(Updated 6/10/11 -- hyperlinks to district breakdowns at bottom) Though the Federal Reserve’s newly released Beige Book economic summary found an economy still slowly growing on aggregate over the last six weeks, the pace continues to decelerate in key bank regions including New York, Philadelphia and Chicago.
Even the once mighty manufacturing sector, responsible for much of the growth measured in the last year, is starting to see its expansion rate slip in several areas and concern creep in, according to Beige Book. Part of the problem is the aftermath the Japan earthquake/tsunami/nuclear crisis is having on the supply line of automotive parts. It’s an especially notable problem in districts including Cleveland and Richmond, among others.
Conditions deteriorated for most districts in the areas of agriculture and materials prices, as well. However, overall, commercial real estate and banking seem to be about on part with recent Beige Book reports with some scattered signs of tepid improvement on the horizon.
One of few districts reporting a noticeable ramp-up in the pace of overall growth, perhaps partly because of its ties to the oil industry, is the Dallas district that encompasses all of Texas.
For analysis from each of the 12 individual Federal Reserve districts, click here.
Brian Shappell, NACM staff writer