WASHINGTON (1/14/16)--The housing sector improved, manufacturing fizzled, and nine out of the 12 U.S. districts tracked by the Federal Reserve experienced improving levels of economic activity, according to the Fed’s latest Beige Book.
The Beige Book is a report produced by the Federal Reserve that provides an overall snapshot of the U.S. economy.
Growth in consumer spending varied among districts, ranging from slight to moderate growth since the last report.
“Most districts reported some growth in consumer spending through the holiday season, with the pace of growth typically characterized as ranging from slight to moderate, and as strong in Minneapolis,” the Fed wrote. “New York, Richmond and Dallas noted that sales were sluggish or had softened.”
Residential and commercial real estate activity climbed in most districts, the Fed said, with the majority of the strength driven by multifamily construction and commercial real estate.
“House prices and commercial rental rates also rose somewhat in most districts,” according to the Fed.
Most districts also reported increasing demand for loans, improving credit quality or falling levels of delinquencies. Furthermore, seven districts reported that employment rose during the reporting period, while very little growth in wage and price pressures was noted, running from “flat to moderate.”