From April to mid-May, the US economic activity expanded at a moderate rate, improving from the previous period. Almost all regions have seen an increase in the economy, and growth in some regions has increased. Manufacturing activities were generally positive, but some regions experienced a slowdown, mainly due to uncertainties in the economic outlook. Agricultural production conditions are still poor, but there are signs of improvement in some areas.
Image source: Photographed network
In the early morning of Thursday, Beijing time, the Federal Reserve announced the Beige Book of the May Economic Outlook Survey. The data was collected from 12 local Feds and the collection time was from April 9 to May 24. The US economy has moderately expanded this time, but the manufacturing industry is facing challenges and the labor market continues to improve.
Economic situation overview
From April to mid-May, the US economic activity expanded at a moderate rate, improving from the previous period. Almost all regions have seen an increase in the economy, and growth in some regions has increased.
Manufacturing activities were generally positive, but some regions experienced a slowdown, mainly due to uncertainties in the economic outlook. The construction and real estate industries have recovered, but the regional differences are large. Consumer spending growth has slowed down, and tourism has been relatively strong, especially in the Southeast, but car sales have cooled. There was a significant difference in loan demand performance across regions but overall.
Agricultural production conditions are still poor, but there are signs of improvement in some areas.
The US economic outlook remains positive in the coming months and is expected to maintain moderate growth.
Employment and salary
The employment situation in the country continued to improve, with moderate to moderate growth in employment in most regions. Demand for recruitment in the retail, commercial services, technology, manufacturing and other industries is stable.
    However, employment growth is still constrained by the tight labor market constraints, and in many areas there is a shortage of general workers and skilled workers. The struggle of employers for the labor force has led to an increase in the salary of some posts. Due to the low overall unemployment rate, wage growth in most regions is relatively mild.
Price
Compared with the previous period, the overall price level of each region has risen moderately. In some areas, the growth rate of input prices has exceeded the selling price, but the impact of the overall operating cost growth of enterprises is still controllable.
In some areas, the freight rate has increased, the prices of production materials have been different, the prices of steel and metals have declined, the prices of construction materials such as timber have remained stable, and the prices of some imported raw materials have risen significantly.
Retailer reports show that market sales price movements are generally stable.
Agricultural product prices have stabilized and rebounded, but still below the historical average.
Regional Fed report highlights
Philadelphia Fed: Trade uncertainty is affecting business investment, and tariffs are the biggest concern for many producers.
New York Fed: Many industries have experienced the cost pressure after the minimum wage increase, and some companies have begun to increase investment in automation.
Chicago Fed: Farmers are still affected by the harsh climate and the low prices of agricultural products.
Boston Fed: Boeing suppliers said that the 737 MAX flight stoppage has not had a serious impact on business operations.
San Francisco Federal Reserve: There is a shortage of workers in the region and a highly stressed labor market.
Market Reaction
After the release of the Fed's Beige Book, the three major US stock indexes rose in a short-term, the Dow rose more than 200 points in intraday trading, and the 10-year US bond yield rose slightly to 2.13%. According to the latest data from FedWatch, CME's CME interest rate observation tool, the Federal Reserve cut interest rate in June by 22.5%, the probability of interest rate cut in July was 71%, and the probability of interest rate cut in September was 92.3%.
Shower Accessories,Bathroom Set Accessories,Shower Accessories Set,Shower Accessories Elbow
Kaiping Rainparty Sanitary Ware Technology Co.,Ltd. , https://www.rpshower.com