đšThe Fed Beige Book has been released:
âąEconomic Activity: Economic activity was mixed across the Fed Districts. Three districts reported slight growth, while the number of districts experiencing stagnant or declining activity increased from five to nine in the previous report. This points to a broader slowdown or stabilization in economic activity across the U.S.
âąEmployment: Employment increased slightly in some districts. However, hiring plans were mixed overall. Some districts expect modest job gains to continue, while others reported a slowdown in hiring due to weak job demand.
âąInflation and Prices: Wage growth, input costs, and selling prices have stabilized or increased slightly. However, there has been a marked increase in consumer price sensitivity, leading retailers to push back against supplier price increases and narrow margins.
âąConsumer Spending: Consumer spending increased slightly in some districts, particularly during the holiday season. However, consumers are reportedly resisting price increases.
âąForward Outlook: The outlook remains cautious, with optimism tempered by the political cycle and economic uncertainties, including higher interest rates. However, there is an expectation of stability in prices and wages, with some sectors such as travel and tourism showing optimism about the future.