The Federal Reserve announced on June 8 that the Beige Book said that due to rising food and energy prices and supply shortages caused by the earthquake disaster in Japan, the manufacturing industry was forced to cut production, and growth in various regions of the United States slowed down in May.
According to Taiwan media reports, the Beige Book pointed out that “despite the deceleration in a few areas, 12 areas under the Federal Reserve Bank still report that economic activity has continued to expand since the last report.†This is the weakest brown skin since last fall. The book reports that the Fed said that growth in only two regions has slowed down. During the period from April to May, stalls have occurred in four regions.
The latest survey report, coupled with the recent slowdown in employment growth, reduced factory orders and falling house prices, together outlines a slowdown in US economic growth.
Reserve banks in New York, Philadelphia, Atlanta, and Chicago all report a slowdown in regional economic growth. Reserve banks in Boston, Cleveland, Richmond, St. Louis, Minneapolis, Kansas City, and San Francisco say economic growth is still stable. Dallas is the only region that is still accelerating its growth and should be the result of the oil industry in the region.
Manufacturing production in five regions has declined. Japan's 311 earthquake and tsunami disrupted US car production and sales. Many assembly plants owned by Japanese automakers, as well as automakers using Japanese electronic components or other components, were affected by supply shortages. As production stagnate, car dealerships are also affected. The Fed said that car sales in New York, Philadelphia and Cleveland all fell.
For future expectations, multiple regions have also reduced optimistic expectations for manufacturing. The Reserve Bank of Boston said local producers expect sales to decline in the coming months. The Cleveland Reserve Bank said some companies have delayed large-scale plans. However, Chicago and the Reserve Bank of Atlanta said that local companies are expected to see a surge in production in the second half of the year, partly because of the recovery in car production.
According to Taiwan media reports, the Beige Book pointed out that “despite the deceleration in a few areas, 12 areas under the Federal Reserve Bank still report that economic activity has continued to expand since the last report.†This is the weakest brown skin since last fall. The book reports that the Fed said that growth in only two regions has slowed down. During the period from April to May, stalls have occurred in four regions.
The latest survey report, coupled with the recent slowdown in employment growth, reduced factory orders and falling house prices, together outlines a slowdown in US economic growth.
Reserve banks in New York, Philadelphia, Atlanta, and Chicago all report a slowdown in regional economic growth. Reserve banks in Boston, Cleveland, Richmond, St. Louis, Minneapolis, Kansas City, and San Francisco say economic growth is still stable. Dallas is the only region that is still accelerating its growth and should be the result of the oil industry in the region.
Manufacturing production in five regions has declined. Japan's 311 earthquake and tsunami disrupted US car production and sales. Many assembly plants owned by Japanese automakers, as well as automakers using Japanese electronic components or other components, were affected by supply shortages. As production stagnate, car dealerships are also affected. The Fed said that car sales in New York, Philadelphia and Cleveland all fell.
For future expectations, multiple regions have also reduced optimistic expectations for manufacturing. The Reserve Bank of Boston said local producers expect sales to decline in the coming months. The Cleveland Reserve Bank said some companies have delayed large-scale plans. However, Chicago and the Reserve Bank of Atlanta said that local companies are expected to see a surge in production in the second half of the year, partly because of the recovery in car production.
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