The Federal Reserve's Beige Book pointed out that economic activity in three regions has slightly increased, while the number of regions reporting flat or declining economic activity has increased from five in the previous quarter to nine in this quarter. Overall employment levels remain stable, although some reports indicate that companies are only filling necessary positions, reducing working hours and shifts, or reducing overall employment levels through natural attrition. However, reports of layoffs are still rare. Generally speaking, wage growth is moderate, and the growth rate of labor input costs and sales prices ranges from slight to moderate. Consumer spending has declined in most regions, while in the previous reporting period, consumer spending remained stable overall.

In addition, respondents generally expect economic activity to remain stable or improve. The Federal Reserve's Beige Book pointed out that there continue to be differences in auto sales in different regions, with sales in some regions increasing, while sales in other regions have slowed due to rising interest rates and high auto prices. Manufacturing activity has declined in most regions, with two regions indicating that these declines are part of a continuing industry contraction. Residential construction and real estate activity are mixed, but most regions report softening home sales. Similarly, reports on commercial construction and real estate activity are mixed. Respondents in the regions generally expect economic activity to remain stable or improve in the coming months, but respondents in three regions expect a slight decline in economic activity.