Fed Says KC Region Economy Strengthens

The report from the Federal Reserve Bank of Kansas City said the regional economy strengthened this fall as consumers spent more money and production orders picked up. According to the Federal Reserve’s so-called Beige Book that reviews economic conditions in the Fed’s 12 regions, the new survey found that 10 of the Fed’s 12 regions reported economic growth at either a “slight to modest” pace or at a “somewhat stronger” pace. Only two regions, Philadelphia and St. Louis, reported mixed business results in the six-week period that covered October and early November. The survey said the recent gains in consumer spending have “boosted optimism for holiday sales among retailers and auto dealers” and that a “limited number of firms were hiring, primarily for specialized labor or seasonal workers”.