Highlights of the latest Beige Book:
- "Nearly all districts reported that overall price pressures were minimal"
- Seven districts saw modest growth, two said moderate, two said economy was flat, one was 'upbeat'
- Auto sales dropping from high levels in some areas
- Job rises seen in 7 districts
- Most manufacturing weakened except autos and aerospace
- Strong dollar hurting manufacturing in some areas
- Consumer spending growth mostly slight to moderate
- "Most segments of the energy sector struggled further"
Nothing especially hopeful or hawkish.
"Labor markets continued to improve, with employment increases evident in reports from seven Districts," according to the Beige Book. "Districts reported little overall change in wage and price pressures, with wage increases running from flat to moderate, while price increases tended to be minimal."
Only San Francisco and New York indicated some acceleration in wage pressures. That's apt because for most of Wall Street (and the Fed) the country doesn't exist outside of those two cities.
