ST. LOUIS (March 6, 2015) — Economic activity continued to expand in most of the 12 Federal Reserve districts in the U.S., according to the Fed's latest “Beige Book” issued March 4.
Six of the districts reported moderate growth in the period ended Feb. 21, but Cleveland and Philadelphia reported modest growth and Kansas City only slight growth, the Beige Book said.
Richmond, Va., reported slower growth from the modest pace set in the previous period, the report said, but Boston said business was upbeat there despite the severe winter weather.
Consumer spending, travel and tourism generally increased during the period, according to the Beige Book. Home sales increased in most districts and commercial real estate remained stable or improved slightly, but residential construction results were mixed, the report said.
Automobile manufacturing grew substantially in Cleveland, Chicago and St. Louis, while sources in San Francisco said aerospace manufacturers could see a record year, the report said. Banking conditions generally improved, while payrolls and credit quality remained stable.
The Federal Reserve issues the Beige Books periodically, based on information gathered from business and other contacts. The Federal Reserve banks take turns preparing the report; the current Beige Book was prepared by the Federal Reserve Bank of St. Louis.