Fed Beige Book report: Economic activity falls in some regions

According to the Fed's Beige Book report, many regions reported that economic activity was falling or flat as we entered the third quarter. The Fed published the July issue of the "Beige Book" report, which includes assessments of the current state of the American economy. The report stated that price increases were moderate as consumers turned to only necessary products. The report emphasized that employment also increased moderately, and 5 regions reported that economic activity was flat or falling. The report included the assessment that "Expectations for the future of the economy were that growth would be slower in the next 6 months due to the upcoming elections, domestic politics, geopolitical conflicts and uncertainty about inflation." The report stated that the rate of inflation was moderate, while most regions stated that input costs were starting to balance.