Fed’s beige book finds ‘modest’ or ‘moderate’ economic growth
Price gains remain “subdued” across the U.S. economy and wage growth has been “modest” outside of a few high-demand fields, according to the Federal Reserve’s latest survey of regional economic conditions.
The Fed’s report also found “modest” or “moderate” economic growth in 11 of the central bank’s 12 districts, with a “mixed picture of economic conditions” emerging from the Boston district that covers New England. The previous survey had found economic activity expanding across all dozen districts through Aug. 22.
The “beige book” report released Wednesday collected anecdotal reports about hiring, spending and other economic activity across the Fed’s 12 districts through Oct. 6.
The report’s tone was “largely positive,” with fewer mentions of weakness compared with the prior survey, BNP Paribas economist Derek Lindsey said in a note to clients. Barclays economist Jesse Hurwitz said in a note that the report “is in line with our outlook for continued moderate economic growth and further tightening in labor markets.”
But Fed officials took the economy’s temperature before a wave of worries about a downturn in the global economy began to sweep through markets in recent days.
