Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2023

Daily Sabah logo

عربي
  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV

Fed's Beige Book concerned about health of US auto industry

by Daily Sabah with AFP

ISTANBUL Sep 06, 2017 - 12:00 am GMT+3
 Reuters File Photo
| Reuters File Photo
by Daily Sabah with AFP Sep 06, 2017 12:00 am

The Federal Reserve's "Beige Book," also known as the Summary of Commentary on Current Economic Conditions, expressed concern about a prolonged slowdown in the U.S. auto industry, the Market Watch reported Wednesday.

The report, published ahead of Fed's interest rate decisions, noted that business contacts throughout the U.S. were concerned amid mixed reports on the auto industry.

For instance, year-to-date production at auto plants in Cleveland dropped by over 16 percent, while in Chicago, a source noted that auto suppliers are not searching for space to build new factories.

Business contacts across the country expressed concerns about a prolonged slowdown in the auto industry, Wednesday's Fed report showed.

Automakers have seen moribund sales so far this year after a record 2016, except for trucks and SUVs.

Growth on jobs markets continued but appeared to slow in most districts.

"There were reports of worker shortages in numerous industries, most notably in manufacturing and construction," the report said.

The Federal Reserve's so-called Beige Book, a collection of anecdotes about the economy gathered before the central bank makes interest-rate decisions, said reports were mixed about auto production.

Meanwhile, a periodic Fed survey on economic conditions said that it was still too soon to measure the full extent of the impact caused by Hurricane Harvey, which caused "broad disruptions" to economic activity in the U.S. Gulf Coast region, causing gasoline shortages and spiking freight costs.

Harvey left a fifth of oil and gas production in the Gulf of Mexico temporarily offline and shuttered 15 refineries, according to the "beige book" survey, which gathers reports from local business contacts near the 12 regional central banks nationwide.

Current damage estimates for the monster storm, which made landfall in Texas August 26, vary from around $50 billion to well in excess of $100 billion.

But analysts say it could be a year before more precise costs and losses are known and Wednesday's Fed report noted it was "too soon to gauge the full extent of the impact."

  • shortlink copied
  • Last Update: Sep 06, 2017 9:57 pm
    RELATED TOPICS
    fight-against-terrorism DEUTSCHE-BANK US-LIBYA-RELATIONS
    KEYWORDS
    homepage
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    No Image
    Rows of locked shops confront bargain hunters in India's Gauhati
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021