The US Federal Reserve said reports from the twelve Federal Reserve Districts suggest national economic activity continued to expand during the reporting period from late August to early October, according to the latest Beige Book.
Labor market conditions remained tight, with modest employment and wage growth noted over the reporting period. Most Districts characterized input costs and/or output prices as fairly flat, but prices increased slightly on net. Wage pressures continued to increase slightly.
Manufacturing activity was mixed, and the strong dollar continued to dampen exports of manufactured goods according to a few District reports. Most regions saw an uptick in retail spending, and outlooks were for modest growth in the months ahead.
Home price appreciation continued at a modest pace in general, and commercial real estate activity and construction improved since the last report, the US central bank added.
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