[BRIEFING.COM] The broader market didn't flinch in reaction to the Fed's July Beige Book which showed that economic activity maintained a slight to modest pace of growth in a majority of Districts this reporting cycle. Currently, the S&P 500 (-1.24%) is in second place on Wednesday afternoon, down about 70 points.
Among other notable points from the report, while seven Districts reported some level of increase in activity, five noted flat or declining activity—three more than in the prior reporting period.
On balance, employment rose at a slight pace in the most recent reporting period. Also, wages continued to grow at a modest to moderate pace in most Districts, while prices were generally reported to have risen modestly.
Prices increased at a modest pace overall, with a couple Districts noting only slight increases. Most Districts noted that input costs were beginning to stabilize.
Expectations for the future of the economy were for slower growth over the next six months due to uncertainty around the upcoming election, domestic policy, geopolitical conflict, and inflation.