The Federal Reserve’s latest survey of economic conditions around the nation, released yesterday, confirmed a continued slowdown of the U.S. economy.
The “beige book” survey found that economic conditions have “weakened” in nine out of 12 Fed districts. Activity was described as “mixed or steady” in the other three districts — Boston, Cleveland, and Richmond.
The survey, conducted through April 7 and summarized by the New York Fed, found that consumer spending has softened across most of the country. Residential real estate and construction were said to be “generally anemic,” while commercial real estate activity has slowed.
Manufacturing and service activity was mixed. The beige book said labor markets are “weakening,” although there were still scattered labor shortages in some places. Wages were either “unchanged or were increasing moderately.”
— Market News International