Economic activity expanded in all 12 Federal Reserve Districts, with the growth termed "moderate" or "modest," yet Boston and Richmond reported growth slowed, according to the Beige Book, released Wednesday.
New York, Chicago, Minneapolis, Dallas and San Francisco reported "moderate" growth and the other districts said expansion was "modest."
"Most Districts were optimistic about the outlook for growth," the report said.
Consumer spending rose in all districts, with modest gains in retail sales, similar to the last report, with vehicle sales leading the way. Philadelphia, Richmond, Atlanta, and San Francisco all reported "robust to very strong auto sales."
Tourism grew slightly in Philadelphia and very strongly in Boston. Activity was called "robust" in Boston, New York, Atlanta, and Minneapolis, while Philadelphia and Richmond said tourism was as expected.
Nonfinancial services grew "at a modest to moderate pace" across the nation, while manufacturing "expanded in all twelve Districts."
Most districts saw loan volume increase slightly to moderately, while credit quality was "stable or improved slightly in most Districts, while San Francisco noted a slight decline. Credit standards were generally unchanged, although Richmond noted an easing of cost terms for well-qualified commercial and industrial borrowers, and Philadelphia and Chicago mentioned that competitive pressures were leading some financial institutions to take on higher credit risks."
Labor markets were also termed slightly to moderately better.
