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U.S. economic activity continued to grow in July and August across all sectors, except energy, according to the Federal Reserve's Beige Book released Wednesday.
"While six of 12 districts recorded "moderate growth", New York, Philadelphia, Atlanta, Kansas City, and Dallas reported "modest increases" in activity, and Cleveland recorded "only slight growth", according to the 50-page Beige Book.
"In most cases, these recent results represented a continuation of the overall pace reported in the July Beige Book," the report indicated.
Most districts reported improvement in manufacturing but Cleveland, St. Louis, Minneapolis, and Dallas districts drew a "mixed picture". New York and Kansas City districts reported a "decline".
Most districts cited slight growth in employment and moderate increase in wages but several reported "increasing wage pressures caused by labor market tightening."
Energy, however, was worrisome. "The energy sector was flat or down in all districts," the Beige Book said. "Respondents in the Kansas City and Dallas districts revised expectations to deal with a long term low-price environment for oil."
The Richmond and St. Louis districts reported coal production declined, while the Cleveland, Atlanta, and Dallas districts reported decline in oil production activities.
The Beige Book provides anecdotal information on economic conditions in the Federal Reserve's districts.
It is published two weeks before each Fed policy announcement and forms a basis for discussions at Federal Open Market Committee (FOMC) meetings.
The next FOMC meeting is slated for Sept. 16-17 where the Fed may raise interest rates that have been at historic lows.
Shortly before the Beige Book figures were released, private payroll processor ADP said the U.S. added 190,000 jobs in August, falling short of analysts' projections of 210,000.
The monthly ADP report was released ahead of the government's preliminary job figures scheduled for Friday. - Washington DC
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