Beige Book Shows 'Widespread' Growth

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he Federal Reserve on Wednesday said the U.S. economy showed "widespread" growth between mid-February and early April, which was driven in large part by retail sales.

The Fed made the comments in its regular survey and report on economic activity known as the "Beige Book."

The report is released eight times a year from information compiled by each of the Fed's 12 district banks. This report was prepared by the Minneapolis Fed and was based on information collected before April 12.

Across the country, the Fed said, manufacturing, mining and energy production all grew and the agricultural sector posted gains, but “labor markets tightened somewhat.”

Bloomberg News reported that the statement by the U.S. central bank supported Chairman Alan Greenspan’s view that the economy is in a “vigorous expansion” that hasn’t produced “broad-based” inflation pressures.

Of most interest to the trucking industry, the Fed said "manufacturing increased in all districts. New Orders and production were up over a year ago."

Manufacturing is one of trucking’s largest customers.

The Atlanta, Cleveland and Philadelphia districts reported recent increases in shipping activity.

The Federal Reserve’s Open Market Committee will use the findings of the report during its May 4 meeting to aid in deciding the central bank’s interest rate policy, Bloomberg said.