The US Federal Reserve has prepared a report on the growth rate of the national economy. “Beige Book” is a financial slang word for this document. The fact is that beige is the color of the cover of the publication.
According to the data published in the Beige Book, the US economy has been growing at a moderate pace over the past two months. Thus, the hurricanes Harvey and Irma failed to stop the positive development of the economy. Nevertheless, natural disasters have significantly slowed the improvement of the energy sector, agriculture and energy. The hurricane Harvey caused the lack of the dynamic development in the field of petrochemistry and oil refining. The work of many oil refineries in the affected regions was stopped.
According to the published data, consumer spending has grown over the past two months, especially in the area of tourism and car sales.
The agricultural sector showed uneven dynamics: some regions harvested higher than planned, while others were unable to show off a successful season.
Residential real estate continues to experience recovery; the growth rate of the commercial real estate has remained virtually unchanged.
Experts say that the personnel problem is affecting the economic growth in the United States. In many areas there is a shortage of qualified personnel. Especially one can feel it in the public health services, transport and construction. There is a moderate increase in the average salary in the United States.
The publication of the Beige Book is always about two weeks before the meeting of the Federal Reserve. The next meeting will be held on October 31 – November 1. The Beige Book is formed on the basis of the data provided by the twelve US Federal Reserve Banks.
The material was prepared with the participation of Andrey Majorov,
a leading analyst of the brokerage company CT Trade