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10/16/2013 2:30:00 PM Write a Letter to the Editor Write a letter to the Editor

Economy Grows Modestly, Fed ‘Beige Book’ Says

The U.S. economy improved at a modest to moderate pace in the six weeks ended in early October, the Federal Reserve said.

The Richmond District noted demand for trucking services softened slightly in recent weeks. Loads have gotten heavier, but there has been a shift to rail transportation, the Fed said in its latest “beige book” report on U.S. economic conditions released Oct. 16.

Cleveland reported growth in shipping freight volume has slowed recently.

Manufacturing activity expanded modestly in most of the Fed’s 12 districts, although New York, Richmond and Chicago saw growth weaken, the Fed said.

Truckload and less-than-truckload volumes were reported as mostly flat for the year in the Atlanta District, but tonnage related to housing, autos and energy increased.

Atlanta also reported containerized freight growth was seen as even for the year.

The Kansas City District reported wage pressure for truck drivers and other specific skilled positions, including technicians.

The Fed releases its beige book report eight times a year. Wednesday’s report, which covered the period of Aug. 27 through Oct. 7, was prepared by the Federal Reserve Bank of Chicago.

By Transport Topics

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