Contents of the Federal Reserve's July Beige Book seem like they could have been recycled from other months, except maybe a little worse.
In general, there was a "moderate pace of growth" in seven of the 12 districts. The other five noted flat or declining activity — an increase of three over last month's report, so slightly worse. Wages and prices rose moderately, and employment was widely flat or up slightly. Some districts said manufacturing employment had declined because of slowdowns in new orders. Labor turnover was lower, reducing the need to find new employees.
As for commercial real estate lending, most banks reported only slight changes, if any.
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