TEXT: Federal Reserve Beige Book Summary Section>

     WASHINGTON (MNI) - The following is the text of the summary section 

of the Federal Reserve's summary of economic conditions report, or Beige 

Book, released Wednesday: 

     Overall Economic Activity 

     Economic activity expanded modestly from October through 

mid-November, similar to the pace of growth seen over the prior 

reporting period. Most Districts reported stable to moderately 

growing consumer spending, and increases in autosales and tourism 

were seen across several Districts. In manufacturing, more Districts 

reported an expansion in the current period than the previous one, 

though the majority continued to experience no growth. The picture 

for nonfinancial services remained quite positive, with most Districts 

reporting modest to moderate growth. Transportation activity

was rather mixed across Districts. Reports from the banking sector 

indicated continued but slightly slower growth inloan volumes. Home 

sales were mostly flat to up, and residential construction experienced 

more widespread growthcompared to the prior report. Construction and 

leasing activity of nonresidential real estate continued to increase 

at amodest pace. Agricultural conditions were little changed overall, 

remaining strained by weather and low crop prices.Activity in the 

energy sector deteriorated modestly among reporting Districts. 

Outlooks generally remained positive,with some contacts expecting 

the current pace of growth to continue into next year. 

     Employment and Wages 

     Employment continued to rise slightly overall, even as labor 

markets remained tight across the U.S. Several Districtsnoted 

relatively strong job gains in professional and technical services 

as well as healthcare. Reports were mixed foremployment in 

manufacturing, with some Districts noting rising headcounts while 

others noted stable employmentlevels and one District reported 

layoffs. There were scattered reports of labor reductions in retail 

and wholesale trade.The vast majority of Districts continued to note 

difficulty hiring driven by a lack of qualified applicants as the 

labor marketremained very tight. The shortage of workers spanned 

most industries and skill levels, and some contacts notedthat their 

inability to fill vacancies was constraining business growth. Moderate 

wage growth continued across mostDistricts. Wage pressures 

intensified for low-skill positions. 

     Prices 

     Prices rose at a modest pace during the reporting period. 

Reports regarding input costs and selling prices in the manufacturing

sector were mixed, with some Districts noting deceleration in prices, 

while others cited increased cost pressuresand a few indicated little 

to no change. Retailers mentioned higher costs, which contacts in 

some Districts attributedto tariffs. Firms ability to raise prices 

to cover higher costs remained limited, though a few Districts noted 

thatcompanies affected by the tariffs were more inclined to pass on cost 

increases. Service sector prices in reporting Districtswere mostly 

flat to up. Energy and steel prices were flat to down, while reports 

on construction materials andagricultural commodity prices were mixed. 

Overall, firms generally expected higher prices going forward.

 * Prepared at the Federal Reserve Bank of Dallas based on 

information collected on or before Nov. 18. 

     ** MNI Washington Bureau (202) 371-2121 ** 

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