Most of the 12 Federal Reserve districts reported little or no change in economic activity since July, with the four that differed reporting modest growth, according to the Fed’s sixth Beige Book report of the year.
Across the 12 districts, Fed contacts reported flat to declining consumer spending because, for many households, wages were failing to keep up with rising prices, according to the report. Most districts mentioned an increase in the number of people looking for jobs.
One of the few areas of growth was in data center construction, driven by a surge in demand for artificial intelligence technologies. Atlanta and Kansas City reported that data centers had increased energy demand in their districts.
