Fed’s Beige Book: Overall economic activity was little changed in recent weeks

“Overall economic activity was little changed in recent weeks. Nine Districts reported either no change or only a slight change in activity this period while three indicated modest growth. Expectations for future growth were mostly unchanged as well; however, two Districts saw outlooks deteriorate.”

“Consumer spending was generally seen as flat to down slightly amid continued reports of moderate price growth. Auto sales remained steady overall, with only a couple of Districts reporting improved sales and inventory levels.”

“Manufacturing activity was widely reported as flat or down even as supply chains continued to improve.”

“Lending volumes and loan demand generally declined across consumer and business loan types. Several Districts noted that banks tightened lending standards amid increased uncertainty and concerns about liquidity.”

“Employment growth moderated somewhat this period as several Districts reported a slower pace of growth than in recent Beige Book reports.”

“Wages have shown some moderation but remain elevated.”

“Overall price levels rose moderately during this reporting period, though the rate of price increases appeared to be slowing.”

“Producer prices for finished goods rose modestly this period, albeit at a slightly slower pace.”

“Consumer prices generally increased due to still-elevated demand as well as higher inventory and labor costs. Prices for homes and rents leveled out in most Districts but remained at near record highs.”