WASHINGTON (6/4/15)--While all 12 districts tracked by the Federal Reserve in its Beige Book experienced at least some economic expansion since April’s report, growth appears to remain muted, with a number of districts reporting only slight or modest improvements.
The report, which takes the temperature of regional economies nationwide, was released Wednesday.
Home prices continued to climb while slim home inventories constrained sales activity in some districts, the Federal Reserve said. But overall loan demand still increased, with notable improvement seen in the New York district.
“On the consumer lending side, several districts noted increased demand for auto loans,” the Fed said, specifically citing Philadelphia, Cleveland, Atlanta, St. Louis and Dallas.
Further, mortgage lending activity was mixed, with San Francisco reporting strong growth and the Richmond, Va., Chicago, St. Louis, Kansas City, Mo., and Dallas districts all reporting upticks in residential mortgage activity.
The Fed also reported that credit conditions improved fairly uniformly across all districts, with widespread declines in delinquency rates seen in New York and St. Louis.