The Federal Reserve revealed in its latest Beige Book posted on Wednesday that the twelve Federal Reserve Districts registered "little or no change" in their economic activity since the previous report.
Fed noted that out of those districts that did see changes, "three reported modest growth and one reported a moderate decline." Overall, the majority of districts pointed out that "expectations of their firms for future growth were positive, had improved, or both," with "the prospect of falling interest rates" being cited by numerous contacts "as a source of optimism." Meanwhile, the 2024 political cycle was seen as a source of "economic uncertainty."
As for employment, while seven districts saw "little or no net change in overall employment levels," four districts recorded a "modest to moderate" job growth pace, and two continued to note a tight labor market. Overall, almost all districts said the labor market was showing signs of cooling. Talking about price increases, while six districts noted they were "slight or modest," two said they were "moderate."
