Highlights from the Fed’s US economic survey

By By The Associated Press – 3 hours ago 

WASHINGTON (AP) — The Federal Reserve survey released on Wednesday found the U.S. economy grew at a “modest or moderate” pace from mid-November through early January.

The Fed said growth was helped by holiday shopping, strong auto sales and a recovering housing market.

The report, known as the Beige Book, is based on anecdotal information from the Fed’s 12 regional banking districts.

Here are some highlights:

BOSTON (includes Maine, Vermont, Massachusetts, New Hampshire, Rhode Island and part of Connecticut):

The economy grew modestly. Most retailers and tourism businesses cited increases in demand compared with a year ago. Manufacturers also reported sales gains compared with a year ago.

NEW YORK (includes New York and parts of Connecticut and New Jersey):

Economic activity rebounded following widespread disruptions caused by Superstorm Sandy. Retailers reported holiday sales that were better than last year but slightly below expectations.

PHILADELPHIA (includes Delaware and parts of Pennsylvania and New Jersey):

The economy picked up after disruptions from Superstorm Sandy. Sales of new and used autos accelerated. Home sales remained strong. Manufacturers saw only mild growth.

CLEVELAND (includes Ohio, Kentucky and parts of Pennsylvania and West Virginia):

Business activity expanded modestly, although some companies in the region expressed uncertainty because of the resolved budget debate in Washington. Manufacturing orders were flat or down slightly.

RICHMOND (includes Virginia, Maryland, North Carolina, South Carolina, District of Columbia and part of West Virginia):

Economic activity expanded at a modest pace but manufacturing growth slowed. Retail sales also slowed with the exception of auto and food sales. Tourism was at normal winter levels.

ATLANTA (includes Georgia, Alabama, Florida and parts of Louisiana, Mississippi and Tennessee):

Merchants reported gains in holiday sales. Tourism companies noted continued strength in both business and leisure travel. Most businesses predicted modest sales growth in 2013.

CHICAGO (includes Iowa, Wisconsin, Michigan and parts of Illinois and Indiana):

Economic activity expanded at a slow pace in late November and December. Many business contacts said they expected growth in 2013 would match or exceed 2012. But some were cautious because of the uncertainty surrounding the budget debate in Washington.

ST. LOUIS (Includes Missouri, Arkansas and Kentucky, and parts of Illinois, Indiana, Tennessee and Mississippi):

The economy grew modestly. Service firms offered positive reports, manufacturers in the area held a more negative outlook. Commercial and industrial real estate conditions improved.

MINNEAPOLIS (includes Montana, North Dakota, South Dakota, Minnesota and parts of Wisconsin and Michigan):

Consumers in the region spent more. Tourism, professional services, manufacturing and energy all improved. Construction and real estate continued to recovery.

KANSAS CITY (includes Wyoming, Nebraska, Colorado, Kansas, Oklahoma and parts of Missouri and New Mexico):

Retail sales remained solid through December. Auto sales were higher than a year ago. Manufacturing activity, while higher than a year ago, slowed a bit.

DALLAS (includes Texas and parts of New Mexico and Louisiana):

Manufacturing remained mixed. Real estate and construction activity continued to improve. Retailers reported stronger holiday sales and auto dealers reported sales that were above year-ago levels.

SAN FRANCISCO (includes California, Washington, Oregon, Idaho, Nevada, Utah, Arizona, Hawaii and Alaska):

Economic activity expanded at a moderate pace. Retail sales rose slightly from a year ago. Manufacturing was mixed. Demand for farm products increased.

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