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The Federal Reserve released its Beige Book yesterday, revealing economic activity had little change overall in April and early May. In addition, consumer expenditures were steady or higher in most districts.

“The Beige Book confirms that the economy is slowing across several dimensions including overall output, employment, and inflation. Nevertheless, consumer spending is strong and continues to prevent a descent into recession,” said NAFCU Vice President of Research and Chief Economist Curt Long.

Residential real estate activity pick up in most districts with many noting growth in spending on leisure and hospitality. However, contacts in several districts noted a rise in consumer loan delinquencies – returning closer to pre-pandemic levels. Additionally, the report noted expectations for future growth deteriorated, but contacts still expected more activity moving forward.

The Beige Book report – a Fed publication on current economic conditions across the 12 districts – released reports eight times a year.