WASHINGTON - All but one Federal Reserve District experienced improving economic conditions as most districts saw retail sales increase with signs of future growth, the Federal Reserve Board said today in its Beige Book.
The labor market remained weak, though temporary employment gained strength, the report said.
The St. Louis district was the only one to report “softened” economic conditions. St. Louis was also the only district where manufacturing orders, shipments and production did not increase, and it saw more plant closings than openings.
Eight of the 12 districts reported improved auto sales, which contributed to the stronger retail sales. Motor vehicle and parts sales increased 6.7% in March, the Commerce Department reported Wednesday in the retail sales release.
Wages held steady since the previous report. Districts reported that most companies hiring new workers were not offering higher salaries to attract applicants.
The April report was conducted by the Federal Reserve Bank of Minneapolis and is based on information collected before April 5.
