In Fed’s Beige Book report, it’s noted that economic activity expanded “modestly” in the period. Most Districts reported “stable to moderately” growing consumer spending. More Districts reported expectation in manufacturing, but the “majority” continued to experience no growth.
Employment continued to “rise slightly over all”. But reports were “mixed” in manufacturing employment, with reports of rising headcounts and layoffs. “Moderate wage growth” continued across move districts and wage pressures “intensified” for low-skill positions. Prices rose at a “moderate pace” and “firms generally expected higher prices going forward.
