Beige Book Paints a Positive Picture
The Federal Reserve just released the latest edition of its Summary of Commentary on Current Economic Conditions, better known as the “Beige Book.” The Beige Book is a collection of largely anecdotal information gathered by Federal Reserve Bank officials from business and market experts throughout the country. It is published eight times each year.
The latest report states that the economy in the Kansas City district (which includes western Missouri, Kansas, Nebraska, Wyoming, Colorado, Oklahoma, and northern New Mexico) grew at a strong pace in October and early November. Other districts with economies growing at a strong pace included New York, Richmond, Chicago and Minneapolis. The Boston, Cleveland, Atlanta, Dallas and San Francisco districts also grew, but at a more modest pace. Economic growth in the St. Louis and Philadelphia districts was described as mixed.
The growth in the Kansas City district was attributed to increased optimism from manufacturers and increased demand for energy and agriculture products produced in the region. On the down side, real estate and construction activity continued to languish in the district.
For more information on the Federal Reserve Bank’s Beige Book, click here.