The Federal Reserve said Wednesday the economy in most regions grew last month even as harsh winter weather impeded hiring, disrupted supply chains and kept customers away from stores and auto dealerships.
Eight of the Fed’s 12 districts “reported improved levels of activity, but in most cases the increases were characterized as modest to moderate,” the Fed said in what is called its Beige Book business survey. The New York and Philadelphia districts reported declines because of weather.
There was a pickup in manufacturing jobs in Ohio and parts of neighboring states as the regional economy continued to show moderate activity the last six weeks, the Federal Reserve Bank of Cleveland reported.
Other than the increase in manufacturing hiring, overall hiring was sluggish. Staffing firms reported job openings trended higher while placements were flat. Vacancies were found primarily in manufacturing and health care.
There was moderate to robust demand for manufactured products the previous six weeks, the Cleveland Fed said. Post-holiday retail purchases were disappointing even as January auto sales showed strong gains. Builders reported that sales of new single-family homes slowed during the first few weeks of 2014, which they attributed to the extreme cold.