Highlights from the Fed's US economic survey
WASHINGTON (AP) — A strong housing recovery and solid auto sales helped the U.S. economy grow at a moderate pace from late February through early April, according to a Federal Reserve survey released Wednesday.
The growth was widespread across the country and slightly faster than the "modest to moderate" pace cited in the previous two surveys.
All of the Fed's 12 bank districts reported modest or moderate growth. Two districts said growth accelerated from the previous survey.
The report, known as the Beige Book, is based on anecdotal information gathered by the regional banks.
Here are some highlights:
BOSTON (includes Maine, Vermont, Massachusetts, New Hampshire, Rhode Island and part of Connecticut):
Economic activity expanded at a modest pace. Sales at retail stores were slower than expected and tourism weakened, partly because of unusually cold weather. Most manufacturers reported lower demand in the January-March quarter.
NEW YORK (includes New York and parts of Connecticut and New Jersey):
Economic growth accelerated. Retail sales have been strong and auto sales robust. Tourism has picked up, though Broadway theaters "have been in a bit of a slump." Bankers reported stronger demand for loans.
PHILADELPHIA (includes Delaware and parts of Pennsylvania and New Jersey):
Business activity expanded modestly. Retail sales and home building slowed since the last report. But home and car sales remained healthy. Tourism grew modestly. Resorts in the Pocono Mountains saw steady activity, though casino revenues have declined.
CLEVELAND (includes Ohio, Kentucky and parts of Pennsylvania and West Virginia):
The economy expanded at a moderate pace. Manufacturing orders and production rose. Retailers reported higher sales through the first half of March compared with the period right after the winter holidays. Businesses and consumers were seeking more loans.
RICHMOND (includes Virginia, Maryland, North Carolina, South Carolina, District of Columbia and part of West Virginia):
The economy grew at a moderate pace. Manufacturers expanded but at a slower pace than in the previous reporting period. Retail sales shrank. But pickup truck sales were robust. A textile manufacturer said business was slow except for automotive products.
ATLANTA (includes Georgia, Alabama, Florida and parts of Louisiana, Mississippi and Tennessee):
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