The Fed released the Beige Book economic summary on Wednesday. Industry contacts from across the country predicted that inflation would hold steady at a slow pace soon.
Of the twelve districts reporting, most found a slightly expanding economy with evidence of increased consumer spending. In the labor market, nine of twelve districts reported slow, modest increases in employment. Fed contacts reported that wages grew slower, returning to historical averages.
Inflation ran at the same rate as the last report in March when it came to price increases. Half of the districts noted an increase in energy prices. Manufacturers and companies across the company said it was more difficult to pass price increases along to consumers.
The Fifth District of Richmond mentioned the collapse of the Francis Scott Key Bridge as worrying, but it has not yet been directly linked to the economic slowdown.
The beige book collects economic qualitative data from across the country that helps the Federal Reserve make monetary policy decisions.