However, construction for industrial space remained strong due to high market demand, with multiple active projects across the region. The authors find strong empirical support in favor of a geomagnetic-storm effect in stock returns after controlling for market seasonals and other environmental and behavioral factors. The government could “prohibit anything without even passing a law….If your Fedcoin smartphone or chip isn’t programmed to let you buy that, how are you going to get it?” Politically controversial items, like a gun registry, could become irrelevant. Amid continued soft demand for crude oil, industry contacts reported consolidation among refiners and expect more in the coming months. Producer prices increased slightly. Wages and other business input costs picked up modestly, while selling prices were little changed. Hospitality contacts expect business activity to decline in the coming months. District oil and gas activity increased slightly from low levels; the number of active drilling rigs was little changed since the last report, while oil production increased from its lows earlier in the year but remained below pre-pandemic output. Firms in industries that were most impacted by the pandemic (such as hospitality, aerospace, and energy) saw little improvement in demand. District contacts continued to express concerns, however, about the potential for renewed pressure in the months ahead, depending on the path of agricultural commodity prices, government support programs, and drought in some parts of the region. An upstate agency, on the other hand, indicated scattered signs of a pickup in hiring, especially for lower-wage workers, and noted particular difficulty in recruiting customer-service representatives. Prices Employment and Wages Selling prices rose moderately, although increases were stronger for durable goods and freight than they were for professional services and nondurable goods. The Federal Reserve is the monster inside every Americans' medicine cabinet, dark closet and under every bed. Contacts in wholesale retail, energy, and food services reported stable prices. Employment and Wages Banking and Finance Raising prices has helped builders to slow demand and cover rising costs. Textbooks are usually published by one of the four major publishing companies. In doing so, Fedcoin would merely extend existing policies under food stamp programs that prohibit spending on alcohol, casinos or strip clubs. Although overall District auto sales declined from September to October, retail auto sales remained solid while fleet sales fell significantly as compared with year-earlier levels. This set of Guiding Principles is also applicable to e-textbooks. Several other firms, however, reported flat to declining demand due to limited business-to-business spending. Bitcoin and blockchain are equally liberating to the individual but revolutionary technologies also challenge the status quo. Several contacts across the District expressed concern over potential loan losses in the coming months should payment deferrals and mortgage forbearances no longer be extended. More District businesses reported raising average wages than cutting them. Manufacturing and Other Business Activity Alchemy (from Arabic: al-kīmiyā; from Ancient Greek: khumeía) is an ancient branch of natural philosophy, a philosophical and protoscientific tradition practiced throughout Europe, Africa, China and throughout Asia, observable in Chinese text from around 73–49 BCE and Greco-Roman Egypt in the first few centuries CE.. Alchemists attempted to purify, mature, and perfect certain materials. Car and truck sales rose modestly in October compared with a year earlier, and contacts noted strong demand for recreational and powersport vehicles. Residential Real Estate However, numerous contacts noted that the sharp rise in COVID-19 cases had disrupted economic activity, and a downward trend emerged as November began. One contact had shifted to placing essential workers due to higher demand. Auto dealers reported solid retail vehicle sales, offset by softness in fleet sales. Feedback from other logistics contacts was mixed regarding both sales in the previous quarter and the outlook for the next quarter, with one citing a lack of demand. For more information about District economic conditions visit: www.KansasCityFed.org/Research/RegionalEconomy. Some business contacts have noted a pronounced acceleration in health coverage costs for 2021. Some retailers noted cutting store hours and reducing costs to preserve margins. Economic activity in the District expanded modestly. The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Commercial Real Estate On balance, contacts indicated conventional commercial lending remained unchanged with several banks indicating tightening credit standards, especially for hospitality, retail, and office loans. Consumer Spending Leisure and hospitality spending increased but remained weak, as new and existing restrictions on business travel and conventions held back gains. Manufacturing expanded moderately, and the agriculture sector improved slightly. Manufacturing growth slowed, consumer spending and tourism were little changed, and a number of service industries saw declines in activity. 0 votes. Contacts noted that COVID-19 cases have caused ongoing disruptions and delays among short-staffed producers and shippers—raising transportation costs, which are then passed through to buyers. Moderate gains in retail and health services drove the rise in October. The author of the foreword would simply be named in your narrative in the same way that you would credit the author of any other chapter not written by the book's main author: In his foreword, Charles Todd described the characteristics of the famous detective Hercule Poirot (Christie, 2013). Chief among them are economic disparities across states, race-to-the bottom dynamics, and the difficulty of taking action on issues of national importance.” 2. Use the word "and" between the authors' names within the text and use the ampersand in parentheses. What is important to note in the earliest textbooks is their literary origin. Overall, firms also reported slightly higher expectations for annual consumer inflation. The Beige Bookis a Federal Reserve System publication about current economic conditions across the 12 Federal Reserve Districts. [the feds] know exactly who’s getting the money and what it’s being spent for. Banking and Finance Consumer spending grew slightly overall. Cotton harvesting progressed, though below the five-year average pace, while soybean and peanut harvesting were near their five-year averages. Nonresidential construction decreased some. Expectations were positive as contacts in the durables and non-durables sectors expected modest and moderate gains, respectively. Commercial real estate markets have weakened further. A Minnesota contact noted that workforce systems were "failing to reach" those most negatively affected, particularly African American and noncollege-educated workers. Most manufacturing firms reported an increase in overall activity over the reporting period as new orders and production levels continued to climb. What do you think about the U.S. government creating a ‘Fedcoin’? Outlooks among airline contacts remained weak and further reduction in capacity was expected. He also noted that many projects have seen a significantly larger pool of bidders than usual. District economic activity modestly expanded. Consumer Spending and Tourism Employment and Wages John Amos Comenius (Czech: Jan Amos Komenský; German: Johann Amos Comenius; Latinized: Ioannes Amos Comenius; 28 March 1592 – 15 November 1670) was a Czech philosopher, pedagogue and theologian from the Margraviate of Moravia who is considered the father of modern education. B)impaired functioning. A majority of firms responding to recent Minneapolis Fed surveys reported little or no change to nonlabor input costs and final prices compared with pre-pandemic levels. Some firms reported moderate growth, particularly those engaged in construction related services, information technology, legal, and financial services. Overall, outlooks among manufacturers remained positive, though uncertainty persists. Sales of recycled metals and fabricated steel products increased further, underpinned by strong demand from the automotive industry. Determining Content according to the Teachers and Authors’ View . Contacts are concerned that when unemployment benefits and moratoriums on evictions and foreclosures expire, an avalanche of bankruptcies will emerge among other small and medium-sized businesses, as well as households. The cases heightened concerns that the winter months would prove difficult, if not impossible, to survive for some firms. Air cargo volumes rose. Looking ahead, bankers were optimistic that conditions will improve as the likelihood of an effective COVID-19 vaccine increases. Several firms said continued weak demand and uncertainty about the course of the coronavirus pandemic as well as related regulations and government policies were a drag on hiring, with a few noting it would take more than two years to reach their pre-pandemic employment level. Consumer spending grew moderately over the reporting period. Financial Services Travel and tourism contacts reported that the industry was slowly recapturing demand, as some contacts reported a pickup in leisure travel. Banking and Finance Employment rose modestly since the last report, but conditions were volatile. Low levels of tourism and travel have had a notable impact on activity across the hospitality and retail sectors. By contrast, some contacts reported strong gains, including a manufacturer of testing equipment who said sales were up 35 percent and a semiconductor equipment supplier with a 45 percent increase. It is the idea that many or most Americans would embrace being physically “chipped.” But, then, I may simply have more confidence in average people when it comes to recognizing their own self-interest. The regional economy has been flat, and the labor market has remained weak. After rising in October, consumer spending fell slightly in November due to a pullback in retail, restaurant, auto and tourism sales. Residential real estate activity increased further, while commercial market conditions changed little on net. Wage pressures were moderate and appeared to be increasing for some. Industrial and lab space continued to do well, while retail and office space continued to suffer. Reports tended to indicate higher-than-average growth of manufacturing, distribution and logistics, homebuilding, and existing home sales, although not without disruptions. The First District saw high sales numbers in September or October, as pent-up demand from the delayed spring market and eagerness to take advantage of historically low mortgage rates overpowered the usual fall slowdown. Residential mortgages grew modestly but were offset by modest declines in home equity lines, auto loans, and other consumer loans. JP Morgan Poll: 22% of Investors Say Their Institutions Likely to Trade or Invest in Cryptocurrencies. New home development was active, and contacts noted that builders and developers were chasing land and lots. However, sharply rising COVID-19 cases triggered a downward trend in early November and heightened concerns over anticipated layoffs, foreclosures, evictions, and bankruptcies. Sublease space increased modestly as some tenants, particularly in the office sector, reduced their footprint in response to increased teleworking. For more information about District economic conditions visit: www.bostonfed.org/regional-economy. Small-firm wage growth remained more mixed, with many reportedly unable to compete with larger firms' raises. The Fed’s relative independence from Congress and the Administration has been justified by many economists on the grounds that it reduces political pressure to make monetary policy decisions that are inconsistent with a long-term focus on stable inflation. A copy of the book "And to Think That I Saw It on Mulberry Street," by Dr. Seuss, rests in a chair, Monday, March 1, 2021, in Walpole, Mass. The diffusion indexes for new orders and sales from our mid-month surveys also suggested slight declines. Contacts expected a moderate increase in capital spending over the next twelve months. Meanwhile, modest job growth, slight wage growth, and modest inflation continued. Agriculture and Resource-Related Industries