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Beige Book Reveals Economic Slowdown in the United States

Bruno T
Macro
November 29 2023 10:14AM

The economic activity in the United States decelerated between October and November, with six out of the 12 districts in the country indicating a slight decline during this period, according to the Beige Book, a document released by the Federal Reserve on Wednesday.

According to the report, four districts reported “modest growth” during the period, while two indicated that economic conditions were stable but with a downward trend. According to the document, consumers showed greater sensitivity to prices during this period.

The report also noted that sales of discretionary items declined. In contrast, consumer access to credit remained “healthy,” although some banks observed a slight increase in the delinquency rate during the period.

The Beige Book is a study compiled by the 12 regional branches of the American central bank in collaboration with businesses, providing an overview of activity, employment, and prices in each part of the country.

Furthermore, according to the document, the surveyed districts lowered their economic outlook for the next 12 months.

The surveyed districts also observed a moderate increase in prices and project that this trend will continue over the next year.

In the labor market, the districts pointed to some persistence in wage pressures and difficulty in attracting and retaining professionals with specific skills.