Beige Book: Little to no change in economic activity since September

Most Districts indicated little to no change in economic activity since the September report.

Consumer spending was mixed, especially among general retailers and auto dealers, due to differences in prices and product offerings. 

Banking contacts reported slight to modest declines in loan demand. Consumer credit quality was generally described as stable or healthy, with delinquency rates still historically low but slightly increasing. 

Real estate conditions were little changed and the inventory of homes for sale remained low.

Manufacturing activity was mixed, although contacts across multiple Districts noted an improving outlook for the sector. 

The near-term outlook for the economy was generally described as stable or having slightly weaker growth.

Expectations of firms for which the holiday shopping season is an important driver of sales were mixed.

Labor market tightness continued to ease across the nation. Most Districts reported slight to moderate increases in overall employment, and firms were hiring less urgently.

Prices continued to increase at a modest pace overall. Districts noted that input cost increases have slowed or stabilized for manufacturers but continue to rise for services sector firms. Increases in fuel costs, wages, and insurance contributed to growth in prices across Districts.

Overall, firms expect prices to increase the next few quarters, but at a slower rate than the previous few quarters