Loan delinquency rates remained low and created little cause for concern according to anecdotal reports from the 12 different Federal Reserve Banks across the country.
The banks submitted their information to the Federal Reserve Board, which published the subjective reports as part of its regularly scheduled Beige Book.
While some banks noted a pullback in demand for mortgage loans, they also reported “ongoing declines in delinquency rates across all loan categories,” according to the Federal Reserve Bank of New York.
Many employers are raising wages and using bonuses and other non-wage benefits to attract and retain employees.
In Philadelphia, delinquency rates were described as being “low,” with “no cause for concern.”
Credit quality remained “strong” in Richmond, as the bank noted an uptick in business for legal firms, accounting firms, defense contractors and IT companies.
Credit card volume increased in the Chicago region, while the remaining categories of consumer loans stayed the same.
About half of the people surveyed across the Federal Reserve Bank of St. Louis’s region expect next year to be better than 2017, which was lower than the number from August, but well above the figure from a year ago.
Delinquency rates across the area covered by the Federal Reserve Bank of Kansas City remained unchanged, as they have for the past year. And that is not expected to change during the next six months.
