US DATA: Fed Oct beige book says econ generally “expanded modestly,” with only
NY and KC (2 areas) reporting leveling/slowing. Other 10 Dists said growth
continued at a modest pace. Report was summarized at NY Fed based on info
gathered up to Sept 28, thus excludes the latest NFP data. Prior Aug report said
econ was expanding gradually but had 3 slow Dists. Current report sees flat to
up consumer spending, retail & vehicle sales mostly expanding. Tourism robust.
Resid’l real estate improved, prices steady to up. Commercial RE mixed. Mfg
mixed but on bal improved. Energy mkt robust. Loan demand steady to stronger,
standards little changed. Employment conditions little changed, still shortages
of highly skilled workers, but otherwise wage pressures modest. Prices pressures
were contained but had “scattered reports of higher crop prices starting to show
through to food prices at the consumer level.”