Demand for shipping and transportation services generally expanded in August, the Federal Reserve said Wednesday.
Manufacturing activity also improved, with most of the Fed’s 12 national districts reporting production and sales gains across a broad spectrum of industries, the Fed said in its latest “beige book” report.
Trucking companies in the Atlanta district reported improved revenues and a moderate pickup in freight volumes from a year ago, though railroads described slower growth in motor vehicles, chemicals, and housing-related shipments.
The transportation industry remained a source of growth in the Chicago district, with auto and heavy truck production holding steady, but in Cleveland, the pace of growth slowed and contacts there expected little change from existing volumes in the near term.
Overall consumer spending appeared to increase, despite continued caution that limited nonessential purchases, the Fed said, while activity was largely stable or rose slightly for professional and other nonfinancial services.
The Fed releases its beige book report eight times a year. Wednesday’s report, which covered the period of July 20 through Aug. 30, was prepared by the San Francisco Fed.
