “modest to moderate” expansion was seen in all 12 Federal Reserve Districts, according to the Beige Book report released Wednesday.
The Kansas City and San Francisco districts reported expansion, while Boston and Philadelphia called conditions “improving.” The New York, Cleveland, Richmond, Atlanta and St. Louis districts saw modest improvement, while Minneapolis and Dallas reported “moderate growth.”
Chicago’s economy increased in activity, but “it was at a pace not quite as strong as during the previous reporting period.”
“Manufacturing and retail contacts across districts reported rising input costs. Manufacturers in many districts conveyed that they were passing through higher input costs to customers or planned to do so in the near future,” the report said.
“Homebuilders in the Cleveland and Atlanta districts noted rising material costs, but acknowledged little ability to pass through the costs to buyers. Retailers in some districts mentioned they had implemented price increases or were anticipating such action in the next few months.”
