vom Hocker zu reissen! WASHINGTON (CBS.MW) -- Stronger economic growth has been seen in most U.S. regions and sectors since late February, the Federal Reserve said Wednesday in its Beige Book report on current economic conditions.
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Retail sales improved, while manufacturing, mining, tourism and services all grew. Commercial real estate markets remain a soft spot.
Meanwhile, labor markets "tightened somewhat with modest wage increases," the report said. Many regions reported modestly higher consumer prices, but nearly all indicated "significant increases in numerous commodities and input products."
The report, written by the professional staff at the Minneapolis Fed, largely confirmed the upbeat assessment on the economy given earlier in the day by Fed Chairman Alan Greenspan in congressional testimony. See full story.
The Beige Book is compiled from reports from thousands of business contacts in the 12 Federal Reserve districts throughout the nation to aid the Federal Open Market Committee in its deliberations on monetary policy. The next FOMC meeting is scheduled for May 4.
Most districts "saw a noticeable increase in retail sales," the report said. By contrast, sales in Richmond moderated while sales were termed "somewhat mixed" in Chicago.
"Manufacturing activity increased in all the districts," the Beige Book said. Steel mills were operating at or near capacity in the Chicago and Cleveland districts.
"Rising material costs were a common theme across the nation, with mixed reports on the ability to pass costs along to consumers by raising prices," the Fed said.
So far, consumer price increases have been "modest," except for energy costs.
Rex Nutting is Washington bureau chief of CBS.MarketWatch.com. |