Agricultural conditions mixed in latest Beige Book
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Residential and commercial construction increased, vehicle sales mixed.
Overall economic activity expanded at a modest to moderate pace across all 12 Federal Reserve Districts in July and August, according to The Beige Book released on Sept. 6.
The Beige Book is a Federal Reserve System publication about current economic conditions in the 12 Federal Reserve Districts. The data in this issue was collected primarily before Hurricane Harvey made landfall in Texas.
Here’s a look at what’s inside the latest Beige Book.
On the plus side:
Gains were reported for non-auto retail sales and tourism.
Capital spending increased in several districts.
Residential and commercial construction increased slightly.
Manufacturing activity expanded.
There was positive activity in the energy and natural resources sector.
On the fence
Vehicle sales were mixed.
Agricultural conditions were mixed with drought conditions reported in multiple districts.
Employment and wages
Employment growth slowed and labor markets are tight with reports of worker shortages in manufacturing and construction.
There was modest to moderate wage growth across majority of districts with limited wage pressure.
Prices rose modestly overall across the country.
Input and material costs generally increased, notably for freight, lumber and steel.
Movements in energy and agriculture were mixed.
Home prices increased overall.