April 2021 Beige Book: Growth Improves To "Moderate"

The consolidated economic report from the 12 Federal Reserve Districts (Beige Book) stated: "National economic activity accelerated to a moderate pace from late February to early April". The previous report stated: "Economic activity expanded modestly from January to mid-February for most Federal Reserve Districts".

Analyst Opinion of this month's Beige Book

Based on the difference in wording, it appears the economy improved since the previous Beige Book.

Note the following statement from the Federal Reserve:

This document summarizes comments received from contacts outside the Federal Reserve System and is not a commentary on the views of Federal Reserve officials.

Interesting quotes from the Beige Book:

... Prices accelerated slightly since the last report

... Hiring remained a widespread challenge, particularly for low-wage or hourly workers, restraining job growth in some cases. Commercial and delivery drivers were specifically cited as in short supply, as were specialty and skilled tradespeople.

Please see the end of this post for words the Federal Reserve uses when the economy is entering a recession. The Beige Book completely missed the 2001 recession and was late in seeing the Great Recession.

This report was prepared at the Federal Reserve Bank of Dallas based on information collected on or before April 5, 2021.

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