Fed’s Beige Book Shows Resilient Consumer, Cooling Labor Market

Bloomberg01-18

Resilient consumer spending helped propel the US economy in recent weeks, offsetting weakness in other sectors like manufacturing, the Federal Reserve said in its Beige Book survey of regional ...

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Numerous contacts pointed to the prospect of falling interest rates as a source of optimism.The Beige Book, which was compiled by the Federal Reserve Bank of Philadelphia using information gathered on or before Jan. 8, includes anecdotes and commentary on business conditions in each of the 12 Fed districts.Central bank officials are increasingly relying on this type of information to assess the path of the economy and inflation. While government statistics are the gold standard of economic data, the figures are generally backward-looking and subject to revision.Overall, firms noted an easing in inflationary pressures in recent weeks, including that “increased consumer price sensitivity had forced retailers to narrow their profit margins and to push back in turn on their suppliers’ efforts to raise prices.” Businesses in most districts cited examples of steady or falling input prices.Cooling Labor MarketNearly all districts cited one or more signs of a cooling labor market, with over half seeing little to no net change in overall employment levels. Firms in many districts anticipate wage growth to fall further over the coming year.The Beige Book is published two weeks before each meeting of the policy-setting Federal Open Market Committee. The FOMC is expected to leave its benchmark interest rate unchanged for a fourth straight meeting when policymakers gather Jan. 30-31. Given inflation has fallen faster than expected, they also might discuss when to begin cutting rates.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":7,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1116450835"}