Photo: Ken Mayer
The Federal Reserve’s Beige Book released last week hints at an improved economy in 10 of 12 of its districts. The report centers around economic data from categories like employment, real estate, banking and finance, agriculture, and manufacturing.
Since the last release, Beige Book reports that while economic activity remains at relatively low-levels, conditions have improved further, and the improvements covered broader geographic areas.
Of the increased economic activity, consumer spending was up over the 2009 holiday season and home sales increased in most districts, especially for lower-priced homes. Demand in the real estate market is attributed in part to the home buyer tax credit, which is also expected to boost sales through its posted expiration date later this spring.
Most banking districts report a decrease in overall loan demand, except for residential mortgages, which mirrors the increasing demand for low-priced housing.
Another piece of positive news came from the job market with several districts reporting the addition of new jobs in the service industry, administrative posts, sales workers, laborers, and warehousing and distribution.
Construction still remained slow, but manufacturing activity increased in half of the districts, while the other half expects activity to improve later this year.
