Auto Sales Up in Most of the Fed’s 12 Districts
Consumer spending in all of the Federal Reserve Bank’s 12 districts saw an uptick, according to the Jan. 16 Beige Book. While holiday sales were slightly higher than in 2011, they were slightly below what the Fed’s district contacts had expected.
Ten districts reported steady or stronger auto sales since the previous report in November. Richmond, Atlanta, and San Francisco had strong sales, while New York and Dallas were mixed but “generally positive.” Kansas City sales slowed, but were higher year-over-year. The outlook on future sales from many auto dealers across the districts remains positive, though dealers expect dimmer sales as consumers spend carefully due to the continuing fiscal uncertainty.
Auto lending strengthened in the Cleveland, Atlanta, Chicago, Dallas, and San Francisco districts.
The next Beige Book will be released March 6.
