Fed's Beige Book: Economic Activity Grows Despite Hurricanes
October 18 2017 - 2:38PM
Dow Jones News
By Sharon Nunn and Sarah Chaney
WASHINGTON -- Economic activity grew at a measured pace across
the country in September and October, despite sector-wide
disruptions caused by recent hurricanes in the Southern and Eastern
U.S., according to a new report from the Federal Reserve.
The pace of growth was split between moderate and modest among
the Fed's 12 districts, the central bank said Wednesday in its
latest gathering of anecdotal information about regional economic
conditions, known as the beige book. The report's information was
collected through Oct. 6.
The growth occurred alongside Richmond, Atlanta and Dallas
districts reporting major disruptions from hurricanes that hit
their areas. Dallas experienced an increase in auto sales because
of storm-damaged vehicles and Richmond saw heightened manufacturing
prices, particularly some raw materials. The Atlanta district
reported hurricane-related effects on its energy, agriculture and
tourism sectors.
Hurricane Irma had a particularly pronounced impact on Florida's
tourism industry. For up to three weeks, hotels and restaurants on
Florida's west coast remained closed because of power outages and
downed trees, though the rest of the state was functional within a
week. Some hotels and resorts in the Florida Keys could take six
months to rebuild. But Georgia and Louisiana experienced an uptick
in visitors, as Floridians fled the path of the hurricane.
Write to Sarah Chaney at sarah.chaney@wsj.com
(END) Dow Jones Newswires
October 18, 2017 14:23 ET (18:23 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.