Fed's Beige Book Released. Here is the summary of the data the FOMC will use:💡

• Most Districts indicated little to no change in economic activity since the September report.

The Federal Reserve released the Beige Report, an old-fashioned collection of economic data and feelings from the twelve economic districts in the U.S.: Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, San Francisco.

Consumer spending was mixed due to price differences and product offerings, especially among general retailers and auto dealers. Tourism activity continued to improve, although some Districts reported a slight slowing in consumer travel, and a few Districts noted an uptick in business travel. Banking contacts reported slight to modest declines in loan demand.

Consumer credit quality was stable or healthy, with delinquency rates still historically low but rising. Real estate conditions were little changed and the inventory of homes for sale remained low. Manufacturing activity was mixed, and multiple Districts noted improvement. The near-term outlook for the economy is stable if weaker growth. The expectations of firms for which the holiday shopping season is an important sales driver were mixed.

Labor: Less hiring, little unemployment, hard to find highly skilled talent and tradespeople. Hiring was easier; candidates accepted wage offers and would accept work from home instead of wage increases.

Prices: Increased, manufacturing input prices lowered, input lower, fuel wages, insurance prices up.Sales prices increased slower than input; businesses struggled to pass along cost pressures, and consumers were more price-sensitive.

A breakdown of each Region below::

Boston: Prices increased alongside business activity; the rainy summer yielded mixed results on Cape Cod.

New York: Economic activity weakened modestly, though labor market conditions remained solid. Consumer spending increased, alongside inflation.

Philadelphia: Business activity declined with Consumer spending, Employment rose slightly.

Cleveland: The economy was little changed, and manufacturers expressed concerns over the UAW strike. Hiring was flat, and wages held steady. Input costs rose.

Richmond: The economy contracted slightly. Real estate activity and lending declined. Employment increased.

Atlanta: Economic activity grew, labor markets improved, and wage pressures eased. Retail sales slowed. Housing demand fell.

Chicago: Economic activity rose, employment increased, consumer and business spending rose; manufacturing, construction, and real estate decreased.

St. Louis: Economy unchanged. Labor markets remained tight; prices increased from higher input costs.

Minneapolis: Economic activity increased, employment grew, wages stable, and price pressures eased modestly. Higher long-term interest rates weakened their economic outlooks for the next year.

Kansas City: Economic activity rose, driven by energy, agriculture, and commercial real estate. Several bankers characterized being on a "loan diet."

Dallas: The economy expanded, and retail and financial services activity declined. Outlooks weakened slightly, on high interest rates, and the political environment.

San Francisco: Economic activity was stable. Local communities faced continued challenges with affordable housing.