BeigeBook_20241023

National Summary - Economic activity was little changed in nearly all Districts since early September, with two Districts reporting modest growth [8] - Manufacturing activity declined in most Districts, while banking sector activity was steady to slightly up [8] - Consumer spending showed mixed results, with some shifts towards less expensive alternatives [8] - Housing market activity remained stable, with inventory expanding and home values holding steady or rising slightly [8] - Commercial real estate markets were generally flat, with some activity boosted by data center and infrastructure projects [8] - Agricultural activity was flat to down modestly, with some crop prices remaining unprofitably low [8] - Energy activity was unchanged or down modestly, with lower energy prices compressing producers' margins [8] Labor Markets - Employment increased slightly, with more than half of the Districts reporting slight or modest growth [9] - Demand for workers eased somewhat, focusing primarily on replacement rather than growth [9] - Worker availability improved, but finding workers with specific skills remained challenging in sectors like technology and manufacturing [9] - Wages generally rose at a modest to moderate pace, with some slowdown in wage increases noted [9] Prices - Inflation moderated, with selling prices increasing at a slight or modest pace in most Districts [10] - Prices for some food products, such as eggs and dairy, increased more sharply [10] - Input prices generally rose moderately, with rising insurance and healthcare costs noted as acute pressures [10] Highlights by Federal Reserve District - Boston: Economic activity was flat, with international travel as a bright spot; home sales and prices softened [11] - New York: Regional economic activity was little changed, with solid housing markets and strong capital spending plans [12] - Philadelphia: Business activity declined slightly, but expectations for future growth rose among manufacturers and non-manufacturers [13] - Cleveland: Business activity was stable, with increased residential construction and strong demand for nonfinancial services [14] - Richmond: The regional economy grew modestly, with increased consumer spending and loan demand [15] - Atlanta: The economy declined slightly, with steady employment and slow wage growth [16] - Chicago: Economic activity increased slightly, with modest rises in consumer spending and employment [17] - St. Louis: Economic activity remained unchanged, with modest price increases and a slightly pessimistic outlook [18] - Minneapolis: Economic activity declined slightly, with flat consumer spending and moderate wage increases [19] - Kansas City: Economic activity was steady, with mild growth in consumer spending [20] - Dallas: Economic activity rose modestly, driven by nonfinancial services growth [21] - San Francisco: Economic activity was steady, with improved labor availability and stable prices [22] Sector-Specific Insights - Retail and Tourism: Slight growth in revenues reported, with strong summer tourism on Cape Cod and increased airline passenger traffic [26] - Manufacturing: Revenues down slightly, with weak demand reported; some firms expected stable or improving demand for the rest of 2024 [27] - Commercial Real Estate: Activity stable on average, with office leasing falling short of expectations [29] - Residential Real Estate: Home sales up modestly year-over-year, with rising inventories and cautious optimism for future sales [30]