Beige Book: Most Districts indicated little change in economic activity since Sept report

  • Consumer spending was mixed
  • Tourism activity continued to improve
  • Consumer credit quality was generally described as stable or healthy
  • Real estate conditions were little changed and the inventory of homes for sale remained low
  • Manufacturing activity was mixed, although contacts across multiple Districts noted an improving outlook for the sector
  • The near-term outlook for the economy was generally described as stable or having slightly weaker growth.
  • Expectations of firms for which the holiday shopping season is an important driver of sales were mixed.
  • Labor market tightness continued to ease across the nation
  • Prices continued to increase at a modest pace overall
  • Districts noted that input cost increases have slowed or stabilized for manufacturers but continue to rise for services sector firms
  • firms expect prices to increase the next few quarters, but at a slower rate than the previous few quarters
  • Full text

I thought we might see some more downcast commentary but it’s not really here. It doesn’t sound like the strong economy that the 5% Atlanta Fed GDPNow number highlights but it certainly doesn’t sound like a recession is imminent and there are more signs that the manufacturing recession is ending.

This article was written by Adam Button at Source