Federal Reserve Says Overall Economic Growth Continuing

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he Federal Reserve said Wednesday that 11 of its 12 district banks reported expanding economic activity in October and November.

The Fed made the comments in its regular survey on economic activity known as the "Beige Book." The report is released eight times a year from information compiled by the district banks. This report was prepared by the Dallas Fed and was based on information collected before Nov. 22.

Despite the overall gains, the Fed said consumer spending was uneven, "with only a few districts reporting stronger retail sales and many noting mixed, flat or slower sales."

Although the Cleveland Fed was the only one to report little change in economic activity, it did say demand for trucking and shipping services remained "robust."

The Chicago Fed noted that new orders for heavy trucks were "at extremely strong levels" and production was being held up by shortages of engines and parts.

The majority of districts including Boston, New York, Philadelphia and St. Louis said manufacturing activity was growing, but Richmond said manufacturing shipments and new orders softened in early November. Manufacturing is one of trucking’s largest customers.

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