WASHINGTON–Banking activities across the U.S. have been “mostly subdued,” according to the July edition of the Beige Book released by the Federal Reserve.
The Beige Book compiles the economic reports produced by the Fed’s 12 districts, and also includes a summary of comments received from outside the Federal Reserve System. With each release, the Fed stresses the Beige Book does not reflect any views of its officials.
Market Continues to ‘Soften’
According to the new Beige Book, which is based on data collected on or before June 30, the “subdued” banking conditions are due to lending activity that has “continued to soften.”
But there is also good news, with the report noting demand for residential real estate has remained steady even as mortgage rates have risen. As CUToday.info has reported and as the Beige Book notes, home sales remain constrained by the lack of inventory.
On a related note, the Beige Book found construction for both residential and commercial units was slightly lower on balance.
Additional Findings
Other findings in the newest Beige Book:
- Labor: The report stated that employers continue to have ongoing issues with finding employees, with the health care, transportation, and hospitality industries having particular challenges. There is also a shortage of high-skilled workers. The Beige Book noted, however, that many Reserve Bank Districts reported labor availability had improved and that some companies have been having an easier time hiring.
- Prices. Consistent with the most recent CPI numbers, the Beige Book found price increases to be slowing, and projected stable prices are likely in the months ahead (and could even be lower).
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