The latest national survey of economic activity is mostly on the upside with the Federal Reserve Bank also reporting an improved early 2021 employment picture.
The Fed’s Beige Book summary additionally reveals an improved picture for consumer spending nationally between February and April, as well as an uptick in auto sales and non-financial services.
Published eight times a year, the Beige Book is a compilation of interviews with economists, market experts, and businesspeople gathered from all twelve districts of the Federal Reserve Bank.
The publication notes that in the last two months, “despite widespread supply chain disruptions, manufacturing activity expanded further with half of the districts citing robust growth.”
Reports coming out of the Kansas City-based Tenth District, which takes in all of Colorado and northern New Mexico, show consumer spending increasing moderately as “retail, restaurant, auto, and tourism sales rose.”
This district saw commercial construction holding steady, with residential and commercial real estate expanding moderately.
The Eleventh District, based in Dallas, which includes all of Texas and southern New Mexico, saw marked growth in “manufacturing, retail and nonfinancial services,” with robust activity in the single-family housing market.
Apartment demand in the Eleventh District appeared to be higher than normal throughout the first quarter of this year, while industrial construction “remained strong.”
The Twelfth District, based in San Francisco and encompassing all of Arizona, saw growth in the “manufacturing, retail, and nonfinancial services sectors,” although those sectors continue to remain below normal levels.
Industrial construction also remained strong in the Twelfth District, while the “office and retail markets were still finding their footing.”
The Beige Book’s overall latest findings, contends the site Market Watch, shows an improved national economic picture “after a big drop in coronavirus cases, rising vaccinations, and looser government restrictions.”
Notes the Financial Times of the Beige Book numbers: “Consumer spending strengthened across the US as restrictions eased and Americans received up to $1,400 in stimulus payments depending upon their incomes.”
By Garry Boulard