WASHINGTON—Economic growth was moderate during April, according to the latest Beige Book from the Federal Reserve, but three of the Fed’s district banks expressed concerns about an upcoming recession.
The Beige Book found retailers reported some softening as consumers faced higher prices, while residential real estate sources reported weakness as buyers faced high prices and rising interest rates. In addition, employers cited labor market difficulties as their greatest challenge, followed by supply chain disruptions.
“The latest Beige Book reflects softening conditions, but consumers continue to buoy the economy for the time being,” said NAFCU Chief Economist and Vice President of Research Curt Long.
Additional Findings
Long noted other insights from the latest Beige Book:
- Eight Districts reported that expectations of future growth among their contacts had diminished
- Worker shortages continued to force many firms to operate below capacity – and in response, firms continued to deploy automation, offer greater job flexibility, and raise wages
- Most Districts noted that their contacts had reported strong or robust price increases – especially for input prices.
The latest Beige Book report was based on information collected on or before May 23.
Has Everyone But You Heard the News?
Don’t forget to check your Spam/Junk email folder if you haven’t been receiving your free, popular and daily CUToday.info news headlines.
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com.