On January 16th, the Federal Reserve stated in its brown book report on regional business contacts that US economic activity grew at a “mild to moderate” pace in late November and December, driven by strong holiday sales. The report shows a slight overall increase in employment, with half of the 12 Federal Reserve jurisdictions reporting a slight increase in recruitment numbers and six regions remaining unchanged. Some contacts in the service industry, especially in the healthcare industry, see continued job growth, “said the report released on Wednesday. However, employment in the manufacturing industry remains stable. At the same time, prices have generally risen moderately. Most contacts in various regions reported a moderate increase in sales prices, but there were also cases of price stability or decline, particularly in the retail and manufacturing industries, “the report stated. This brown book report was compiled by the Federal Reserve Bank of Chicago based on information collected on or before January 6th, including anecdotes and commentary on the business operations of 12 Federal Reserve jurisdictions. The report states that the information collected was prior to the recent wildfires in the Los Angeles area.
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