Economic Activity in the U.S. is Stagnant and Declining, According to the Fed’s Beige Book
In recent weeks, the number of districts where economic activity remained stable or declined increased to nine, up from five in the previous period, while activity grew in three districts.
The Federal Reserve’s Beige Book, released this Wednesday, highlighted a deterioration in economic activity across the United States, with more regions experiencing a slowdown in growth, while the labor market remained “stable.”
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“Economic activity grew slightly in three districts, while the number of districts reporting stable or declining activity increased from five in the previous period to nine in the current period,” the report states.
Meanwhile, “employment levels remained generally stable, though there were isolated reports of businesses filling only essential positions, reducing hours and shifts, or cutting overall employment levels due to attrition.”
“Overall, wage growth was modest, while increases in non-labor input costs and selling prices ranged from slight to moderate. Consumer spending declined in most districts and generally remained stable throughout the period,” the report details.
Employers became “more selective in their hiring and less inclined to expand their workforce, citing concerns about demand and an uncertain economic outlook.”
“As a result, job candidates faced increasing difficulties and longer timelines to secure positions. As competition for workers eased and employee turnover decreased, businesses felt less pressure to raise wages and salaries,” it notes.
On the inflation front, “prices increased modestly during the period,” while “increases in non-labor input costs were largely described as modest to moderate.”
“Looking ahead, contacts generally expected price and cost pressures to stabilize or decrease further in the coming months,” the report concludes.

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