WASHINGTON—Consumer spending continues to hold steady as economic activity remains strong, according to the latest version of the Beige Book from the Federal Reserve.
The Beige Book findings are based on data from the 12 Fed districts collected on or before Feb. 27. Among the findings:
- Consumer spending was generally steady, with a few districts reporting moderate to strong growth in retail sales during what is typically a slow period
- Auto sales levels were relatively unchanged, but inventory levels continued to improve
- Loan demand declined, credit standards tightened, and delinquencies rose slightly
- Labor markets remained tight, with the Fed saying lack of childcare options impeding labor force participation
- Wages increased at a moderate pace and wage pressures eased slightly
- Inflationary pressures remained widespread, with some relief in freight and shipping costs, and some firms found it difficult to pass cost increases onto consumers
- Housing affordability remained a concern.
“Amid heightened uncertainty, (the Fed banks) did not expect economic conditions to improve much in the months ahead,” the Fed said.
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