Economy Shows Modest Growth, Fed ‘Beige Book’ Says
The U.S. economy improved at a moderate pace in the six weeks ended in late August, the Federal Reserve said.
The Cleveland and Atlanta districts noted a short supply of truck drivers due to the new hours-of-service regulations, the Fed said in its latest “beige book” report on U.S. economic conditions released Sept. 4.
The new HOS rule, with tighter restrictions on truck drivers’ work hours and rest-break requirements, took effect July 1.
Ground cargo volumes were strong in the Cleveland district, but Atlanta reported a decrease in trucking cargo volumes, the Fed said.
Manufacturing activity expanded modestly in most of the Fed’s 12 districts, although Minneapolis reported the rate of growth was uneven in its district, the Fed said.
Most districts expressed optimism about a near-term pickup in overall manufacturing activity.
Air freight, tonnage increased slightly in the Atlanta district but was unchanged in the past six weeks for Dallas, according to the Fed.
The Fed releases its beige book report eight times a year. Wednesday’s report, which covered the period of July 8 through Aug. 26, was prepared by the Federal Reserve Bank of San Francisco.
