Highlights
The Beige Book, prepared by the St. Louis Fed covering the period to Nov. 21, reported solid growth and only limited inflationary pressures. Bonds firmed slightly in initial reaction to the report, which won't turn the heat up for additional rate hikes.

The report said consumer price pressures increased moderately with modest pressure on wages. But the report also described input price pressures as "persistent" though pass through was still mixed.

The report said hiring rose with some districts even reporting tight labor conditions. It described both the manufacturing and service sectors as healthy, with residential housing slowing and non-residential firming. It said energy production was on the rise and oil capacity was coming back on line.

Below is the first part of the Fed's summary:

"Economic activity continued to expand from mid-October through mid-November, according to reports from the twelve Federal Reserve Banks. Manufacturing and services activity continued to increase in most Districts. Retail sales increased in most Districts, but many Banks reported only modest year-over-year gains. Auto sales softened in a number of Districts in October. Generally, residential real estate market activity remained high, but many Districts reported a slowing or cooling of activity; many Districts also noted strengthening activity in commercial real estate markets. Residential mortgage lending slowed in several Districts. Hiring activity increased in many Districts, and some Banks noted a slight tightening in labor markets. Most Districts reported persistent input price pressures and concerns about high energy prices. Consumer price pressures increased moderately in some Districts, with mixed reports on firms' ability to pass through input prices to consumers. Agricultural conditions were generally positive.

2005 Release Schedule

Released On: 1/19 3/9 4/20 6/15 7/27 9/7 10/19 11/30 Released For: Dec Feb Mar May Jun Aug Sep Oct