Federal Reserve Beige Book – April 2015

Atlanta

Boston

Chicago

Cleveland

Conditions improving at a steady pace with mostly positive outlook for next 3-6 months; retail/autos slower due to winter weather; hospitality mixed; new home sales flat to slightly up vs last year; demand for commercial real estate expanding; improvements in lending activity and payrolls; wage pressures low.

Business activity expanding but not as upbeat; retail, manufacturing and select services all increase revs over last year; commercial real estate improving but residential sales slowed by winter weather, employment demand is slow, prices steady.

Growth remains moderate; outlook for a similar pace over next 3-6 months; consumer, business, and manufacturing production all increased moderately; construction and real estate activity moderate; credit conditions improving; cost pressures little changed; agriculture commodities fell.

Expanded at modest pace; manufacturing activity mixed; residential real estate and home prices rose; retail and auto sales better over last year; drilling activity curtailed; freight volumes lower; credit demand higher for business lower for consumers; payrolls unchanged but expect hiring in construction.

New York

Richmond

Kansas City

St. Louis

Economic growth slowed to modest pace; selling prices stable, costs higher; labor market slightly improved but with wage pressures, consumer spending weaker; tourism mixed and confidence slipped; stronger loan demand and lower delinquency rates.

Economy grew modestly outside of manufacturing; winter weather slowed shipments and new orders; retail sales slowed; tourism and loan activity stronger; residential and commercial real estate markets strengthening; agriculture contracts up; labor markets improving; prices mixed.

Economic activity little changed from March; consumer spending down while tourism slightly up; manufacturing, transportation, and wholesale activity weaker; sharp declines in energy and agriculture soft; modest growth in real estate, loans, pressures and mixed labor conditions.

Economic growth modest; manufacturing reports have been negative and service sector positive; residential real estate improving while commercial mixed; total loan activity increasing; agricultural activity slow to start due to wet weather conditions.

Dallas

Minneapolis

Philadelphia

San Francisco

Moderate growth since March with similar conditions; manufacturing noted steady/increased demand; retail mixed but auto sales positive; real estate activity solid; energy sector still in decline; employment held steady/increased; outlooks cautiously optimistic across all sectors but energy.

Moderate economic growth; increased activity in consumer spending, commercial & residential construction and professional services; manufacturing and tourism flat; energy, mining, and farming slower; labor markets mixed with modest wage increases; prices generally flat.

Business activity growing at modest pace; service sector growing moderately; auto sales slow after winter weather; retailers and manufacturers report slight growth; commercial and residential construction demand moderate; tourism mixed; loan volumes down; most prices up.

Economic activity improved moderately; price inflation was slight while wage inflation moderate; retail sales and consumer demand moderately increased; manufacturing activity improved on net; agricultural sector unchanged; real estate activity advanced mainly in commercial; loan volumes higher.