Economic Growth Statement from the FED

In its "Beige Book" report, the US Federal Reserve (Fed) described the outlook for future economic growth as generally weak.

The US Federal Reserve (Fed), in its "Beige Book" report, created with analysis from 12 branches, stated that economic activity in the US has not changed since early July. In the analysis, which stated that most consumer spending remained flat in the region, it was explained that spending shifted from discretionary products to food and other essential items. The report highlighted that manufacturing activity increased in several regions, although there were some reports of falling production due to supply chain disruptions and labor shortages. Demand for energy products was strong, the report said, while production was limited by supply chain bottlenecks for critical components. "The outlook for future economic growth remained generally weak," the "Beige Book" report said, noting expectations for further softening in demand over the next 6 to 12 months. In the report, which stated that employment increased at a moderate to moderate pace in most regions, it was reported that labor market conditions remained generally tight. It was also noted that price levels remained quite high but 9 out of 12 regions reported that rates of increase had moderated to some extent. In the report, it was reported that most people expect price pressures to continue at least until the end of the year. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!