US DATA: Fed beige book says US economy “continued to expand at a
modest to moderate pace” from mid-Feb-March, but the comments closed
April 2 before the disappointing employment release and there was
significant mention of higher oil possibly slowing growth ahead. Book
summarized by Cleveland Fed. All 12 dists saw growth, described as
moderate to faster. Mfg continued to expand, esp in autos and hi-tech,
and mfrs had more optimism. Services had modest to strong growth and
freight volume was higher. Retail spending had positive reports, as
unusually warm weather boosted sales. Auto sales were strong. Tourism
increased. Residential real estate improved, with many citing more
multi-family housing. Nonresidential RE increased or held steady. Farm
conditions were favorable, mining expanded in oil but nat gas slowed.
Banking conditions were largely stable, loan demand a bit better. Hiring
was steady to better, wages constrained. Inflation was modest.