PANews reported on October 16 that according to Jinshi, the Federal Reserve's Beige Book, released on Wednesday, showed that US economic activity has been basically flat in recent weeks, with overall consumer spending declining slightly. Employment levels are basically stable, and labor demand is sluggish; at the same time, prices continue to rise, and several regions report that input cost growth has accelerated. Discussions on labor market trends indicate that the labor market has weakened slightly over the past six weeks. The Beige Book noted that "labor demand is generally sluggish across regions and industries" and that "more employers are reporting reducing their workforces through layoffs and natural attrition," which is a deterioration compared to the comments that employment in most regions was "little to no change" in September. However, the report also noted that "wages in all regions have increased, and overall, the growth rate has been moderate to medium." Wages in several regions did not increase in September.

Still, the report is unlikely to dissuade Fed policymakers from voting for further rate cuts at their upcoming meeting. In recent days, a growing number of rate-setters, including centrists and even hawks, have publicly supported further reductions in the near term.