Fed’s Beige Book: Business contacts’ lowered their outlooks for growth in coming 6-12 months

According to the Federal Reserve’s Beige Book,   business contacts that took part in the survey mostly expect the economic expansion to continue; however, many lowered their outlooks for growth in the coming 6-12 months.

“The United States (US) economy expanded at a slight to modest pace since the prior report as business activity varied across the country,” the publication read. “Spending was solid on balance, housing market conditions changed little.”

The US Dollar Index largely ignored the Beige Book and was last down 0.28% on the day at 98.03. Below are some additional takeaway, as reported by Reuters.

“Manufacturing activity continued to edge lower; agricultural conditions deteriorated further.”

“Contacts in some districts suggested persistent trade tensions and slower global growth weighed on activity; the early impact of a GM  auto strike was limited.”

“Employment rose slightly amid persistent worker shortages; wages rose moderately in most districts; the pace of price increases was modest.”

“A  number of districts reported manufacturers reduced headcount because orders were soft; some cut hours rather than reduce staff levels.”