![]() ![]() Contacts continued to note difficulty finding qualified candidates across a broad array of industries and skill levels.Labor markets across the country remained tight, restraining job gains in some regions.Widespread employment growth continued, with most Districts characterizing growth as modest to moderate.Contacts in the energy sector cited a pickup in activity, except in the Richmond District, where coal production was flat and natural gas production dipped slightly.Agricultural conditions were little changed or worsened on net, in part due to persistent drought conditions.Transportation services activity expanded in over half of the reporting Districts, buoyed by increases in port traffic and/or air, rail and/or trucking shipments.Loan demand increased, and commercial real estate activity and construction improved since the last report. Residential construction and real estate activity expanded further, although low home inventories continued to constrain sales in several Districts.Manufacturing activity grew moderately, and demand for nonfinancial services was mostly solid. Consumer spending rose in most regions, with gains noted for nonauto retail sales and tourism, but mixed results for vehicle sales.Outlooks remained positive, but contacts in various sectors including manufacturing, agriculture, and transportation expressed concern about the newly imposed and/or proposed tariffs. Economic activity continued to expand at a modest to moderate pace across the 12 Federal Reserve Districts in March and early April.The title sounds impressive but it is little more than a summation of the anecdotes from the latest Fed regional reports (Think Philly Fed, Empire State, etc.). The Fed’s “ Beige Book” is a compilation of economic activity by each of twelve Federal Reserve districts. ![]()
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