By Matt Grossman
Economic activity was up slightly in most parts of the country in recent weeks, the Federal Reserve said in its final regional economic commentary of the year.
Small improvements in the economy came along with moderately improved growth expectations in most areas of the country and in most industries, the Fed's Beige Book survey published Wednesday found.
The survey comes out eight times a year and includes insights from each of the Fed's 12 districts. Comments come from each reserve bank's business contacts and other local sources.
In the labor market, employment levels were flat or slightly higher across most of the U.S., with few firms increasing their headcount but worker turnover remaining low. Wage growth softened to a more modest pace in most districts, the Fed said.
The report brought some more distinct notes of caution. Many consumer-oriented businesses said that shoppers have become more sensitive to prices. Weakness in the housing market was reflected in lower spending on home furnishings and light demand for mortgages.
On the other hand, the Fed said that the tech sector's build out of data centers has been driving strong demand for electricity, and some regions reported a solid run for tourism.
Overall, prices rose at a modest pace in most districts as the central bank continues to wrestle inflation back under control. Some regions reported declines in costs for raw materials and other non-labor inputs.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
12-04-24 1439ET
