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