Fed Survey Finds Economy Expanded in September, But With the Outlook Growing More Pessimistic – By Tim Smart (US News) / Oct 19, 2022
The survey of regional economic conditions finds a mixed bag across the nation.
The U.S. economy expanded modestly in September, boosted by a strong uptick in travel and tourism along with steady or growing activity in manufacturing, a national survey of the Federal Reserve’s 12 regional banks released on Thursday revealed.
The so-called beige book, coming ahead of the Fed’s November meeting, shows that higher interest rates and inflation are hurting retail, auto sales and real estate. But there was a cautionary note about the future.
“Outlooks grew more pessimistic amidst growing concerns about weakening demand,” the Fed noted.
The labor market, meanwhile, was seen as “tight” with some easing from prior months.
