Economy, Transport Services Show Modest Growth, Fed ‘Beige Book’ Says
The U.S. economy improved at a moderate pace in March, with transportation services and manufacturing showing gains, the Federal Reserve said.
The Atlanta district reported trucking cargo volumes above year-ago levels, the Fed said in its latest “beige book” report on U.S. economic conditions released Wednesday.
Most of the Fed’s 12 districts reported increases in manufacturing activity, particularly in industries tied to residential construction and automobiles, the Fed said.
Intermodal volumes rose in the Atlanta and Dallas areas, and activity at logistics and transportation firms grew at a moderate pace in the Philadelphia district, the report said.
Richmond contacts reported higher port container traffic due to continued strength in shipments of auto parts, but said a contact reported European-bound vessels were leaving ports lighter than in the past due to a decline in construction and agricultural equipment exports.
The Kansas City district noted wage increases for commercial truck drivers, according to the report.
The Fed releases its beige book report eight times a year. Wednesday’s report, which covered the period of Feb. 23 through April 5, was prepared by the Federal Reserve Bank of Dallas.
