Beige Book Says Economic Activity Continued To Expand

(RTTNews) - Economic activity in the U.S. continued to expand in October and November, according to the Federal Reserve's Beige Book report released on Wednesday.

The Beige Book, a compilation of anecdotal evidence on economic conditions in the twelve Fed districts, also said a number of districts noted that contacts remained optimistic about the outlook for future economic activity.

Consumer spending continued to trend higher in most districts, the Fed said, with some contacts citing the recent drop in gasoline prices as a contributing factor.

The report also said employment gains were widespread across all twelve districts, including several districts that saw an increase in temporary staffing.

While the Fed also said manufacturing activity strengthened in most districts, the pace of growth in construction and real estate activity varied by sector and district.

On the inflation front, the report said overall price and wage inflation remained subdued, as price increases for raw materials were generally muted.

The information in the Beige Book will be used by the Fed to determine any changes to monetary policy at the Federal Open Market Committee meeting later this month.