ST. LOUIS (KMOX) – The economy continues to grow at a slow but steady pace nationally, according to the Federal Reserve’s July Beige Book.
The report, released Wednesday, shows a snapshot of business conditions in each of the Fed’s 12 regional bank districts, eight times a year.
The findings are all anecdotal. Each of the 12 regional banks compile information from businesses such as retailers, home builders, hotels and restaurant owners.
St. Louis is right on track compared to the rest of the country, according to the report. The economy in the St. Louis area grew at a moderate pace.
Housing has been the biggest boost in the economy for the United States and the St. Louis area. Residential real estate markets continued to improve, the report says, while home sales continue to increase in the largest metro areas compared to a year ago. Commercial real estate markets improved modestly.
Price levels in St. Louis have remained the same compared to this time period last year. Wages have increased over the last three months compared to 2012. Employment has not seen much improvement as it stays the same compared to a year ago, the report says.
St. Louis retail sales have increased on average since May and sales are expected to increase in the upcoming months. The auto industry is also expected to see an increase.
The St. Louis area saw positive reports come out the service sector, specifically logistics services, transportation, marketing, casinos and legal services. Health care services and information services have not fared as well, announcing plans to lay off workers.
As for the rest of the U.S., hiring has remained relatively steady, while increasing in some place. Chicago has stated a trend of hiring more part-time workers.
The nation has experienced an increase in consumer spending and factory output, according to the report.
Retail has slowed in most federal reserve district across the country, while auto sales were strong in most districts. Demand for services were positive, especially in technology and logistics.
Of the 12 Federal Reserve districts, the best conditions were in Dallas, which reported the strongest growth.