WASHINGTON, Sept. 6 (Xinhua) -- Hurricane Harvey has caused "broad disruptions" to economic activity in the U.S. Gulf Coast region, the Federal Reserve said Wednesday.
"Hurricane Harvey created broad disruptions to economic activity along the Gulf Coast in the Dallas and Atlanta Districts, although it was too soon to gauge the full extent of the impact," the Fed said in its latest survey on economic conditions, known as the Beige Book.
"A fifth of the oil and natural gas production in the Gulf of Mexico was offline, and many onshore producers in the Eagle Ford region temporarily stopped production," said the survey, based on information collected by the 12 regional Federal Reserve banks.
Harvey also affected fuel and petrochemical production, "forcing 15 refineries in the region to shut down temporarily" and several others to operate at reduced capacity, which led to "gasoline shortages" in some areas.
Meanwhile, contacts in the Richmond District indicated that "spot freight prices jumped after the storm," as freight was being redirected around the country, according to the survey.
More broadly, the U.S. economy continued to expand at "a modest to moderate pace" in July and August across all 12 Federal Reserve Districts, the survey showed.
"Consumer spending increased in most districts, with gains reported for nonauto retail sales and tourism, but mixed results for vehicle sales," the central bank said, adding business contracts across the country indicate concerns about a prolonged slowdown in the auto industry.
In the Cleveland district, year-to-date production at auto assembly plants declined more than 16 percent when compared with the same period a year earlier, the survey said.
