Highlights of the Federal Reserve’s Beige Book released Sept 3, 2014:
- No districts reported a distinctive shift in growth pace
- Most districts saw continued growth in auto sales
- Consumer spending growth slight to moderate in most areas (downgraded from modest to moderate growth in June)
- Manufacturing outlook was optimistic in most districts
- New home building and existing sales grew modestly in most districts
- Employment, wages and prices mostly unchanged
- Boston Fed says growth improved, Richmond Fed cited more strength
- Full text
I would have expected something a bit more optimistic. This doesn’t bode well for a near-term change in tone from the Fed.
Reports from the twelve Federal Reserve Districts indicated that economic activity has expanded since the previous Beige Book report; however, none of the Districts pointed to a distinct shift in the overall pace of growth
The market reaction has been subdued.
