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October 18, 2017
Fed reports increased economic activity nationally
The Federal Reserve Beige Book, released Wednesday, showed increased economic activity in September and through the early part of this month in all 12 Fed districts. However, the Richmond, Atlanta and Dallas districts reported big disruptions from Hurricanes Harvey and Irma in the transportation, energy and agriculture sectors.
"Despite the reported disruptions from Hurricanes Harvey and Irma, economic growth continues at its familiar slow-but-steady pace," said NAFCU Chief Economist and Vice President of Research Curt Long. "While wage and price pressures remain modest, there is nothing in the Fed's latest report to suggest that officials are reconsidering plans to raise rates once more this year. NAFCU continues to expect a quarter-point rate hike in December."
Districts reported that employment growth was modest, with many of them describing tight labor markets. The Beige Book noted that firms in several of the districts said the lack of labor, particularly in the construction area, would only be "exacerbated by hurricane recovery efforts."
The districts also reported increases in residential and commercial construction. However, "low-home inventory levels continued to constrain residential sales in many areas, while nonresidential real estate activity increased slightly overall," the report said.
Most districts also reported increases in vehicle sales and tourism.
"Despite the reported disruptions from Hurricanes Harvey and Irma, economic growth continues at its familiar slow-but-steady pace," said NAFCU Chief Economist and Vice President of Research Curt Long. "While wage and price pressures remain modest, there is nothing in the Fed's latest report to suggest that officials are reconsidering plans to raise rates once more this year. NAFCU continues to expect a quarter-point rate hike in December."
Districts reported that employment growth was modest, with many of them describing tight labor markets. The Beige Book noted that firms in several of the districts said the lack of labor, particularly in the construction area, would only be "exacerbated by hurricane recovery efforts."
The districts also reported increases in residential and commercial construction. However, "low-home inventory levels continued to constrain residential sales in many areas, while nonresidential real estate activity increased slightly overall," the report said.
Most districts also reported increases in vehicle sales and tourism.
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