Economy
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/07/FedRes.png)
Fed Beige Book: Economic activity steady, manufacturing declines
Written by Laura Miller
January 19, 2024
While there was little change in economic activity since its last update, the Federal Reserve reported declines in manufacturing in nearly all districts in its January Beige Book update.
The Fed’s economic report, published eight times each year, said there was little or no change in overall economic activity in eight of its twelve districts since its November update.
Three districts – Chicago, Dallas, and Richmond, Va. – experienced modest economic growth, while one district – Kansas City – saw a moderate decline.
In the manufacturing sector, the Chicago and New York districts reported moderate contraction. Minneapolis noted decreasing activity in both construction and manufacturing.
Districts said high interest rates continue to dampen auto sales and limit real estate transactions. However, many sources were hopeful about a potential decline in interest rates.
Causes for economic uncertainty in the districts include waning demand, the 2024 election cycle, and worries about the office market, the report said.
“Firms in most districts cited examples of steady or falling input prices, especially in the manufacturing and construction sectors, and more discounting by auto dealers,” the Book noted.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2024/02/SMU_LM_headshot.png.jpg-150x150.png)
Laura Miller
Read more from Laura MillerLatest in Economy
Metalformers expect steady conditions in coming months
Metalformers expect economic activity to stabilize over the next three months, according to the recently released July Business Conditions Report from the Precision Metalforming Association (PMA).
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/construction.png)
Architecture Billings Index rises from 4-year low in June
The Architecture Billings Index (ABI) ticked up in June following May’s four-year low, according to the American Institute of Architects (AIA) and Deltek. While the index improved this month, it continues to indicate weak business conditions among architecture firms.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/07/FedRes.png)
Beige Book: Uncertainty to continue fueling slower economic growth
Growth in the US economy continues to be constrained. The Federal Reserve’s Beige Book report for July shows more areas reporting flat or declining economic activity than in its previous report at the end of May.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/AISI.png)
AISI, AISC, University of Massachusetts get ~$6.4M EPA grant
The American Iron and Steel Institute (AISI), American Institute of Steel Construction (AISC), and the University of Massachusetts at Amherst have received a grant to enhance emissions reporting for steel construction projects.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/12/empire_state_1-scaled.jpg)
Manufacturing activity in New York state continues to soften
New York state saw a continued decline in manufacturing activity in July, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.