US economy shows slowdown signs, concerns of recession rising: Fed

Companies still expect to be dealing with rising prices for some time to come, the survey noted.

“Economic activity expanded at a modest pace, on balance, since mid-May; however, several districts reported growing signs of a slowdown in demand, and contacts in five districts noted concerns over an increased risk of a recession,” the report said.

Apart from rising prices in many Federal Reserve bank districts, the Beige Book noted that some were reporting some moderation in areas like construction supplies. But, it said that “most contacts expect pricing pressures to persist at least through the end of the year.”

ALCHEMPro News Desk (DS)