Fed’s ‘Beige Book’ Says Trucking Showing Growth

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he U.S. economy continued to expand across most of the country, and truck carriers and manufacturers reported relatively strong indicators, according to a report issued Wednesday by the nation’s 12 Federal Reserve districts.

The industry still saw some shortage of drivers in many areas, however, the report said. Contacts Atlanta, Richmond, Cleveland, Kansas City and Dallas said truck drivers continued to be in short supply.

The Fed’s latest “Beige Book” report, based on anecdotal interviews, was prepared by Federal Reserve Bank of Boston and based on information collected in Fed districts from March 6 through April 17.

Trucking and shipping respondents in the Philadelphia, Cleveland and St. Louis districts reported increased growth compared with a year ago, and while those in Cleveland continued to express concern about fuel costs, many there believe that they can increase their base rates, given the strength of demand, the Fed said.

Chicago respondents to the Fed described heavy- and medium-duty truck orders as remaining solid, but light vehicle sales as flat, with some signs of excess auto inventories.

In Cleveland, capital spending in the trucking industry was strong, “as firms attempt to purchase trucks that don't need to meet impending EPA guidelines,” the Fed said.

Most districts reported the manufacturing sector was ahead of year-earlier levels, although New York noted some deceleration and Atlanta said manufacturers’ results were mixed.