Economy
October 21, 2019
Trade Uncertainty and Labor Shortages Dominate Fed Beige Book
Written by Sandy Williams
Economic activity expanded at a slight to moderate pace across most of the U.S. in September and early October. Reports from the Federal Reserve Districts in the South and West were generally more upbeat than the Midwest and Great Plains, according to the Fed’s latest Beige Book.
Manufacturing activity edged lower as firms cited persistent trade tension and slower global growth. Nonresidential construction increased at a slightly slower pace but maintained modest momentum. The agriculture sector reported deteriorating conditions due to trade disruption, lower prices and adverse weather. Auto sales remained strong with the early impact from the strike at General Motors negligible. Freight shipments stabilized after falling during the previous period.
