Fed Beige Book survey notes

(US) FED’S BEIGE BOOK: ECONOMY EXPANDED AT A MEASURED PACE; HURRICANE SANDY CAUSED WEAKER GROWTH IN SOME AREAS 

Economic activity expanded at a measured pace in recent weeks, according to reports from contacts in the twelve Federal Reserve Districts. Cleveland, Richmond, Atlanta, Chicago, Kansas City, Dallas, and San Francisco grew at a modest pace, while St. Louis and Minneapolis indicated a somewhat stronger increase in activity. 

In contrast, Boston reported a slower rate of growth. Weaker conditions in New York were attributed to widespread disruptions at the end of October and into November caused by Hurricane Sandy. 

Philadelphia reported general weakness that was exacerbated by the hurricane. However, in the Boston and Richmond Districts, the storm’s effects were mostly limited. Contacts in a number of Districts expressed concern and uncertainty about the federal budget, especially the fiscal cliff.

(this report contradicts the Durable Goods Orders report that we saw earlier this week, which reported very LITTLE impact in manufacturing from Sandy)