【英文】美联储褐皮书：当前经济状况评论（32页）

On balance, economic activity slowed since the previous report, with four Districts reporting modest growth, two indicating conditions were flat to slightly down, and six noting slight declines in activity. Retail sales, including autos, remained  mixed; sales of discretionary items and durable goods, like furniture and appliances, declined, on average, as consumers showed more price sensitivity. Travel and tourism activity was generally healthy. Demand for transportation services was sluggish. Manufacturing activity was mixed, and manufacturers’ outlooks weakened. Demand for business  loans decreased slightly, particularly real estate loans. Consumer credit remained fairly healthy, but some banks noted  a slight uptick in consumer delinquencies. Agriculture conditions were steady to slightly up as farmers reported higher  selling prices; yields were mixed. 

Commercial real estate activity continued to slow; the office segment remained weak  and multifamily activity softened. Several Districts noted a slight decrease in residential sales and higher inventories of  available homes. The economic outlook for the next six to twelve months diminished over the reporting period.  Labor Markets  Demand for labor continued to ease, as most Districts reported flat to modest increases in overall employment. The  majority of Districts reported that more applicants were available, and several noted that retention improved as well.  Reductions in headcounts through layoffs or attrition were reported, and some employers felt comfortable letting go low  performers. However, several Districts continued to describe labor markets as tight with skilled workers in short supply.  Wage growth remained modest to moderate in most Districts, as many described easing in wage pressures and several reported declines in starting wages. Some wage pressures did persist, however, and there were some reports of  continued difficulty attracting and retaining high performers and workers with specialized skills.