What did the The Beige Book state today about the United States economy?
The economy in Colorado and six neighboring states “showed further signs of stabilization in June,” the U.S. Federal Reserve reported Wednesday in its latest “Beige Book” survey of the region’s business executives. Consumer spending in the region was “generally sluggish but improvements were noted in auto sales and tourism spending,” the closely watched survey said. It said manufacturing activity “expanded modestly, primarily in nondurable goods production.” Residential real estate activity “held steady,” it said, but commercial real estate firms “reported weakening market conditions.” Energy employment “continued to contract in response to low natural gas prices,” the regional Beige Book said, while banks “reported weaker loan demand, stable deposits, and a continued negative outlook for loan quality.” Retail price pressures eased, it said, and there was “little evidence of wage pressures.” The report covers the Fed’s Kansas City-based 10th District. It is based on interviews with a s
