Fed’s Beige Book report noted that the “overall economic activity increased slightly since late May.” Notably, the level of economic development varied across the twelve districts, with five districts reporting growth, five noticing no change, and two marking modest declines.
The Beige Book described a cautiously optimistic picture for the future, stating that “overall economic expectations for the coming months generally continued to call for slow growth.”
Despite the uneven growth rate, the districts generally agreed on the direction of price changes. The report noted that “prices increased at a modest pace overall, and several districts noted some slowing in the pace of increase.”
Looking ahead, the report suggests that the “price expectations were generally stable or lower over the next several months”.
The employment situation was characterized by a modest rise, with the Beige Book stating that “employment increased modestly this period, with most districts experiencing some job growth.”
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