Fed released Beige Book December 4
The Federal Reserve Bank’s Beige Book, released on December 4, reports that the economy continued to expand at a modest to moderate pace from early October through mid-November. The report from the Boston Fed stood out in that it reported economic expansion during this period.
The region that the Federal Reserve Bank of Boston covers saw growth in capital spending as well as increased demand for software and information technology.
Consumer spending in tourism appeared to be particularly robust in the northeast. Demand for home furnishings and apparel were both strong here. Local tourism numbers which are usually strong in the fall enjoyed additional lift from the Red Sox being in the MBL playoffs and the World Series.
The New England region also reported increases in real estate and construction especially in the building of multi-family dwellings and commercial real estate projects.
Modest increases in wages were seen in the northeast and no appreciable inflationary pressure was noted in the report.