The U.S. economy experienced modest growth through August 2024, according to the Federal Reserve’s latest Beige Book report. Consumer spending remained steady, driven by increased travel and tourism, while manufacturing saw mixed performance across regions. Labor markets remained tight, but wage growth slowed in some areas. Businesses reported challenges due to high interest rates and continued uncertainty around inflation, which remained elevated but showed signs of easing in some sectors. Overall, economic conditions varied widely across the 12 Federal Reserve districts.

Source: Federal Reserve's Beige Book (September 4, 2024)