Beige Book: Growth Still On the Sluggish Side

Economic activity expanded in September at less than stellar rates, while business conditions outlooks were “weaker or less certain,” according to the Federal Reserve Board’s Beige Book report, released Wednesday.

Consumer spending was slightly better in most districts, led by gains in auto sales and tourism, while businesses shelled out “somewhat” more, “but many districts noted restraint in hiring and capital spending plans.”

Contacts reported “a weaker and more uncertain economic outlook had increased caution and was weighing on future spending plans” for businesses, excluding auto dealers. Philadelphia, Richmond and Chicago said retailers “were reluctant” to stock up ahead of the holiday season.

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