Economic activity rose at a “slow to moderate pace” in October and November while freight volumes were mixed, the Federal Reserve said Wednesday.
All of the Fed’s 12 districts except St. Louis reported higher manufacturing activity, the Fed said in its “beige book” report, issued eight times a year.
Freight transportation volumes rose in Cleveland, remained level in Atlanta and Kansas City and were mixed in Dallas, the Fed said.
Hiring was “generally subdued” while wages and salaries remained mostly stable. In Cleveland, however, wage pressures are emerging for truck drivers as the pool of available drivers tightens. Cleveland’s transportation sector also reported higher prices for tires, parts and equipment.
In Atlanta, logistics firms said retailers had adopted vendor-managed inventories that require suppliers to hold inventories until products were ready for sale. Railroad companies in the district reported strong shipments of coal and automobiles.
In Kansas City, transportation firms reported higher expectations for future activity compared to the previous survey.
Wednesday’s report, which covered the period of Oct. 8 through Nov. 17, was prepared by the Minneapolis Fed.
