Highlights of the September 2019 Beige Book
- Prior editions said growth was at a modest pace
- Most businesses remained optimistic about near-term outlook even though concerns about tariffs and trade policy uncertainty continued
- Reports on consumer spending were mixed, although auto sales grew at a modest pace
- Overall manufacturing activity was slightly lower than prior report
- Some districts noted that manufacturing employment was flat to lower
- Overall employment grew at a modest pace
- Reports on impacts of tariffs mixed, with some anticipating effects would not be felt for a few months
- Home sales primarily constrained due to low inventories
- New home construction remained flat
- Agricultural conditions remained weak due to weather, low prices and trade issues
- Pace of wage growth was modest to moderate
If you read this report and didn't know the market was pricing in a certainty of a Fed cut, you would never guess it.
