Highlights of the latest Beige Book:

  • Wage growth varied considerably, from flat to strong
  • Labor market conditions continued to improve
  • Most districts reported consumer prices held steady
  • Business contacts generally optimistic across US
  • Energy sector contracted further
  • Consumer spending expanded in the majority of districts
  • Dallas Fed found increasing reports of deflationary pressure
  • Two Fed banks reported moderate growth, four saw modest pace
  • Full text

The prior Beige Book saw 7 districts with modest growth, two said moderate, two said economy was flat, one was 'upbeat'.

Here's the verbatim of this report:

"Economic growth increased moderately in Richmond and San Francisco and at a modest pace in Cleveland, Atlanta, Chicago, and Minneapolis. Philadelphia reported a slight increase in economic activity, and St. Louis described conditions as mixed. Most contacts in Boston cited higher sales or revenues than a year-ago but mixed results since the previous month. New York and Dallas described economic activity as flat, and Kansas City noted a modest decline in activity. Across the nation, business contacts were generally optimistic about future economic growth."