The Federal Reserve released its regular pre-FOMC-meeting Beige Book report on regional economic conditions, and once again the 4th District (Ohio, Western Pennsylvania, Eastern Kentucky, and Northwestern West Virginia) is the outlier.
Reports from the twelve Federal Reserve districts indicated that economic activity continued to expand from late November through early January. Eleven districts characterized activity as expanding with Atlanta, New York, and Richmond noting that the pace of activity had quickened since their last reports. The Cleveland District was less upbeat, characterizing economic activity in that district as mixed.
Take a look at this picture, which plots the trajectory of employment since March 2001, and you'll see what we mean.
The picture also helps explain why we are so interested in this topic.