Overall economic activity was up a bit since mid-January, according to the latest Beige Book published Wednesday by the Federal Reserve, with “overall expectations for economic activity over the coming months” being slightly optimistic, the agency said.
Banking activity, the Fed said, was “slightly higher” among districts that reported it.
Meanwhile, according to the report, residential real estate markets were mixed with reports pointing to ongoing inventory constraints, the Fed said. “Construction activity declined modestly for both residential and nonresidential units,” according to the report.
However, the Fed said, some contacts in the construction sector “also expressed nervousness around the impact of potential tariffs on the price of lumber and other materials.” Further, according to the report, agricultural conditions deteriorated among some among districts.
The Beige Book, published eight times per year, is based on anecdotal information collected by each Federal Reserve bank on current economic conditions in its district through reports from bank officials and interviews with key business contacts, economists, market experts, and other sources.