Business activity grew modestly the last six weeks in Ohio and parts of neighboring states that make up the Federal Reserve Bank of Cleveland’s Fourth District. Economic activity also expanded moderately in most of the 11 other Federal Reserve districts, according to the latest Beige Book report released Wednesday.
The Cleveland Fed reported that in its district:
• Manufacturing output trended slowly higher. Manufacturers said they are being hurt by a strong dollar, low commodity prices, aggressive foreign competition and a soft energy sector.
• The housing market improved, with higher sales and prices.
• Retailers reported mixed results for the post-Christmas holiday shopping period. New car sales were up from a year ago.
• Oil and gas extraction and coal production declined.
• Payrolls expanded for the most part, especially in manufacturing, construction, and banking. Labor markets appear to be tightening. Staffing firms reported more job openings and placements, primarily in healthcare and manufacturing.
The full Beige Book report is here.