Moderate expansion with a positive outlook was reported by most regions, according to the Federal Reserve's Beige Book report, released Wednesday.
In the anecdotal reports, which cover the end of November and December, nine regions said the local economy expanded moderately, while two others, Boston and Philadelphia, termed growth as modest, and Kansas City said the economy was steady. Of the nine reporting moderate growth, Atlanta and Chicago said conditions had improved since the prior report.
Looking ahead, some districts expect "more of the same," while other foresee "a pickup in growth."
Retail activity grew in nine districts, with St. Louis and Kansas City reporting "mixed" results and Richmond seeing softer sales. Manufacturing grew year-over-year, all districts reported.
Real estate showed continued progress, according to the report, "Although a few Districts indicated home sales or residential construction in some areas had slowed or declined in recent months, most cited increased residential sales activity and construction as well as rising home prices." Commercial real estate also showed improvement.
Nearly half the districts reported stable prices, with most of the others reporting small price rises. Wages rose in two-thirds of the regions, with the gains termed "small to moderate." A similar number of districts described additional hiring, with the Richmond District reporting "numerous reports of strong labor demand."
