Beige Book Shows Growth Moderate

U.S. economic activity continued to grow moderately, generally speaking, between mid-October and November, the Federal Reserve said Wednesday in its regional survey known as the beige book.

The report, published for the eighth and final time this year, summarizes business activity in the Fed's 12 districts. While most reports characterized growth as moderate, two districts reported that economic growth actually accelerated. A couple said the pace of activity decelerated or was mixed.

Consumer spending increased in a number of districts, although several reports continued to say that home-related and automobile sales were sluggish. In addition, the report said that districts were cautiously optimistic in their holiday retail sales outlook.

Solid increases in consumer spending were reported by Kansas City and Richmond. On the other hand, sales were weaker in Boston and missed expectations in Dallas.

Manufacturing conditions held up well for the most part, again with weakness in housing and auto-related producers. Five of the 12 districts indicated softness in auto and auto-related production, including Atlanta, Chicago, Cleveland, Kansas City and St. Louis.

Nearly every district reported that housing markets continued to show a decline in single-family home sales, along with some reports of lower home prices and rising inventories. At the same time, housing demand continued to be strong in a few specific markets. Both New York and Dallas noted improved demand for rental housing, while Atlanta said condominium vacancy rates were rising.

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