Fed's beige book for October is released. A little good/a little not so good is the theme.

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• National economic activity expanded modestly on net since the previous report; however, conditions varied across industries and Districts.
• Four Districts noted flat activity and two cited declines with slowing or weak demand attributed to higher interest rates, inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term, and supply disruptions
• Retail spending was relatively flat, reflecting lower discretionary spending, and auto dealers noted sustained sluggishness in sales stemming from limited inventories, high vehicle prices, and rising interest rates.
• Travel and tourist activity rose strongly, boosted by continued strength in leisure activity and a pickup in business travel.
• Manufacturing activity held steady or expanded in most Districts in part due to easing in supply chain disruptions, though there were a few reports of output declines.
• Demand for nonfinancial services rose. Activity in transportation services was mixed, as port activity increased strongly whereas reports of trucking and freight demand were mixed.
• Rising mortgage rates and elevated house prices further weakened single-family starts and sales, but helped buoy apartment leasing and rents, which generally remained high.

On employment

• Employment continued to rise at a modest to moderate pace in most Districts.
• Several Districts reported a cooling in labor demand, with some noting that businesses were hesitant to add to payrolls amid increased concerns of an economic downturn.
• There were also scattered mentions of hiring freezes

On prices:

• Price growth remained elevated, though some easing was noted across several Districts.
• Significant input price increases were reported in a variety of industries, though some declines in commodity, fuel, and freight costs were noted.
• Growth in selling prices was mixed, with stronger increases reported by some Districts and a moderation seen in others.
• Some contacts noted solid pricing power over the past six weeks, while others said cost passthrough was becoming more difficult as customers push back.
• Looking ahead, expectations were for price increases to generally moderate.