{"id":1004083089,"date":"2013-09-05T06:24:34","date_gmt":"2013-09-05T14:24:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004083089"},"modified":"2022-12-08T14:47:45","modified_gmt":"2022-12-08T22:47:45","slug":"economy-watch-beige-book-calls-economy-modest-again-car-sales-skyrocket","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/economy-watch-beige-book-calls-economy-modest-again-car-sales-skyrocket\/","title":{"rendered":"Economy Watch: Beige Book Calls Economy Modest Again; Car Sales Skyrocket"},"content":{"rendered":"

By Dees Stribling, Contributing Editor<\/em><\/p>\n

The latest edition of the Federal Reserve\u2019s Beige Book came out on Wednesday, and it seemed to say that the economy is still plodding along. Or to use the central bank\u2019s language: \u201cReports from the twelve Federal Reserve Districts suggest that national economic activity continued to expand at a modest to moderate pace during the reporting period of early July through late August.\u201d<\/p>\n

Overall, the book said, consumer spending rose in most districts, reflecting strong demand for cars and housing-related goods. Activity in the travel and tourism sector expanded in most areas, while demand for nonfinancial services–including professional and transportation services–increased slightly. Manufacturing activity expanded \u201cmodestly.\u201d<\/p>\n

In residential real estate, the Fed reported that rising home prices and mortgage interest rates may have spurred a pickup in recent market activity, as many “fence sitters” were prompted to commit to purchases. Also, limited inventories of desirable properties contributed to upward price pressures. Single-family home construction was strong in the Minneapolis and Dallas districts, while Chicago reported that a number of builders are planning new developments for later this year.<\/p>\n

In commercial real estate, demand increased. Office vacancy rates and other indicators in markets for office space improved \u201cmodestly\u201d in the major metropolitan markets in the New York, Richmond, and St. Louis districts, the book noted. Rents for Class B office space in Manhattan have risen more than 10 percent over the past 12 months, and demand for CRE showed \u201cstrong growth\u201d in the Dallas District but \u201cmoderate growth\u201d in the Minneapolis District.<\/p>\n

U.S. Car Sales Skyrocket\u00a0<\/strong><\/p>\n

On Wednesday, Autodata Corp. reported strong sales for carmakers in August. Automakers sold 1.5 million vehicles last month, a 17 percent improvement compared with the same month in 2012. In fact, monthly sales haven\u2019t been that high since 2007, before the recession put a dint in the market.<\/p>\n

Both domestic and foreign carmakers shared the bounty of higher sales. Ford, for instance, is moving a lot of Fusion sedans and Explorer and Escape crossovers. GM\u2019s Chevrolet division is selling a lot of Cruze and redesigned Impala vehicles, while Chrysler\u2019s Jeeps and Fiat 500Ls are doing very well indeed.<\/p>\n

Wall Street seemed to regain some of its poise on Wednesday, with the Dow Jones Industrial Average up 96.91 points, or 0.65 percent. The S&P 500 gained 0.81 percent and the Nasdaq advanced 0.58 percent.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

According to the latest edition of the Federal Reserve\u2019s Beige Book, the economy is still plodding along. And Autodata Corp. reported strong sales for carmakers in August, a 17 percent improvement compared with the same month last year.<\/p>\n","protected":false},"author":1023,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004083089","post","type-post","status-publish","format-standard","hentry","category-latest"],"acf":[],"yoast_head":"\nEconomy Watch: Beige Book Calls Economy Modest Again; Car Sales Skyrocket - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/economy-watch-beige-book-calls-economy-modest-again-car-sales-skyrocket\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economy Watch: Beige Book Calls Economy Modest Again; Car Sales Skyrocket\" \/>\n<meta property=\"og:description\" content=\"According to the latest edition of the Federal Reserve\u2019s Beige Book, the economy is still plodding along. 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