US DATA: Fed beige book for Dec 11-12 FOMC says “Econ activity expanded at a
measured pace” and Cleveland, Richmond, Atlanta, Chicago, KC, Dallas, SF grew,
while St.L & Minneapolis indicated a stronger increase. Boston, NY, Philly areas
slowed due to hurricane. “Contacts in a number of Districts expressed concern
and uncertainty” about fiscal cliff. Consumer spending was moderate, mfg
weakened in 7 areas and 2 more had mixed reports. Several saw slight gains in
res and comm’l real estate. Travel and tourism varied; non-financial services &
transportation also mixed. Hurricane disruptions slowed freight shipments but
boosted demand for emergency supplies. Higher demand for home mtgs & auto loans
seen, but small biz loan demand was weaker. Credit quality improved. Farm
conditions mixed; drought persisted in Atlanta, Chicago, KC. Wages/prices were
moderate. Report was summarized at Richmond Fed based on data thru Nov 14.