US DATA: Fed beige book for Dec 14 FOMC meeting says “the economy
continued to improve” to mid-Nov, sees 10/12 Dists gaining. Says hiring
“showed some improvement.” Only Philly and St Louis reported mixed
conditions. Mfg expanded almost everywhere, with relatively strong
growth in metals and automotive. Professional and nonfinancial services
demand gained. Two areas saw a decline in govt demand due to budget
shortfalls. Consumer spending reports were positive but households
remain price-sensitive and focused on necessities. Expectations for
holiday shopping were generally positive. Auto sales gained. Tourism
improved but hsg remains depressed. Comml real est is mixed, at low
levels. Farm conditions were favorable, energy sector expanding. Bank
lending remained stable. Prices were mostly stable, wages contained.
Summarized by Cleveland Fed based on info collected through Nov 19.