US Economy Stalls as Credit Narrows, Fed’s Beige Book Says
- Hiring and inflation slow as consumption ‘flat to down’
- Report reflects initial impact of March bank turmoil
This article is for subscribers only.
The US economy stalled in recent weeks, with hiring and inflation slowing and access to credit narrowing, the Federal Reserve said in its Beige Book survey of regional business contacts.
“Overall economic activity was little changed in recent weeks,” the Fed said Wednesday in the report, published two weeks before each meeting of the policy-setting Federal Open Market Committee. “Several districts noted that banks tightened lending standards amid increased uncertainty and concerns about liquidity.”