Economy
October 23, 2020
Beige Book: Modest and Mixed Economic Growth
Written by Sandy Williams
Economic activity grew at a slight to modest pace in early October with inconsistency among sectors, says the Federal Reserve’s latest Beige Book. Manufacturing activity growth was moderate and the sector added jobs across the country. Demand for new and existing homes kept residential construction robust, but interest in commercial real estate leasing deteriorated. Construction remained strong, however, for warehouse an industrial space.
Sales of autos were steady but impacted by low inventories at dealerships. Prices for autos rose significantly in the past month. Consumer spending continued to be positive, but with some slowing in certain Districts. Tourism saw a slight uptick as pandemic restrictions eased. Restaurant activity is expected to slow as colder weather moves in and reduces ability to dine outdoors, among continued COVID-19 concerns.
