Fed: Economy Improving as Businesses Contend With Price-Conscious Consumers – By Tim Smart (US News) / March 6, 2024
The Federal Reserve’s latest economic survey finds the economy picking up in some areas even as consumers balk at prices.
The U.S. economy continues to grow, weathering increasing reluctance among consumers to pay higher prices and businesses remaining “generally positive” about future demand amid expectations of lower interest rates.
That is the picture painted by the Federal Reserve’s latest “beige book” – an informal summary of economic conditions around the country – released on Wednesday.
“Consumer spending, particularly on retail goods, inched down in recent weeks,” the survey of Federal Reserve regional districts found. “Several reports cited heightened price sensitivity by consumers and noted that households continued to trade down and to shift spending away from discretionary goods.”
