The outlook: The U.S. economy seem to be slowing a bit, and only expanded at “a slight to modest pace” since early September, according to the latest Federal Reserve Beige Book. The report, basically a summary of anecdotes collected by the central bank from its business contacts across the country, suggested the economy was slightly weaker than in the summer. Business activity varied across the country, with Midwest and Great Plains report more downbeat than the southern and western regions.
Big picture: The looming question hanging over the economic outlook is whether the weakness in business confidence and spending seeps into the consumer sector. There was no hard evidence of this contagion in the report, as household spending was reported as “solid” on balance. But if layoffs spread outside the manufacturing sector, that might change.
• The attacks on Saudi Arabian oil facilities did not change capital spending expectations in the oil and gas sector. It was take a lasting increase in the price of oil to influence those plans, the Dallas Fed said. • A furniture maker in the Richmond district said the trade war would lead to job losses if not resolved.