Economic activity slowed since the October report, with modest growth by 33%, flat by 17%, and slightly down by 50% of Districts.

  • most Districts reported flat to modest increases in overall employment
  • the limited supply of skilled workers makes hiring and retention difficult
  • manufacturing activity was mixed, with a weaker outlook
  • business loan demand decreased
  • banks noted an increase in consumer delinquencies
  • sales of discretionary items and durable goods declined
  • elevated and moderate price increases will continue into next year