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Beige Book - September 6, 2023
Contacts from most Districts indicated economic growth was modest during July and August. Consumer spending on tourism was stronger than expected, surging during what most contacts considered the last stage of pent-up demand for leisure travel from the pandemic era. But other retail spending continued to slow, especially on non-essential items. Some Districts highlighted reports suggesting consumers may have exhausted their savings and are relying more on borrowing to support spending. New auto sales did expand in many Districts, but contacts noted this had more to do with better availability of inventory rather than ... (full story)
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*Fed’s Beige Book: Economic Activity Was Modest During July, Aug.
— *seven (@sevenloI) September 6, 2023
Fed’s Beige Book: Job Growth Was Subdued Across the Nation
*Fed’s Beige Book: Consumer Spending on Tourism Stronger Than Expected
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Fed’s Beige Book: Nearly All Districts Indicated Businesses Expectations That Wage Growth Will Slow Broadly in Near Term
— *seven (@sevenloI) September 6, 2023
Fed’s Beige Book: Fed Districts Saw Mixed Data on Loan Demand