Trucking Sluggish in Some Regions, Fed ‘Beige Book’ Says
Despite some signs of economic recovery, transportation services activity in most regions declined in the six weeks through mid-October, the Federal Reserve said Wednesday.
Two regional exceptions were Chicago, where trucking shipments reportedly increased, and Cleveland, where contacts cited an uptick in freight transport volume in recent weeks.
In Cleveland, two trucking executives reported they will purchase a “substantial amount of replacement equipment during the last quarter of this year and the first quarter of 2010,” the Fed said in its latest “Beige Book” report, which it issues eight times a year.
The Atlanta San Francisco, and Dallas districts reported a decline in trucking activity, while Kansas City’s was flat, the report said.
Overall, reports of economic activity gains generally outnumbered declines, but virtually all references to improvement were qualified as either small or scattered.
Retail and manufacturing conditions were mixed in Boston, but some signs of improvement were reported. New York, Philadelphia, Cleveland, and San Francisco cited small pickups in manufacturing activity.
The report, prepared by the Richmond Fed, was based on information collected from Aug. 31 through Oct. 12.
