The short take on the Federal Reserve's Beige Book for September is not much change with only two districts seeing modest growth, and most districts seeing declining manufacturing. Commercial real estate was flat, though a few districts saw data center and infrastructure project activity.

More generally, labor markets saw slight growth. Half the districts saw slight or modest growth while the other half reported little or no change. Inflation, though down near 2%, still meant increased prices. Apartment rents were steady or slightly down while house prices edged up in many areas.

Now for the CRE details.

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Economy