Fed Beige Book: Slight Economic Growth in the Third Quarter, Moderation in Price Increases

The latest Beige Book survey released by the Federal Reserve shows that the U.S. economy grew slightly in the third quarter, with economic activity in some regions remaining flat or declining. Employment numbers increased slightly, but labor mobility decreased, making hiring more selective. Wages grew at a slow or moderate pace, while the rate of inflation slowed down. Consumer spending remained almost unchanged, with retailers offering discounts or only purchasing essential items. Economic activity saw slight to moderate growth, but activity in five regions remained flat or declined. Household spending remained stable, with a decrease in car sales due to cyber attacks and high interest rates. Consumer and business loan demand remained weak. The residential and commercial real estate markets saw little change. The tourism industry and activities saw steady growth. Manufacturing activities varied, with slight growth in transportation activities and a sharp increase in spot rates. Expectations for future economic growth have slowed down, with slight employment growth and a decline in manufacturing employment in some regions