Economic expansion continued across the country from early January through mid-February, according to the Federal Reserve's Beige Book, released Wednesday.
The Richmond Fed said growth was slower than the modest increase in the prior period. "District manufacturing activity weakened, with shipments and new orders flattening," according to the report. "Retail sales growth slowed."
Modest growth was seen in Philadelphia and Cleveland, while Kansas City reported a slight increase. Dallas said growth was similar to the previous period, while Boston said "business contacts were fairly upbeat this period, notwithstanding the severe weather."
The other six districts reported moderate expansion.
Consumer spending was up in most regions with general optimism about near-term sales.
Travel and tourism also improved. "Manufacturing generally posted gains across the Districts, although at varying rates," according to the report.
Demand for nonfinancial services showed moderate gains.
Home sales rose in most areas, although reports on residential construction were mixed. Commercial real estate was "stable or improved."
"Banking conditions generally improved, and credit quality remained largely unchanged," the Fed said. "Agricultural conditions generally worsened, and oil and natural gas drilling declined."
Payrolls were stable or higher, with "employment gains in a broad range of sectors. Wage pressures remained moderate and were limited largely to workers in skilled occupations."
Prices were generally flat or up slightly.
