Federal Reserve Beige Book – March 2015

Atlanta

Boston

Chicago

Cleveland

Moderate growth with most contacts optimistic, retail reports positive, light truck sales higher due to lower gas prices, real estate reports mixed, home prices appreciating, manufacturers reported increases in new orders and production, loan demand stronger for businesses, labor force growing but wages subdued.

Fairly upbeat despite selective negative impacts from severe winter weather, retailers and tech note increased revenues, real estate contracts strong, residential real estate soft due to weather, labor markets unchanged, pricing not an issue, outlook remains strong across major sectors. 

Economic activity moderate with expected growth over next 6-12 months, consumer spending and manufacturing higher, business spending, construction, and real estate activity increasing, credit conditions improving, cost pressures little changed, price increases limited, agricultural commodities declined. 

Economic expansion modest, manufacturing mixed, residential real estate markets overall stronger, retailers and auto dealers note post-holiday sales were higher over last year, shale activity lower due to lower oil prices, freight shipments strong, payroll stronger, decline in material prices.

New York

Richmond

Kansas City

St. Louis

Economic expansion moderate, selling prices stable, cost pressures increased, wages rising, labor markets stronger, consumer spending a bit stronger, tourism robust, retail/auto sales higher despite winter weather, housing markets stronger but hindered by winter weather, banks report stronger loan demand.

Slower economic growth versus last report, manufacturing weakened with shipments and new orders flat, retail sales slowed, loan activity higher, agribusinesses slower, real estate activity moderately growing, coal and natural gas production unchanged, demand for labor up, service sector hiring little changed.

Slight economic growth with mixed optimism about future activity, consumer spending flat, increase in auto and restaurant sales offsetting decrease in retail and tourism, business activity outweighed declines in manufacturing, real estimate improving, loan demand mixed, crop and energy prices lower.

Economic activity moderate, planned activity in manufacturing and service have been positive, retail sales positive, residential real estate improving, commercial and industrial real estate mixed, lending activity increased, wages, employment and prices improving. 

Dallas

Minneapolis

Philadelphia

San Francisco

Unchanged economic growth, manufacturing activity stable or increased, demand for business and transportation mixed, home sales increased, demand for oilfields declined sharply, agriculture and loan activity improving, employment steady, cautious outlook overall.

Moderate economic growth, increases in consumer spending, commercial construction, real estate, and manufacturing.  Mixed activity in tourism, residential real estate, agriculture, energy and mining, labor markets tightening in oil-regions, wage and price pressures continue.

Business activity grew at a modest pace, year-over-year comparisons were battered by winter weather, and tourism recovering, residential builders noted mixed reports for optimism in 2015, commercial real estate improving, leading volumes growing, and increases in wages, home prices, and general prices.

Economic activity improved moderately, overall price inflation modest, wage inflation moderate, retail sales and consumer demand increased moderately, manufacturing activity higher overall, agriculture conditions mixed, real estate activity advanced in multifamily sector, loan activity increased.