Fed Says Economic Activity Expands at Moderate Pace

Overall economic activity in the United States expanded at a moderate but uneven pace throughout the United States since late April, the Federal Reserve said in a periodical report released Wednesday.

Commonly called the Beige Book, the report is drawn from information in each Federal Reserve District and published eight times each year. This one was compiled by the Federal Reserve Bank of Atlanta and contains information collected before June 3.

The report said the manufacturing sector showed growth, although its strength varied in different areas of the country. This sector is one of the largest and most important for the trucking industry.

Specifically, automakers in the Cleveland District reported strong activity, while Chicago noted a surge in heavy truck orders, the Fed said. Cleveland and Philadelphia also noted that trucking firms experienced an increase in business.

The Fed's next meeting is scheduled for June 26, and policy makers are expected to leave interest rates, currently at a 40-year low of 1.75%, unchanged, Bloomberg reported.

Wednesday's report also showed that retail sales were little changed compared to a year ago in most parts of the country, while service companies, including shippers, saw modest growth.

Labor markets are still slack in most areas, although several reported an increase in demand for temporary workers.

The next Beige Book report will be released on July 31.

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