Economic activity in the United States has shown signs of recovery, increasing at a “slight to modest pace” in most regions since mid-November, according to the Federal Reserve’s latest Beige Book survey. This assessment marks a positive shift from the previous three reports, which largely indicated little or no change across districts.
According to the report, employment levels remained mostly stable in eight of the Fed’s twelve regional districts. Wage growth was reported at a “moderate” pace. A significant number of contacts indicated that wage growth had returned to “normal” levels, suggesting a stabilisation in the labour market.
The Richmond Federal Reserve compiled the current Beige Book, utilising data collected up to January 5. The report incorporates commentary and anecdotal evidence from business leaders and other contacts within each of the Federal Reserve’s districts, offering insights into diverse sectors of the economy.
Federal Reserve officials are scheduled to convene on January 27-28 to deliberate on interest rates. The Beige Book will be a key input in their decision-making process, providing a current snapshot of economic conditions across the country.
