According to the most recent Beige Book from the Federal Reserve, national economic activity continued to expand at a modest pace from July to late August. Most reporting districts also expect moderate growth in the next few months.

Consumer spending remained the same in general through the reporting period, although auto sales slipped some despite remaining at high levels. Meanwhile, manufacturing activity rose slightly.

Demand for business and consumer credit varied across districts but expanded at a moderate pace overall. Additionally, agricultural conditions were mixed, with price declines largely offsetting growing volumes. Overall demand for energy-related products and services weakened.

Labor market conditions remained tight in most districts, with moderate payroll growth noted in general. Upward wage pressures increased further and were moderate on balance, with more rapid gains reported for workers with selected specialized skill sets. Price increases remained slight overall.