Beige Book: All Districts Expand at Least Modestly
WASHINGTON — All 12 Federal Reserve districts reported modest or moderate economic growth in the past two months, the latest Beige Book survey said Wednesday, up from 10 reporting those levels of growth in the previous period.
The survey was conducted before the landfall of Hurricane Harvey which devastated Houston, the U.S.’s fourth largest city, and other areas along the Gulf Coast.
The survey said the storm “created broad disruptions to economic activity” in the Dallas and Atlanta districts, although it was “too soon to gauge the full extent of the impact.”
Many firms were closing or expecting to close due to flooding, and one-fifth of the oil and natural gas production in the Gulf of Mexico was offline, the survey said in a special section.
Overall, with all districts reporting favorable growth conditions, the report seems to give the Federal Open Market Committee the greenlight to go forward with plans to announce the end of reinvestments at the September meeting.