The Beige Book said economic conditions “have generally improved modestly since the last report.” 8 of the 12 districts saw some “pickup in activity” while 4 others said things were “little changed and/or mixed.” Consumer spending picked up modestly with non auto retailers having lean inventories going into the holidays. Manufacturing was “steady to moderately improving” and nonfinancial services “strengthened somewhat.” Residential RE improved somewhat “from very low levels…led by the lower end of the market.” CRE and construction “were depicted as very weak and, in many cases, deteriorating.” Labor markets “remained weak…though there were signs of stabilization and scattered signs of improvement.” Some districts saw upward pressure on commodity prices but no upward wage pressure or “any significant increase in prices of finished goods.” Net-net, no surprises.
