US economic activity falling in more districts, says Fed's Beige Book

By Ovunc Kutlu

ISTANBUL (AA) - Economic activity in the US is falling in more Fed districts during the latest reporting cycle, according to a Federal Reserve report released Wednesday.

"Economic activity grew slightly in three Districts, while the number of Districts that reported flat or declining activity rose from five in the prior period to nine in the current period," said the Fed's Beige Book, which gathers information on current economic conditions from the central bank's 12 districts across the nation.

"Employment levels were steady overall, though there were isolated reports that firms filled only necessary positions, reduced hours and shifts, or lowered overall employment levels through attrition," it added.

Wage growth, on the other hand, was modest, while increases in non-labor input costs and selling prices ranged from slight to moderate, according to the Beige Book.

Consumer spending, meanwhile, ticked down in most districts, after generally holding steady during the prior reporting period, it added.