Economic growth strengthened throughout the country with a broad pick-up in manufacturing, "brisk growth" at some shipping ports and steady consumer spending, the Federal Reserve said on Wednesday. The central bank's Beige Book of anecdotal economic reports from around the country noted modest to moderate growth in all 12 Fed regions - a positive change from the April document when some parts of the country were still struggling through severe winter weather.
The report, prepared by the New York Federal Reserve Bank with information collected on or before May 23, adds more evidence to what Fed officials have generally said they believe is a strengthening US economy. "Overall, this was a fairly upbeat assessment on the US economic performance and it provides further confirmation of a sustained uptick in economic growth," Millan Mulraine, deputy head of US Research & Strategy for TD Securities, wrote in an analysis of the report.
With only a few notable exceptions, including mixed reports on the strength of the housing industry, the document pointed to broad gains in the economy. "Consumer spending expanded across all Districts, to varying degrees," the report said. "Manufacturing activity expanded throughout the nation...Activity expanded robustly in the Boston, New York, Atlanta and Kansas Districts." Banks boosted lending activity; shippers said cargo volumes were increasing while business at ports in the Richmond and Atlanta districts "grew briskly."
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