Moscow. January 14. Economic activity in most Federal districts of the USA in the period from the end of November 2015 and early January 2016 continued to grow at moderate rate due to the increase in consumer spending and improvement in the labor market.
In the regional review, which cover color called Beige Book (“Beige book”) released by the Federal reserve on Wednesday, the growth of economic activity in 9 of 12 fed districts characterized as restrained (modest) or moderate (moderate).
However, Boston economic activity was “lively”, as in new York and Kansas “mostly smooth”.
Overall, the review pointed to an uneven economic conditions in the regions of the United States.
Consumer spending in the period, which coincided with the Christmas holidays, rose in most districts of the country rapidly from mild to moderate, while in Minneapolis was marked by strong growth.
Among the factors that limited the increase of parabrachial, indicated unusually warm weather in some U.S. regions, limiting, in particular, the demand for clothing.
Dynamics of sales of cars was “heterogeneous” because “in some districts the activity began to decline from very high levels experienced previously”, says the review.
The persistence of low gasoline prices is noted as a factor supporting the demand for automobiles, especially for SUVs and light trucks.
Activity in housing and commercial properties has generally improved since the publication of the December review. In particular, the increased construction of apartment buildings and commercial real estate, housing prices and the cost of renting business premises has increased in most districts.
In addition, the majority of U.S. regions reported increased demand for loans, improve loan quality and reduce delinquencies on loans, while lending standards have changed slightly.
Agricultural activity in General has deteriorated due to adverse weather conditions in various regions of the country – from drought in San Francisco to torrential rains and flooding in the Richmond, Atlanta, St. Louis and Dallas, utilissimi for farmers the negative impact of low prices for farm produce.
Unusually mild weather conditions in most parts of the USA contributed to an even more significant reduction in energy prices, significant weakening segments of the energy industry, noted in the Beige Book.
Conditions in the labour market of the country has continued to improve, apparent increase in the levels of recruitment observed in seven Federal districts. At the same time, the data obtained indicated that the rate of increase of salaries of Americans were from smooth to moderate, while price pressures were minimal.
Activity in most manufacturing industries of the U.S. economy has weakened, the exception was the automotive and aviation sector. However, five counties reported a decrease in manufacturing activity, while the growth – only three regions.
Five districts indicated that a strong dollar had a negative impact on the export performance of manufacturers.
Tourist activity in the U.S. was mixed, noted in the Beige Book. Mild winter contributed to a weakening of demand for ski resorts, however, supported the tourism demand in some regions.
Review Beige Book, which is based on data from the twelve Federal reserve Bank, shall be published approximately two weeks before the meeting of the Federal reserve system. The next meeting of the leadership of the U.S. Central Bank is scheduled for January 26-27.
Information used in the preparation of the most recent review was collected prior to 4 January inclusive, and by the Federal reserve Bank of Philadelphia.