Federal Reserve reports modest economic growth in Beige Book report

For District 12- San Francisco (West coast area + Hawaii) the Beige Book reports solid expansion through survey period late November through early January.

"The Twelfth District economy continued to expand at a solid pace during the survey period of late November through the beginning of January. Price inflation was modest overall, helped in part by recent declines in energy prices. Contacts reported moderate wage increases in general, with more rapid increases reported for workers with specialized skills in selected industries. Retail sales expanded during the holiday season, and service providers reported further demand growth. Manufacturers and agricultural producers saw strong demand for their products. Activity in residential real estate markets generally remained at high levels but slowed in some areas, while demand for commercial real estate improved further. District banks reported steady loan demand overall and very good credit quality."