The US Federal Reserve's Beige Book, released on September 2, revealed that the North American economy demonstrated resilience in July and August, with 10 of the 12 districts of the central bank reporting economic growth between slight and moderate. Manufacturing grew in almost all districts, with orders linked to Defense and data centers standing out.
Consumer spending increased slightly, although with different behaviors across the various components. Automobile sales decreased due to lack of confidence, high fuel prices, and increased credit costs, while tourism registered growth despite more expensive tickets. Services reported activity increases ranging from slight to modest, and housing construction fell, although data center construction represented the majority of non-residential activity.
The outlook for the coming months is positive, but the Fed warns that it differs across sectors, due to the high uncertainty caused by energy prices, the political situation, and conflicts abroad. Employment experienced very modest growth, particularly in manufacturing, construction, and some services, with contractions in retail and hospitality, and difficulties recruiting qualified salespeople and technicians.
