Play Video Fed’s Beige Book Points to Modest Growth in US Economy, Prices

The US economy expanded at a “slight or modest” pace across most regions since early April and consumers pushed back against higher prices, the Federal Reserve said in its Beige Book survey of regional business contacts.

“Retail spending was flat to up slightly, reflecting lower discretionary spending and heightened price sensitivity among consumers,” according to the report released Wednesday. “Overall outlooks grew somewhat more pessimistic amid reports of rising uncertainty and greater downside risks.”

Employment rose at a slight pace with eight of twelve districts reporting “negligible to modest job gains.” Several districts reported wage growth at, or moving toward, pre-pandemic levels.

Prices increased at a “modest pace” over the period with business contacts noting consumers pushed back against additional price increases.

The latest edition of the Beige Book was compiled by the Federal Reserve Bank of Dallas using information gathered on or before May 20. The report includes anecdotes and commentary on business conditions in each of the 12 Fed districts.

A bevy of Federal Reserve officials, including Chair Jerome Powell, have repeated in recent weeks that the central bank must be patient with its next policy action and wait for more evidence that inflation continues to cool.

A message from Advisor Perspectives and VettaFi: To learn more about this and other topics, check out our most recent white papers.

Bloomberg News provided this article. For more articles like this please visit

Read more articles by Christopher Condon