U.S. economic activity increased in most of the 12 Federal Reserve districts since the March report according to the April version of the Beige Book released Wednesday afternoon. Eight Fed districts characterized growth at modest or moderate, one reported that economic activity had picked up, two reported a rebound from the harsh winter weather, and two — Cleveland and St. Louis — reported a decline in economic activity.
Consumer spending was up in most districts and automobile sales rose in seven districts: New York, Philadelphia, Richmond, Atlanta, Chicago, Minneapolis, and San Francisco. The recent report on retail sales puts some hard data behind the anecdotal data collected between February 24th and April 7th and thenreported in the Beige Book.
ALSO READ: Retail Sales Blossom in March
On the employment front, labor market conditions were mixed but generally positive, with no single job sector dominating. Wage pressures were reported to be minimal meaning the wage increases remain hard to come by.
Prices also remained steady although there were increases in some areas. Retail food prices were reported steady in Boston, but rose in several other Fed districts. Chicago and Kansas City both reported higher prices for agricultural commodities, including milk, hogs, and cattle.
ALSO READ: Beef Prices at 27-Year High
In the energy industry, activity increased modestly since the Fed’s March report. Active well drilling rose in the Kansas City district and demand for oilfield services was high in the Dallas district, which includes the Permian Basin. Exploration was high in North Dakota (Minneapolis district), but coal production declined in both the Cleveland and St. Louis districts.
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