Fed’s ‘Beige Book’ Cites Mostly Continued Growth
he U.S. economy has continued to grow in recent weeks, supported by gains in manufacturing, housing and services including trucking, the Federal Reserve said Wednesday in its regional survey.
“Growth was widespread,” said the survey, commonly known as the Fed’s “Beige Book.” The report’s analyses and interviews were conducted through Aug. 29, the day Hurricane Katrina made landfall into the Gulf Coast region.
Trucking and shipping businesses in Cleveland and Dallas reported an increase in activity, though freight volumes slowed in the Chicago area, the report said.
In Chicago, “demand for heavy-duty trucks softened from strong year-ago levels. One industry analyst said that a smaller portion of customers were ordering trucks for delivery within six months, which could lead to reduced production in the fourth quarter but higher output in 2006,” the Fed said.
One North Carolina trucking executive said his firm would increase shipping rates if fuel prices rose further, which he said could slow demand.
Rail traffic in the Dallas District was generally up, with decreases in chemical, car, and appliance volumes. Sales for software and information technology services in Boston were generally up, the Fed said.
Manufacturing activity increased in all Districts except Boston and St. Louis, where activity was mixed. New orders and production were up over a year ago. Nearly all Districts noted increased activity across a broad range of industry sectors, the report said.
Hiring in the manufacturing sector was limited in most of the Fed’s eight districts and other occupations mentioned included trucking, energy, and construction-related trades.
