Overall the economy expanded at a modest to moderate pace. Residential real estate showed some improvement and loan demand was up in eight of the Federal Reserves districts.
Many districts were noted as complaining about higher transportation and shipping costs due to higher fuel prices. Manufacturers were called optimistic on growth and expanding in most districts, but those businesses remain concerned about oil and energy prices. Wage pressure was called ‘constrained’ while overall price inflation was modest.
At the consumer level gas prices are called a concern, but the overall outlook on household spending was called encouraging. The warm weather was credited with helping some of the retail sales growth. New vehicle sales were called strong and tourism was even up in most districts.
JON C. OGG
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