WASHINGTON — Rebounding from the effects of Hurricane Sandy, all 12 Federal Reserve Districts reported "modest or moderate" economic growth since the last Beige Book report in November, the Fed reported Wednesday.
"Since the previous Beige Book, consumer spending increased to some degree in all twelve districts," the latest report states. "Across the nation, holiday sales grew modestly compared with last year but came in below expectations in the New York, Cleveland, Atlanta, Chicago, and San Francisco Districts."
The latest Beige Book notes a continuing improvement in the housing sector, with widespread improvement in sales and prices.
"Existing residential real estate activity expanded in all districts that reported," the Fed noted. "Contacts in the Boston District attributed their strong sales growth to low interest rates, affordable prices, and rising rents. All districts reporting on price levels saw increases; New York and Chicago reported only very minor increases."
Manufacturing activity, however, was a mixed bag, with the Fed reporting "six districts growing since the last Beige Book, three districts contracting, and two districts reporting little or no change."