U.S. Fed's Beige Book Says Economy "Generally Weak" With 7 Districts Slowing
Economic conditions across the United States remain "generally weak" in the Fed's Beige Book covering April and May, yet only seven of the 12 districts describe conditions as "sluggish" or "soft," compared to nine in the previous report, while the remaining five described conditions as "stable" or "little changed."
Higher input costs were reportedly widespread with some pass-through to consumers, the Beige Book said, noting rising prices for oil-based products, energy, metals, and plastics.
Retailers reported mixed results and consumer spending was said to be "mixed."
Credit standards were said to be tighter for most loan categories.
Housing was said to be weak, yet export demand is rising with some help from the weak U.S. dollar.
Wage growth was reported as "moderate" or "limited."
By Patrick McGee and edited by Cristina Markham