Bloomberg | The U.S. economy improved in nine of the Federal Reserve’s 12 regions in January and February while being hampered by snowstorms in the eastern U.S., the central bank said today.

“In most cases the increases were modest,” the Fed said in its Beige Book business survey, which informs Fed policy makers ahead of their next meeting on Mar. 16. The Fed said economic activity in Chicago “improved at a moderate pace in January and February” and that “consumer and business spending increased slightly.”

“Manufacturing continued to improve, while construction remained weak,” the report said. “Credit conditions were little changed. Price pressures for most raw materials leveled off, and wage pressures were minimal. Hog and cattle prices rose, while feed costs fell along with corn and soybean prices.”

While payroll reductions slowed in most areas in the U.S., “hiring
plans still remained generally soft,” and pressures on
employers to raise wages were “minimal,” the Fed continued.

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