The Beige Book—— Summary of Commentary on Current Economic Conditions by Federal Reserve District August 2024

Economic Activity - Economic activity grew slightly in three Districts, while nine Districts reported flat or declining activity, up from five in the previous period[8] - Consumer spending declined in most Districts, with auto sales varying significantly due to high interest rates and vehicle prices[8] - Manufacturing activity declined in most Districts, with two Districts noting ongoing contractions in the sector[8] Labor Markets - Employment levels were generally flat, with five Districts reporting slight increases, while some firms reduced hours or left positions unfilled[9] - Wage growth was modest, with skilled tradespeople seeing stronger increases due to continued shortages[9] - Competition for workers eased, leading to longer job search times for candidates[9] Prices and Costs - Prices increased modestly, with three Districts reporting only slight increases in selling prices[10] - Nonlabor input costs rose modestly, with some Districts noting moderation in cost pressures for food and construction materials[10] - Contacts generally expected price and cost pressures to stabilize or ease further in the coming months[10] Regional Highlights - Boston reported mixed economic activity, with strong single-family home sales but softer retail and restaurant sales[11] - New York's economic activity remained flat, with stable consumer spending and solid housing markets[12] - Philadelphia experienced a slight decline in business activity, with modest wage growth and flat nonmanufacturing activity[13]