From late November through year-end, 11 of the Federal Reserve districts reported “modest to moderate gains” for the economy, with Dallas recording “a robust increase,” according to The Beige Book it released today. “The outlook for 2018 remains optimistic for a majority of contacts across the country,” the release notes.
Auto-sales were mixed over the period with non-auto sales on the rise, the report detailed. Some districts also noted higher holiday sales than expected. Of note, most districts reported limited growth in home sales as inventory was limited. And manufacturers also enjoyed “modest growth in overall business conditions.” The Beige Book noted mixed ag conditions across reporting districts.
The Fed reported “modest” growth in employment since the last report, with most districts noting labor markets remain tight. Wages increased modestly in most districts, with some noting they expect further increases in the months ahead.
Price growth (inflation) was modest to moderate since the last report in most districts, with the exception of Chicago and San Francisco. Chicago saw just slight price increases, while San Francisco noted a slight drop in price inflation.
You can access the full Beige Book report here.