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."