Businesses expressed greater uncertainty and increased pessimism for the U.S. economy, according to the Federal Reserve’s latest compilation of economic anecdotes.
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JOSHUA ROBERTS/REUTERS
U.S. economic growth eased this fall with business activity in some parts of the country stalling or declining, the Federal Reserve said in a Wednesday report.
Businesses also expressed greater uncertainty and increased pessimism for the U.S. economy as prices and interest rates continue to rise, according to the central bank’s latest compilation of economic anecdotes from around the country, known as the Beige Book.
U.S. economic activity was “about flat or up slightly,” compared with a moderate average pace of growth cited in the prior report. The Fed said five districts reported slight or modest gains in activity and the other seven experienced either no change or slight-to-modest declines in activity.
The report included information gathered through November 23.
Consumer spending excluding car purchases was mixed but had slight gains as inflation pushed consumers toward lower-priced goods.
Travel and tourism businesses reported gains in activity with restaurants and luxury hotels reporting robust demand.
Some layoffs were reported in the technology, finance and real-estate sectors but employment grew modestly in most of the country.
Write to Austen Hufford at austen.hufford@wsj.com
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