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Federal Reserve Board's beige book report shows continued moderate expansion of U.S. economy

The United States economy "continued to expand moderately from November through December," the Federal Reserve Board said in its report Wednesday. Reports from the 12 Federal Reserve Districts compile a report called the "beige book."
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Retailer in some districts did better than expected over the holidays, with all districts reporting that retailers saw higher sales over the holidays than they had in 2009.

Residential real estate markets remained weak in all 12 districts, as did commercial construction activity; however, commercial leasing was up in Richmond, Chicago, Minneapolis, and Kansas City districts.

Most of the districts reported that business contacts were cautiously optimistic about the economic outlook.

Here are some of the other highlights from the beige book report:

* Manufacturing: The manufacturing sector continued to recover across all Districts.
* Auto Sales: Automobile sales were either steady or up in eight Districts during the reporting period, while New York stated that auto sales were "mixed but generally at favorable levels" and Kansas City noted limited auto sales but expected future improvement from additional incentives.
* Tourism: Tourism was characterized as positive or improved in the Richmond, Atlanta, Minneapolis, Kansas City, and San Francisco Districts, while New York described tourist activity as brisk. Contacts from the Richmond, Kansas City, and Minneapolis Districts observed a strong start to the winter ski season, although unfavorable weather conditions at the end of December led to deteriorating conditions for winter activities in some areas of the Minneapolis District. New York City's Broadway theaters reported increased attendance and revenue compared with the 2009 holiday season. Occupancy rose in the Atlanta and San Francisco Districts' major hotel markets. Room rates continued to run ahead of comparable 2009 levels in the New York and the Kansas City Districts, although rates have fallen in Kansas City since the last survey. Atlanta and San Francisco noted rising business travel.
* Nonfinancial Services: Activity was said to be steady to increasing among Districts reporting on nonfinancial services.
* Banking and Financial Services: Reports on credit activity were mixed across Federal Reserve Districts.


http://www.allheadlinenews.com/briefs/articles/90030751?Federal%20Reserve%20Board%27s%20beige%20book%20report%20shows%20continued%20moderate%20expansion%20of%20U.S.%20economy

official website:
http://www.federalreserve.gov/FOMC/BeigeBook/2011/default.htm