Fed Survey Provides Update

The Federal Reserve announced (June 4) that its latest Beige Book survey confirmed that the U.S. economy has improved over the last two months in areas from manufacturing and construction to retail sales and bank lending. Seven of the Fed’s 12 regions—Boston, New York, Richmond, Chicago, Minneapolis, Dallas and San Francisco—reported “moderate” growth during the early spring and the remaining five described growth as “modest.” It was noted that retail sales were reviving and manufacturing was expanding in all regions. Lending activity increased, although one weakness was home sales. In addition, the Fed survey said the job market in much of the country has improved since its last Beige Book. Fed policymakers meet next on June 17-18.


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