According to the Federal Reserve’s November Beige Book report, there has been a slowdown in overall economic activity over the last month, with expectations “diminished” for the next six to 12 months.
The report further noted that there has been a decline in business loan demand, while identifying both retail sales and manufacturing activity as “mixed.”
On the labor front, the report said that “demand for labor continued to ease” while noting challenges related to skilled worker attraction and retention.
Lastly, the report said prices are still high overall, although “increases largely moderated across districts.” However, the report said “most districts expect moderate price increases to continue into next year.”
