The economy has grown “moderately” in recent weeks, with strong production increases, employment rising and consumer spending up in the Federal Reserve’s Fifth District, which includes Virginia, North Carolina, South Carolina, West Virginia and Maryland, according to the latest edition of the Fed’s Beige Book, released Wednesday.
The Beige Book, which is published eight times a year, reflects economic conditions based on anecdotal information gathered from the 12 Federal Reserve Banks about economic conditions in the Fed districts.
Manufacturers are reporting robust growth and demand to the Federal Reserve Bank of Richmond, citing production challenges because of labor constraints, shipping delays and material shortages. Trucking volumes remain at “near-record high levels” and ports are seeing “strong increases in shipping volumes.”
