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Federal Reserve report shows moderately improving local economy

The economy of the regional Federal Reserve district that includes Memphis has “continued to expand at a moderate pace” according to the latest Beige Book report from the Federal Reserve Bank of St. Louis.

Some findings, per the report:

According to the Beige Book, the Fed’s Eighth District saw retail and auto sales in October and early November increase over year-earlier levels. The report also noted planned positive activity from area manufacturing firms and improving residential real estate market conditions.

On the flip side, commercial and industrial real estate conditions were mixed and lending activity at a sample of large district banks indicated little change during the third quarter. Prices, wages, and employment levels all were noted as generally stable.

Dansette

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