WASHINGTON - Economic activity expanded at a moderate pace during December, with strong retail sales and increased demand for professional services indicating “ongoing improvement in economic conditions”, according to the Federal Reserve Board’s Beige Book report, released Wednesday.
The report notes “significant gains in holiday retail sales compared with last year’s season,” especially in the New York and Dallas districts, which described sales as “brisk” and “robust.” New auto sales continued to pick up in most districts, and Atlanta especially reported auto sales as “the strongest in over two years.”
Although most districts reported increasing consumer confidence and modest to moderate growth, Richmond reported that growth flattened or improved slightly. While Richmond also reported strong auto and retail sales, “loan demand continued to be weak,” according to the report, and “residential real estate activity generally declined.”
