【英文】美联储褐皮书（32页）

Overall economic activity increased slightly since late May. Five Districts reported slight or modest growth, five noted  no change, and two reported slight and modest declines. Reports on consumer spending were mixed; growth was  generally observed in consumer services, but some retailers noted shifts away from discretionary spending. Tourism  and travel activity was robust, and hospitality contacts expected a busy summer season. Auto sales remained unchanged or exhibited moderate growth across most Districts. Manufacturing activity edged up in half of the Districts and  declined in the other half. Transportation activity was down or flat in most Districts that reported on it, as some contacts  reported reduced demand due to high inventory levels and others noted continued challenges from labor shortages.  

Banking conditions were mostly subdued, as lending activity continued to soften. Despite higher mortgage rates, demand for residential real estate remained steady, although sales were constrained by low inventories. Construction for  both residential and commercial units was slightly lower on balance. Agricultural conditions were mixed geographically  but softened slightly on balance, with some contacts expecting further softening for the remainder of 2023. Energy  activity decreased. Overall economic expectations for the coming months generally continued to call for slow growth. Labor Markets Employment increased modestly this period, with most Districts experiencing some job growth.