Fed's Beige Book Says U.S. Economic Activity Relatively Unchanged
(RTTNews) - Overall U.S. economic activity has been relatively unchanged since late November, according to the Federal Reserve's Beige Book.
The Beige Book, a compilation of anecdotal evidence on economic conditions in each of the twelve Fed districts, said five Districts reported slight or modest increases in overall activity, six noted no change or slight declines, and one cited a significant decline.
The Fed said some retailers reported more robust sales over the holidays while others noted that high inflation continued to reduce consumers' purchasing power, particularly among low and moderate-income households.
Employment continued to grow at a modest to moderate pace for most districts, according to the report, with only one district reporting a slight decline in employment and another reporting no change in employment levels.
With regard to inflation, the Fed said selling prices increased at a modest or moderate pace in most districts, although many said that the pace of increases had slowed from that of recent reporting periods
"On balance, contacts across Districts said they expected future price growth to moderate further in the year ahead," the Fed said.
The Beige Book is typically released two weeks ahead of the Fed's next monetary policy meeting, with the next meeting scheduled for January 31-February 1.
CME Group's FedWatch Tool currently indicates a 92.3 percent chance of a 25 basis point interest rate hike and a 7.7 percent chance of a 50 basis point rate hike.
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