American companies are generally pessimistic about the evolution of their activity in the coming months, anticipating a slowdown in demand, according to the Beige Book of the Fed published on Wednesday.
“Prospects for future economic growth remained generally weak, with contacts reporting expectations of a further slowdown in demand over the next six to twelve months
,” said the US central bank in its survey carried out at the end of July and at the end of July. month of August with companies in the country.
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They reported economic activity that has changed little since the previous Beige Book, which was published on 13 July.
In most regions, therefore, consumer spending is
“stable, as households continue to reduce trade and shift spending from discretionary goods to food and other essentials”
.
The real estate sector slowed down by rates
Inflation, in fact, which slowed down a little in July to 8.5% over one year, after having reached a high in more than 40 years in June, is reducing the purchasing power of households.
And most companies surveyed expect
"pricing pressures to persist at least through the end of the year
."
The summer season, however, was good for the hospitality and tourism sectors.
Some professionals have also reported an
“increase in business and group travel”.
The rise in interest rates, on the other hand, is hurting the real estate sector, especially since property prices are still very high, which prevents many households from buying.
Thus, some professionals have reported
“a strong rental activity
”, details the Beige Book.
But
"residential real estate conditions have weakened significantly as home sales have fallen (...) and residential construction remains constrained by material shortages"
.
As for the activity of commercial real estate, it has also slowed down,
“in particular the demand for office space”
, while teleworking, at least part of the week, is now very widely deployed.