Ranking of the districts and a look at the “number” qualifiers in Beige Book for October

Here are the comments from the Beige Book that include a number qualifier:

• Most Districts reported declining manufacturing activity.
• Many communities experienced a persistent lack of affordable housing.
• A few Districts reported boosted activity from data center and infrastructure projects.
• Employment increased slightly, with more than half of the Districts reporting slight or modest growth.
• Many Districts reported low worker turnover.
• Many contacts reported that it had become easier to find workers.
• Home prices edged up in many Districts.
• Many Districts noted increasing price sensitivity among consumers.
• Multiple Districts reported input prices rising faster than selling prices

Anecdotal ranking of stronger Districts

1. Richmond

   • Modest growth in overall economic activity.
   • Consumer spending picked up, increased loan demand, manufacturing expanded, port activity rose, and slight employment growth.
   • Minimal impact from the short-lived worker strike; however, Hurricane Helene caused significant damage in parts of the District.

2. Dallas

   • Modest growth in economic activity.
   • Nonfinancial services picked up, housing demand held steady, and employment increased.
   • Weakening in retail sales, loan demand, and manufacturing output.
   • Outlooks mixed due to domestic policy and economic uncertainty.

3. San Francisco

   • Steady economic activity.
   • Labor availability improved, and wages grew slightly.
   • Retail sales, manufacturing, and consumer services softened, but demand for business services improved.
   • Stability in real estate, financial services, agriculture, and resource-related industries.

4. New York

   • Overall activity little changed, with slight employment growth.
   • Wages increased moderately, housing markets remained solid with home prices edging up.
   • Modest increases in selling prices, and strong capital spending plans were reported.

5. Chicago

   • Economic activity increased slightly.
   • Consumer spending rose modestly, slight employment growth, and wages rose moderately.
   • Construction and real estate activity remained flat, while business spending and manufacturing edged down.
   • Financial conditions loosened slightly.

6. Boston

   • Economic activity and employment were flat.
   • Prices increased slightly, and international travel was strong, with a solid summer tourism season on Cape Cod.
   • Consumers were highly price-conscious, and home sales/prices softened noticeably.

7. St. Louis

   • Economic activity unchanged but signs of slowing demand.
   • Prices continued to increase modestly, with input costs unchanged or decreasing.
   • Employment levels are expected to be maintained in the coming months.
   • Slight improvement in outlook among contacts despite a modestly pessimistic view.

8. Kansas City

   • Economic activity remained steady, with mild growth in consumer spending.
   • Slower manufacturing and professional services activity.
   • Employment remained flat, but some contacts reported reducing staffing levels.
   • Business contacts noted delays in payments, raising financial strains but not impacting hiring plans.

9. Cleveland

   • Business activity was stable.
   • Residential construction and real estate activity increased, and demand for nonfinancial services remained strong.
   • Consumer spending and manufacturing demand remained soft.
   • Wages increased modestly, non-labor costs grew moderately, and selling prices increased slightly.

Anecdotal ranking of weaker Districts

10. Minneapolis

    • Economic activity declined slightly.
    • Employment grew, but labor demand softened.
    • Prices increased slightly, with greater pressure on input prices.
    • Manufacturing decreased moderately, and commercial/residential construction declined slightly.
    • Agricultural conditions were stable at low levels.

11. Philadelphia

    • Business activity continued to decline slightly.
    • Consumer spending and nonmanufacturing activity fell modestly.
    • Employment rose slightly after falling in the previous period, and wage growth continued at a modest pace.
    • Expectations for future growth were rising, becoming more widespread across sectors.

12. Atlanta

    • Slight economic decline.
    • Employment was steady, and wage growth was slow.
    • Consumer spending slowed, and tourism decelerated.
    • Manufacturing and energy activity slowed, while housing demand remained flat.
    • Agricultural conditions weakened.

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This article was written by Greg Michalowski at www.forexlive.com.