Current Economic Conditions by Federal Reserve District
The Beige Book report from the twelve Federal Reserve Districts indicate that overall economic activity continued to expand in September, although many Districts described the pace of growth as “modest” or “slight” and contacts generally noted weaker or less certain outlooks for business conditions.
The Eleventh District economy continued to expand at a modest pace since the last report. Manufacturing activity was mixed. Service sector activity held mostly steady, although retailers noted a recent pick-up in sales. There were some signs of improvement in the housing sector, and apartment demand remained brisk. Office and industrial leasing activity continued to increase, but commercial real estate investment activity fell. Loan demand was mostly unchanged, according to financial contacts. The energy sector continued to expand at a strong pace, while agricultural conditions deteriorated further. Many responding firms across industries noted their outlooks were less optimistic, reflecting uncertainty about the U.S. and global economies.