Beige Book - September 4, 2019

This report was prepared at the Federal Reserve Bank of Atlanta based on information collected on or before August 23, 2019. This document summarizes comments received from contacts outside the Federal Reserve System and is not a commentary on the views of Federal Reserve officials.

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Overall Economic Activity

On balance, reports from Federal Reserve Districts suggested that the economy expanded at a modest pace through the end of August. Although concerns regarding tariffs and trade policy uncertainty continued, the majority of businesses remained optimistic about the near-term outlook. Reports on consumer spending were mixed, although auto sales for most Districts grew at a modest pace. Tourism activity since the previous report remained solid in most reporting Districts. On balance, transportation activity softened, which some reporting Districts attributed to slowing global demand and heightened trade tensions. Home sales remained constrained in the majority of Districts due primarily to low inventory levels, and new home construction activity remained flat. Commercial real estate construction and sales activity were steady, while the pace of leasing increased slightly over the prior period. Overall manufacturing activity was down slightly from the previous report. Among reporting Districts, agricultural conditions remained weak as a result of unfavorable weather conditions, low commodity prices, and trade-related uncertainties. Lending volumes grew modestly across several Districts. Reports on activity in the nonfinancial services sector were positive, with reporting Districts noting similar or improved activity from the last report.

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The Beige Book

Summary of Commentary on Current Economic Conditions

By Federal Reserve District

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For use at 2:00 PM EDT

Wednesday

September 12, 2018

August 2018

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The Beige Book

Summary of Commentary on Current Economic Conditions

By Federal Reserve District

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For use at 2:00 PM EST

Wednesday

January 17, 2018

January 2018

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The Beige Book

Summary of Commentary on Current Economic Conditions

By Federal Reserve District

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For use at 2:00 PM EST

Wednesday

March 7, 2018

February 2018

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Beige Book - July 18, 2018

This report was prepared at the Federal Reserve Bank of Boston based on information collected on or before July 9, 2018. This document summarizes comments received from contacts outside the Federal Reserve System and is not a commentary on the views of Federal Reserve officials.

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根据美联储周三公布的黄皮书，全美制造商对关税政策表示担忧，许多公司称新贸易政策实施后价格上涨且供应链中断。

黄皮书称，美联储12个辖区中有10个表示，今夏以来经济适度或温和增长。这份报告是基于截至7月9日收集的信息编制而成。报告显示，许多企业对贸易的影响感到不确定性。

包括制造业和建筑业在内的公司表示，关税政策导致产品价格上涨，供应链出现混乱。

黄皮书指出，一家费城联储辖区的机械制造商表示，钢铁关税对其供应链带来混乱，不仅中断已计划好的订单、推升价格，还导致一些恐慌采购现象。

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The Beige Book

Summary of Commentary on Current Economic Conditions

By Federal Reserve District

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For use at 2:00 PM EDT

Wednesday

May 30, 2018

May 2018

根据美联储周三公布的黄皮书，今年春季美国大部分辖区的经济活动温和扩张，在一定程度上受到制造业活动加速上升推动，尽管贸易局势紧张。

美联储在黄皮书中表示，多数辖区称4月底、5月初经济温和增长，达拉斯辖区则是例外，该地区经济活动稳健加速上升。这份黄皮书是根据截至5月21日收集的信息编制而成。

在特朗普(Trump)政府今年3月宣布计划对进口钢铝分别征收25%和10%的关税后，黄皮书中报告的制造业变得强劲。黄皮书显示，一些制造商对制造业前景表示乐观，但是许多制造商也表示新关税带来不确定性。

在达拉斯联储辖区，之前的黄皮书显示制造业放缓，但这次则转强。不过，炼油厂和石化产品制造商对关税、出口配额以及新建设项目的潜在影响看法负面。

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Beige Book - April 18, 2018

This report was prepared at the Federal Reserve Bank of Dallas based on information collected on or before April 9, 2018. This document summarizes comments received from contacts outside the Federal Reserve System and is not a commentary on the views of Federal Reserve officials.

The Beige Book

Summary of Commentary on Current Economic Conditions

By Federal Reserve District

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For use at 2:00 PM EDT

Wednesday

October 18, 2017

October 2017

根据美联储发布的最新黄皮书，美国经济活动在9月至10月初小幅增长，尽管近期袭击南部和东部地区的飓风造成了广泛的破坏。

美联储周三在黄皮书中表示，12个辖区的经济增速处于持平和温和之间。这份黄皮书是基于10月6日前收集的信息编制而成。

里士满、亚特兰大和达拉斯联储辖区出现增长，尽管飓风给这些地区造成了严重的损害。达拉斯辖区的汽车销量有所增长，因为暴风雨造成了车辆损坏。里士满辖区的制造业价格上升，尤其是一些原材料价格。亚特兰大辖区称飓风给能源、农业和旅游业带来了影响。

飓风厄玛给佛罗里达州的旅游业带来了尤其严重的影响。由于停电和树木倒塌，位于该州西海岸的酒店和餐馆关闭了至多三个星期，尽管州内其他地区在一周以内恢复了正常运转。佛罗里达群岛地区的一些酒店和度假村可能需要六个月才能完成重建。但佐治亚州和路易斯安那州的访客数量有所上升，因佛罗里达州居民纷纷前往这些地区躲避飓风。

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