Manufacturing activity declined in most districts, and these declines were part of ongoing contractions in the sector, according to the latest Fed Beige Book, a summary of commentary on current economic conditions published eight times a year.
Employment levels were steady overall, though there were isolated reports that firms filled only necessary positions, reduced hours and shifts, or lowered overall employment levels through attrition. Still, reports of layoffs remained rare.
Employers were more selective with their hires and less likely to expand their workforces, citing concerns about demand and an uncertain economic outlook. Accordingly, candidates faced increasing difficulties and longer times to secure a job.
On balance, wage growth was modest, while increases in non-labor input costs and selling prices ranged from slight to moderate.
Consumer spending ticked down in most Fed districts, having generally held steady during the prior reporting period.
District contacts generally expected economic activity to remain stable or to improve somewhat in the coming months, though contacts in three districts anticipated slight declines.
Prices increased modestly in the most recent reporting period. However, three districts reported only slight increases in selling prices.
ALCHEMPro News Desk (DS)
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