Key Points
- The Fed reported in its September Beige Book that economic activity increased modestly.
- 10 of 12 regions saw slight to moderate growth, 2 saw no change.
- Employment rose very slightly; prices rose moderately in 8 regions.
- Companies are struggling to pass cost increases onto prices.
By the Numbers
The Fed reported in its September Beige Book that economic activity has increased modestly since early July. 10 of the 12 regional Fed banks recorded slight to moderate growth, while 2 saw no change.
Consumer spending generally increased slightly, and manufacturing activity picked up pace in most regions. Although the outlook for the coming months is positive, expectations are mixed across sectors due to high energy prices, policy uncertainty, and international conflicts.
Employment rose very slightly; 3 regions reported moderate increases, 4 slight increases, and 5 no change. Prices rose moderately in 8 regions, modestly in 2, slightly in 1, and strongly in 1. Input cost pressures were evident in manufacturing and construction, but firms struggled to fully pass costs to prices due to customer sensitivity.
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Frequently Asked Questions
- How was economic growth assessed in the Beige Book?
- 10 of 12 regions recorded slight to moderate growth, while 2 saw no change.
- How did employment and prices move?
- Employment generally rose very slightly; prices rose moderately in 8 regions, modestly in 2, slightly in 1, and strongly in 1.
- What is the status of companies passing costs to prices?
- Firms cannot fully pass input costs to prices because customers have become more price sensitive.
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