Beige Book: Contacts across districts noted some cooling in labor market

• Economic activity was little changed overall in April and early May
• Employment increased in most districts, though at a slower pace
• Staffing firms reported slower growth in demand
• Prices rose moderately over the reporting period, though the rate of increase slowed in many districts
• Consumer prices continued to move up due to solid demand and rising costs, though several Districts noted greater price sensitivity by consumers than in the prior report
• Full report

The main summary:

Economic activity was little changed overall in April and early May. Four Districts reported small increases in activity, six no change, and two slight to moderate declines. Expectations for future growth deteriorated a little, though contacts still largely expected a further expansion in activity. Consumer expenditures were steady or higher in most Districts, with many noting growth in spending on leisure and hospitality. Education and healthcare organizations saw steady activity on balance. Manufacturing activity was flat to up in most Districts, and supply chain issues continued to improve. Demand for transportation services was down, especially in trucking, where contacts reported there was a "freight recession." Residential real estate activity picked up in most Districts despite continued low inventories of homes for sale. Commercial construction and real estate activity decreased overall, with the office segment continuing to be a weak spot. Outlooks for farm income fell in most districts, and energy activity was flat to down amidst lower natural gas prices. Financial conditions were stable or somewhat tighter in most Districts. Contacts in several Districts noted a rise in consumer loan delinquencies, which were returning closer to pre-pandemic levels. High inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term and the end of Covid-19 benefits continued to stress the budgets of low- and moderate-income households, driving increased demand for social services, including food and housing.

It's tough to parse the Beige Book Beige Book The Beige Book is a report published by the Federal Reserve (Fed) eight times a year, that provides an overview of economic conditions in each of the Fed's twelve districts. The report is compiled using information from the Fed's business contacts, economists, and other experts, and covers a wide range of topics including employment, wages, prices, and consumer spending.The Beige Book is used by the Fed to help inform its monetary policy decisions, and it is also closely watched by economists, i The Beige Book is a report published by the Federal Reserve (Fed) eight times a year, that provides an overview of economic conditions in each of the Fed's twelve districts. The report is compiled using information from the Fed's business contacts, economists, and other experts, and covers a wide range of topics including employment, wages, prices, and consumer spending.The Beige Book is used by the Fed to help inform its monetary policy decisions, and it is also closely watched by economists, i Read this Term and tends to lag but the main theme is that things aren't as hot as a few months ago. The question is whether they're still too hot, or whether it's a matter of time before interest rates bite and pandemic savings run out.