Fed ‘Beige Book’ Notes Some Signs of Recovery

The Federal Reserve said Wednesday that the while the U.S. economy is still slowing in almost half of its regions, some companies’ outlooks are improving even though a weak labor market persists.

“Economic conditions remained weak or deteriorated further,” the Fed said in its latest beige book survey, which it issues eight times a year, surveying its 12 regional districts.

One New York district trucking official said shipping volumes continued to decline in April and were down 13% from a year earlier — the steepest year-over-year drop since the mid-1990s.

A retail industry official in Atlanta noted much lower truck tonnage than a year ago, while manufacturers of heavy trucks and machinery in the Chicago district cited weakness in demand.

But while manufacturing in general declined or remained at a low level across most districts, several reported that the manufacturing outlook has improved somewhat, and some districts saw signs that job losses may be moderating.

The report, prepared by the Cleveland Fed, was based on information collected from April 7 through June 1.