Fed’s Beige Book: economic activity in US sustains subdued to moderate pace of growth
Date
7/18/2024 3:42:08 AM
(MENAFN) According to the Federal Reserve's Beige Book released on Wednesday, economic activity across the United States maintained a subdued to moderate pace of growth in most districts during the latest reporting cycle. The report gathers insights on current economic conditions from the Fed's 12 districts nationwide.
Seven districts reported some level of increased economic activity, although five noted either flat or declining activity—marking an increase in the latter compared to the previous reporting period. Wages continued to grow modestly to moderately across most districts, while prices saw modest increases overall.
Demand for consumer and business loans remained soft across most districts, and while a few districts reported modest growth in employment, finding skilled workers remained a significant challenge nationwide.
Consumer spending showed little to no change in nearly every district, with many retailers resorting to discounts or seeing consumers prioritize essential purchases, trade down in quality, buy fewer items, or seek out the best deals available.
Looking ahead, expectations for economic growth over the next six months were tempered, influenced by uncertainties surrounding the upcoming presidential election, domestic policy changes, geopolitical tensions, and ongoing concerns about inflationary pressures.
Overall, the report paints a picture of a U.S. economy navigating various challenges and uncertainties, with cautious optimism tempered by the prevailing economic conditions and external factors impacting growth prospects.
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