In the Fed's Beige Book it is said that low oil prices and stronger US dollar have a negative impact on the US industry, agriculture, and oil production.
The economic activity in most US regions started to rebound from the beginning of January to the middle of February. According to the data released on Wednesday, the economic activity upturn ranged from muted to moderate. Meanwhile, moderate development was recorded in six out of twenty Fed banks and a subdued advance was loggeg in two of them.
The Federal Reserve Bank of Kansas City reported on the insignificant increase while data on Dallas is unchanged.
Manufactures from Boston, Cleveland, and Chicago as well as farmers from Texas and California noted that the demand on exported goods reduced due to the national currency appreciation.
Oil exploration in North Dakota, Texas, and the Gulf of Mexico is decreasing because of the weak demand triggered by low oil prices.
In the Fed's Beige Book reads that consumer spending has extended in most regions and the Fed considers retail sales data to be positive in the nearest future.
The survey’s data showed that the US agricultural conditions deteriorated and oil and gas well drilling also reduced.
