Beige Book: Modest growth in most regions; job market still tight

|By:, SA News Editor

Most regions saw a "modest" increase in economic activity, according to the newest Fed Beige Book, which showed improvement overall from September's report.

New York again showed no change in activity, while the pace of growth improved in St. Louis, Kansas City, and Dallas districts.

The labor market is tight as ever, with "modest employment and wage growth" noted. Meanwhile, manufacturing activity was mixed with the dollar still holding down exports.

Consumer spending was mixed, with Cleveland and Kansas City districts anticipating flat sales. Auto sales were also mixed, with declines in the Kansas City and Dallas districts.

Residential real estate activity expanded in most areas, though home sales fell "markedly" in Kansas City. In banking and finance, overall loan demand increased and deposits grew slightly around most districts.