WASHINGTON—There was little change in economic activity overall in April and early May, with consumer expenditures were steady or higher in most Federal Reserve districts, according to the Fed’s latest Beige Book data.
“The Beige Book confirms that the economy is slowing across several dimensions including overall output, employment, and inflation. Nevertheless, consumer spending is strong and continues to prevent a descent into recession,” said NAFCU Vice President of Research and Chief Economist Curt Long.
The Beige Book shows residential real estate activity picked up in most districts, with many noting growth in spending on leisure and hospitality. “However, contacts in several districts noted a rise in consumer loan delinquencies – returning closer to pre-pandemic levels,” according to the Fed analysis.
Additionally, the report noted expectations for future growth deteriorated, but the Fed district banks still expect more activity moving forward.
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