Transportation Activity Mixed in September, Fed ‘Beige Book’ Says
U.S. economic activity expanded at a “moderate” pace in September, and demand for transportation services showed mixed results, the Federal Reserve said Wednesday.
Eight Fed districts, including San Francisco and Chicago, reported some growth, Philadelphia and Richmond said their economies were mixed, the Fed said in its latest “beige book” report.
The Cleveland region held steady and the Atlanta district remained slow, with falling retail sales.
Manufacturing, a key customer of the trucking industry, showed continued expansion, with production and new orders rising across most districts. New vehicle sales were steady or rose during the reporting period.
Providers of energy services in the San Francisco region reported increased deliveries, and activity picked up for providers of trucking services, the report said.
Economic activity was sluggish in the Atlanta region, and while some transportation and material prices rose slightly, firms continued to report limited ability to pass costs through to consumers.
Hiring new workers remained limited, with many firms reluctant to add to permanent payrolls given economic softness, the Fed said.
The Fed releases its beige book report eight times a year. Wednesday’s report, which covered the period of Aug. 31 through Oct. 8, was prepared by the Dallas Fed.
