Fed's Beige Book: Economy appeared to expand at a modest pace

Author: Adam Button | Category: Central Banks

Highlights of the September 2019 Beige Book

Beige Book
  • Prior editions said growth was at a modest pace
  • Most businesses remained optimistic about near-term outlook even though concerns about tariffs and trade policy uncertainty continued
  • Reports on consumer spending were mixed, although auto sales grew at a modest pace
  • Overall manufacturing activity was slightly lower than prior report
  • Some districts noted that manufacturing employment was flat to lower
  • Overall employment grew at a modest pace
  • Reports on impacts of tariffs mixed, with some anticipating effects would not be felt for a few months
  • Home sales primarily constrained due to low inventories
  • New home construction remained flat
  • Agricultural conditions remained weak due to weather, low prices and trade issues
  • Pace of wage growth was modest to moderate
If you read this report and didn't know the market was pricing in a certainty of a Fed cut, you would never guess it.
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