In this article, the authors describe a new survey methodology used by the Federal Reserve Bank of Chicago in constructing the Seventh District’s Beige Book report called the Chicago Fed Survey of Business Conditions (CFSBC). The design of the survey allows the authors to create a new set of quantitative indexes that track economic activity in real time.
The twelve Federal Reserve District indicate that economic activity increased at a modest pace in most regions of the country since the previous Beige Book report. Economic growth was modest in the Districts of Cleveland, Richmond, Atlanta, Chicago, St. Louis, Dallas and San Francisco. In the Minneapolis District the economy grew moderately, while in the Kansas City District growth was steady on balance with mixed conditions across sectors. In the New York District economic conditions leveled off since the previous report, and in the Philadelphia District aggregate business activity continued to grow at a modest pace. In the Boston District, growth was somewhat slower despite reports of revenue increases.
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ORIGINAL: Heads up – we are minutes away from the release of the Federal Reserve Beige Book report on economic conditions around the United States, due out at 2 PM ET.