St. Louis (KMOX) – The news out of the Federal Reserve Bank of St. Louis’ new Beige Book was as plain and predictable as its cover: the economy isn’t doing well.
But the Summary of Commentary on Current Economic Conditions, as it’s more formally known, which was published today had a little promising news for the 8th Federal Reserve District, which is made up of cities, such as, St. Louis, Louisville, Little Rock and Memphis to name a few.
“Economic activity in the St. Louis District has continued to increase at a modest pace,” Federal Reserve Economist Rubén Hernández-Murillo says. He credits growth in the services and manufacturing sectors as the main contributors to the economy, the same sectors that are succeeding across the country.
“Manufacturing has continued to expand across the districts,” he says. “Similarly, activity in the services sector has increased in most districts.” The Beige Book also said that consumer spending has gone up around the country.
However, the report also indicated that not all was well in the market.
“A larger number of districts noted a slow down in the pace of growth,” Hernández-Murillo says. In the St. Louis district, the real estate market is continuing to perform poorly and home sales are still down. Banks also witnessed less lending activity.
If you want to read the full summary, click here.
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