Thu Oct 20, 2022 AT 10:48 AM EDT
Fed Survey: Companies Increasingly Pessimistic as Inflation Climbs
U.S. economic activity expanded modestly in recent weeks, although activity was flat in some regions and declined in a couple of others, the Federal Reserve said on Wednesday in a report that showed firms growing more pessimistic about the outlook.
“National economic activity expanded modestly on net since the previous report; however, conditions varied across industries and districts,” the Fed said in its latest collection of surveys known as the “Beige Book,” conducted across its 12 districts through Oct 7. “Outlooks grew more pessimistic amidst growing concerns about weakening demand.”
Firms noted that price pressures remained elevated, although there was some easing in several districts, and several said labor conditions were cooling somewhat. Read Full Story