¿Pocas novedades? No lo tengo tan claro. Actividad al alza, real estate y comercial, ventas al por menor. Pero es la valoración de los salarios lo más destacable. Además de admitir la "fuerte" situación del mercado de trabajo. El comportamiento de los salarios fue valorado de lento a moderado. Ya es algo.

Destacanado....

* economic activity continued to expand

* The economic outlook is positive

* that retail activity had increased

* year-over-year increases in manufacturing activity

* Real estate markets generally continued to improve

* Reports on commercial real estate were also positive

* prices were stable.... small increases in prices

* the increases were described as small to moderate in wages

* numerous reports of strong labor demand

Reports from the twelve Federal Reserve Districts suggest economic activity continued to expand across most regions and sectors from late November through the end of the year. Nine Districts indicated the local economy was expanding at a moderate pace; among these, the Atlanta and Chicago Districts saw conditions improve compared with the previous reporting period. Boston and Philadelphia cited modest growth, while Kansas City reported the economy held steady in December. The economic outlook is positive in most Districts, with some reports citing expectations of "more of the same" and some expecting a pickup in growth. Three-quarters of the Districts indicated that retail activity had increased since the last Beige Book report.

The exceptions were St. Louis and Kansas City, where retail results were mixed, and the Richmond District, which cited a softening of retail sales. Richmond, Atlanta, and San Francisco noted strong auto sales. Districts mentioning nonfinancial services noted increased activity, except for Richmond, which cited "little change" in demand for non-retail services. All Districts reported year-over-year increases in manufacturing activity, although Kansas City noted slower growth in December. Real estate markets generally continued to improve, according to District reports. Although a few Districts indicated home sales or residential construction in some areas had slowed or declined in recent months, most cited increased residential sales activity and construction as well as rising home prices.

Reports on commercial real estate were also positive, with commercial construction generally increasing. Two-thirds of the Districts reported increases in commercial sales and leasing activity. According to District reports that mention banking, loan volumes have not changed substantially since the last reporting period. The eight Districts reporting on energy indicated that activity continued increasing; Cleveland and Atlanta cited robust growth in the energy sector. Reports on agriculture were also mostly positive. Almost half the Districts reported that prices were stable; most other Districts noted small increases in prices. Upward movements in wages were cited by 8 of the 12 Districts; the increases were described as small to moderate. Two-thirds of Districts noted increases in hiring; the Richmond District cited "numerous reports of strong labor demand."