WASHINGTON— Economic activity in the U.S. accelerated at a moderate pace from late February to early April as consumer spending strengthened, according to data released in the latest Federal Reserve Beige Book.
"The latest Beige Book relates the growing optimism around the broader reopening of the economy," said NAFCU Chief Economist and Vice President of Research Curt Long. "Employers are ramping up hiring, which should further buoy consumer sentiment and spur consumption."
According to the Beige Book, manufacturing activity expanded further, with half of the reporting districts citing robust growth despite widespread supply chain disruptions. Auto sales grew even as new-vehicle inventories remained constrained by microchip shortages.
Other Data Points
Long pointed out other data points from the latest Beige Book that include:
- Outlooks were more optimistic than in the previous report, boosted in part by an acceleration in COVID-19 vaccinations
- Bankers in most reporting districts saw modest to moderate increases in overall loan volumes
- Wage growth accelerated slightly overall, with more significant wage pressure in industrials like manufacturing and construction where finding and retaining workers was particularly difficult
The Beige Book report – a Fed publication on current economic conditions across the 12 districts – was based on information collected on or before April 5.