Fed: Regional economy grows

Consumer spending in the Fed’s 10th District grew moderately, while residential construction and commercial real estate continued to improve. Concerns surfaced, though, in manufacturing and agriculture.

The 10th District covers western Missouri, Colorado, Kansas, Nebraska, Oklahoma, Wyoming and northern New Mexico.

Most retailers, mall managers and restaurants reported better-than-expected sales, which are expected to continue to increase.

Manufacturing activity in the district continued to expand, but at a slower rate than in recent surveys.

Most home builders reported that starts increased modestly, partly due to favorable weather. Several metro areas could see a decline in construction in coming months.

Agricultural conditions remained mostly unchanged despite persistent drought conditions across most of the district. If dry weather continues through summer, many cattle producers say they’ll be forced to sell off herds and fall back on cash reserves.

The Federal Reserve publishes the Beige Book eight times a year and uses it to help determine monetary policies.

This story originally appeared in SBJ’s March 27 free e-news Daily Update. Register at sbj.net.