Fed ‘Beige Book’ Cites Slower Economic Growth

Overall economic activity expanded from October into mid-November, but the pace of growth slowed since a previous period, the Federal Reserve said Wednesday.

The Cleveland district reported that trucking volumes were “steady to declining,” Dallas noted that overall shipping activity has weakened and Atlanta contacts reported lower shipping volumes for autos and materials for home construction, the Fed said.

Several trucking executives in the Cleveland district said they believe there is overcapacity in the industry, which is keeping shipping prices competitive.

Higher fuel costs were cited as an issue by most respondents, with some reporting that they were unable to recover the entire amount through surcharges, the Fed said.

The Fed released its latest “beige book” report Wednesday, which it issues eight times a year. The latest report was based on information collected from Oct. 5 through Nov. 16.