Fed Beige Book Shows Economy Grew Modestly

The Fed's Beige Book report highlights economic activity across districts, noting slowdowns in Boston and Chicago, and flat activity in New York. Consumer spending remains weak, with lower car sales and retail issues. Despite this, other data suggests a consumer rebound since April. The tight labor market affects wage growth, with businesses struggling to find workers. Some firms increase wages, while others use benefits and automation to retain staff. Housing prices rise due to low inventory, but the overall business tone is positive, though optimism is waning in some areas.

What recent trends were observed in economic activity in Boston and Chicago?

How did consumer spending change according to the report?

What impact is the tight labor market having on wage growth?

What strategies are businesses using to retain workers?

What was noted about housing prices in the report?