Economy Holding Strong; Trucking Concerns Remain, Fed Says
he economy grew late last year with increased manufacturing and lower energy costs, and trucking and shipping remained strong in many regions of the country, though the industry felt driver shortages and continued to be pinched by high fuel prices, the Federal Reserve said Wednesday.
The Fed’s latest “Beige Book” report, based on anecdotal interviews, was prepared by Federal Reserve Bank of Cleveland and based on information collected in all Fed districts from Nov. 21 through Jan. 8.
Trucking and shipping demand remained strong across the country, but companies were constrained by continuing driver shortages in the Atlanta, Cleveland, Chicago and Philadelphia districts, the Fed said.
Cleveland and Dallas reported plans for increased capital spending in the trucking industry, while Dallas reported that both railroads and airlines saw rising demand, the Fed said.
As had previous beige books, the latest report cited difficulty in filling truck driving jobs in several districts.
In the transportation equipment sector, reports from the Boston, Philadelphia, and Atlanta districts suggested weakness among automakers and suppliers, though the Cleveland and Chicago districts appeared stronger.
Heavy truck production was characterized as improving in Chicago, while conditions in the transportation equipment sector were mixed in the St. Louis area, the Fed reported.
