According to the Fed’s Beige Book report released Wednesday, Sept. 4, economic growth is slowing down in some parts of the country, but the labor market remains stable.
The Beige Book presents policymakers with anecdotes about the economy from around the country to help them prepare for upcoming meetings.
This month's book provided evidence that the labor market has slowed somewhat since central bankers last met in late July.
Some areas of the country reported increases in headcount, and layoffs were rare, the report said. However, some businesses said they reduced hours, didn’t fill advertised positions or didn’t hire to replace departing employees.
Fed officials will review the Beige Book before they meet the central bank's policy committee later this month. Economists expect the Fed to reduce its benchmark interest rate. Read more.