WASHINGTON - All but two of the Federal Reserve districts reported at least a slight increase in economic activity during the last two months, the Federal Reserve reported today in its Beige Book – an anecdotal compilation of economic activity.
Two districts, Philadelphia and St. Louis, reported “mixed” business conditions overall.
Manufacturing remains an area of continued expansion, the Fed reported. Professional and nonfinancial services also showed “steady” growth. Employment gains continued modestly and wage pressure remains subdued.
Data for today’s Beige Book was collected though Nov. 19 and prepared by the Cleveland Fed.
Regionally, the Philadelphia district reported that local governments have spent less on private business services because of tight budgets. The Chicago and San Francisco districts said they are expecting more seasonal hiring this year in the retail sector.
Residential construction and real estate sales remain sluggish in all districts, the Fed reported.
The Fed’s final monetary policy meeting of the year is scheduled for Dec. 14.
