Beige Book Nov 2019: Activity expanded modestly from October

The Summary of Commentary on Current Economic Conditions By Federal Reserve District, aka, The Beige Book, which is a publication about current economic conditions across the 12 Federal Reserve Districts, stated that "Economic activity expanded modestly from October through mid-November, similar to the pace of growth seen over the prior reporting period."

Overall Economic Activity

Most Districts reported stable to moderately growing consumer spending, and increases in auto sales and tourism were seen across several Districts. In manufacturing, more Districts reported an expansion in the current period than the previous one, though the majority continued to experience no growth. The picture for nonfinancial services remained quite positive, with most Districts reporting modest to moderate growth. Transportation activity was rather mixed across Districts. Reports from the banking sector indicated continued but slightly slower growth in loan volumes. Home sales were mostly flat to up, and residential construction experienced more widespread growth compared to the prior report. Construction and leasing activity of nonresidential real estate continued to increase at a modest pace. Agricultural conditions were little changed overall, remaining strained by weather and low crop prices. Activity in the energy sector deteriorated modestly among reporting Districts. Outlooks generally remained positive, with some contacts expecting the current pace of growth to continue into next year.

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FX implications 

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