Here are the comments from the Beige Book that include a number qualifier:
- Most Districts reported declining manufacturing activity.
- Many communities experienced a persistent lack of affordable housing.
- A few Districts reported boosted activity from data center and infrastructure projects.
- Employment increased slightly, with more than half of the Districts reporting slight or modest growth.
- Many Districts reported low worker turnover.
- Many contacts reported that it had become easier to find workers.
- Home prices edged up in many Districts.
- Many Districts noted increasing price sensitivity among consumers.
- Multiple Districts reported input prices rising faster than selling prices
Anecdotal ranking of stronger Districts
Richmond
- Modest growth in overall economic activity.
- Consumer spending picked up, increased loan demand, manufacturing expanded, port activity rose, and slight employment growth.
- Minimal impact from the short-lived worker strike; however, Hurricane Helene caused significant damage in parts of the District.
Dallas
- Modest growth in economic activity.
- Nonfinancial services picked up, housing demand held steady, and employment increased.
- Weakening in retail sales, loan demand, and manufacturing output.
- Outlooks mixed due to domestic policy and economic uncertainty.
San Francisco
- Steady economic activity.
- Labor availability improved, and wages grew slightly.
- Retail sales, manufacturing, and consumer services softened, but demand for business services improved.
- Stability in real estate, financial services, agriculture, and resource-related industries.
New York
- Overall activity little changed, with slight employment growth.
- Wages increased moderately, housing markets remained solid with home prices edging up.
- Modest increases in selling prices, and strong capital spending plans were reported.
Chicago
- Economic activity increased slightly.
- Consumer spending rose modestly, slight employment growth, and wages rose moderately.
- Construction and real estate activity remained flat, while business spending and manufacturing edged down.
- Financial conditions loosened slightly.
Boston
- Economic activity and employment were flat.
- Prices increased slightly, and international travel was strong, with a solid summer tourism season on Cape Cod.
- Consumers were highly price-conscious, and home sales/prices softened noticeably.
St. Louis
- Economic activity unchanged but signs of slowing demand.
- Prices continued to increase modestly, with input costs unchanged or decreasing.
- Employment levels are expected to be maintained in the coming months.
- Slight improvement in outlook among contacts despite a modestly pessimistic view.
Kansas City
- Economic activity remained steady, with mild growth in consumer spending.
- Slower manufacturing and professional services activity.
- Employment remained flat, but some contacts reported reducing staffing levels.
- Business contacts noted delays in payments, raising financial strains but not impacting hiring plans.
Cleveland
- Business activity was stable.
- Residential construction and real estate activity increased, and demand for nonfinancial services remained strong.
- Consumer spending and manufacturing demand remained soft.
- Wages increased modestly, non-labor costs grew moderately, and selling prices increased slightly.
Anecdotal ranking of weaker Districts
Minneapolis
- Economic activity declined slightly.
- Employment grew, but labor demand softened.
- Prices increased slightly, with greater pressure on input prices.
- Manufacturing decreased moderately, and commercial/residential construction declined slightly.
- Agricultural conditions were stable at low levels.
Philadelphia
- Business activity continued to decline slightly.
- Consumer spending and nonmanufacturing activity fell modestly.
- Employment rose slightly after falling in the previous period, and wage growth continued at a modest pace.
- Expectations for future growth were rising, becoming more widespread across sectors.
Atlanta
- Slight economic decline.
- Employment was steady, and wage growth was slow.
- Consumer spending slowed, and tourism decelerated.
- Manufacturing and energy activity slowed, while housing demand remained flat.
- Agricultural conditions weakened.
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