mishtalk.com / Mike “Mish” Shedlock / April 19, 2017
The Fed’s Beige Book, a summary of economic activity in 12 Fed regions, claims modest wage increases broadened, manufacturing expanded, and light vehicle sales strengthened.
Let’s investigate those claims in detail, emphasis mine, then do a reality check on those ideas.
Overall Economic Activity
Economic activity increased in each of the twelve Federal Reserve Districts between mid-February and the end of March, with the pace of expansion equally split between modest and moderate. In addition, the pickup was evident to varying degrees across economic sectors. Manufacturing continued to expand at a modest to moderate pace, although growth in freight shipments slowed slightly. Consumer spending varied as reports of stronger light vehicle sales were accompanied by somewhat softer readings in non-auto retail spending.
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