beige book report indicates continued early 2018 economic growth

As a sign of the nation’s initial 2018 prosperity, economic activity is up in all twelve of the Federal Reserve Districts for the first two months of this year.
Those findings, reported in the Federal Reserve Systems’ Beige Book, show “modest gains in home sales and construction, with the latter constrained by shortages of labor and materials.”

The twelve districts are centered in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco.

Arizona is part of the 12th San Francisco-based Federal Reserve District, while Colorado is located in the 10th district based in Kansas City.

New Mexico is divided between the 10th district and the Dallas-based 11th district.

According to the most recent Beige Book, “activity in the residential and real estate markets” of the Arizona-included 12th district “remained strong, and conditions in the commercial real estate sectors were robust.”

The 10th district, taking in Colorado and the northern part of New Mexico, saw “consumer spending, real estate and energy activity” modestly increasing, with additional gains expected “in most sectors in the months ahead.”

The 11th district, taking in southern New Mexico and El Paso, saw a slight slowdown in financial services activity, while “hiring remained solid despite a tight labor market.”

Known more formally as the Summary of Commentary on Current Economic Conditions, the Beige Book is published eight times a year. It’s called the Beige Book because all or a part of its covers have traditionally been printed in the color beige.

By Gary Boulard