Overall economic activity increased at a modest to moderate pace across all Federal Reserve Districts except the Dallas District, according to the latest Beige Book report from the Federal Reserve. The Dallas District reported strong economic growth.
The manufacturing sector expanded in most Districts since the previous Beige Book. Most Districts noted slight to moderate gains in consumer spending and a moderate increase in vehicle sales. Tourism showed signs of strength in several Districts.
A wide variety of business services expanded, and transportation traffic increased for producer, consumer and trade goods.
Residential real estate and construction activity increased at a moderate to strong pace in all Districts. Commercial real estate and construction activity grew at a modest to moderate pace in most Districts.
Overall bank lending increased since the previous report. Credit quality and deposits increased, while credit standards were largely unchanged.
Agricultural conditions remained mixed across Districts, as weather patterns varied. Overall activity in the energy sector was flat, and mining was down.
Hiring increased at a measured pace in several Districts, with some contacts noting difficulty finding qualified workers. Wage pressures remained contained overall, although several Districts reported a modest or moderate rise for selected occupations.
Districts reported level prices to mild price increases; some manufacturers raised prices and some increases for input prices were noted.