U.S. business conditions perked up in the summer, a promising sign for the economy’s anticipated second-half rebound.
Reports from the Federal Reserve’s 12 districts “indicate that the economy continued to improve in July and August,” according to the Federal Reserve’s latest snapshot of business activity released Wednesday. “In some districts, improvement occurred in selected sectors and in others it was broad-based,” the Fed said.
The Fed, in its so-called beige book, added that even in the Dallas district, where activity remains generally weak, business contacts were more optimistic about the economic outlook.
The economic impact of the nation’s worst blackout was muted thus far, the Fed indicated.
Although business contacts said a comprehensive assessment at this point was premature, “the effects were generally small,” the Fed survey said. “Even where firms were closed for several days, affected contacts suggest they are not anticipating difficulties in making up for lost production or shipments.”