Fed’s Beige Book economic report noted that “economic activity increased in almost all Districts, but remained well below where it was prior to the COVID-19 pandemic.”
Looking at some details, consumer spending “picked up” while retail sales “rose”, but was “far below year-ago levels”. Manufacturing activity “moved up” in most districts, from a “very low levels”.
Employment “increased on net in almost all districts”, but payrolls in all districts were “well below pre-pandemic levels”. Prices were “little changed overall”.
