Beige Book for July 13, 2016
- Outlook generally positive across broad areas of economy
- Wages pressures remained modest to moderate in most districts, price pressures were 'slight'
- Consumer spending was generally positive with some signs of softening
- Employment continued to grow modestly, several districts reported strong demand for skilled labor
- Manufacturing sector was mixed, growth in non-financial services slight to modest
- Overall loan demand increased
- Consumer lending was unchanged or improved in all districts
- Data prepared on or before July 1
There isn't much to take away from the headlines. We know it's a 'modest' economy. The one notable headline might be the "modest to moderate" wage pressures along with little indication of inflation. Even the most hawkish FOMC members will struggle to spin that into some kind of sign that prices pressures are cooking.
