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Beige Book: Modest-to-moderate econ growth

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KANSAS CITY, Mo. (July 17, 2014) — All 12 Federal Reserve districts reported continuing economic growth in June through early July, according to the latest Beige Book issued by the Federal Reserve Bank of Kansas City.

New York, Chicago, Minneapolis, Dallas and San Francisco reported moderate economic expansion during the period, the report said, whereas the other seven districts reported modest growth. The pace of expansion in Boston and Richmond, Va., slowed slightly between the current and previous Beige Book periods, it said.

Overall consumer spending continued to grow, especially in auto sales, the report said. Auto sales were especially strong in Philadelphia, Richmond, Atlanta and San Francisco, it said. Tourism expanded at rates ranging from modest in Philadelphia to very strong in Boston.

Many districts reported gains in professional and business services, including healthcare consulting, engineering, advertising, accounting and technology, the report said. Transportation activity expanded across all districts, especially in trucking and rail services, it said. Demand was mixed in real estate, however.

The Beige Book is compiled every month by each of the Federal Reserve districts in rotation, and based on information received from businesses and other contacts outside the Federal Reserve, the Fed said.

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