The Beige Book report shows expansion continued at a "modest" or "moderate pace," much like the recent reports.
While "moderate" growth was reported in the New York, Cleveland, Chicago, Minneapolis, Dallas, and San Francisco districts, "moderate" gains were made in the Philadelphia, Atlanta, St. Louis, and Kansas City districts. Boston reported "improving" conditions and Richmond saw "further strengthening."
The report noted, "none of the Districts pointed to a distinct shift in the overall pace of growth."
Optimism was espoused by Philadelphia, Atlanta, Chicago, Kansas City, and Dallas, while the other districts offered "examples of ongoing optimism from specific sectors."
Consumer spending grew slightly to moderately in most districts. Auto sales were mentioned by most districts. New York and Philadelphia reported some parts of their districts saw a retreat in the lofty sales growth.
Tourism was higher across the country.
Nonfinancial services "improved overall." Manufacturing was mixed, the Fed reported, "divided almost evenly into one of three characterizations of the sector's activity: expanding, contracting, or unchanged."
Real estate was on the upswing, with existing home sales and new home construction steady or expanding.
"Overall, loan demand rose in eight Districts and held steady in one. Credit standards were largely unchanged. Six Districts reported improving credit quality, falling delinquency rates, or both," the report noted.
"Trends in employment, wages, and prices were relatively unchanged in the Federal Reserve Districts," the report said, "with greater wage pressures reported in sectors where shortages of skilled labor persisted."
