03:13 PM EST, 03/06/2024 (MT Newswires) -- Economic activity in the US rose "slightly" since early January, while the growth outlook was generally positive, the Federal Reserve said in its latest Beige Book released Wednesday.

Eight of the 12 Fed districts reported slight to modest growth in activity during the period, while three reported no change. One district reported "a slight softening" in activity, according to the report, which the San Francisco Fed prepared based on information collected by Feb. 26.

The previous report, which was released Jan. 17, showed eight Fed districts reported little or no change in economic activity since late November, while three districts saw modest growth and one reported a moderate drop.

Consumer spending "inched down" in recent weeks, especially on retail goods, the latest Beige Book showed. "Price pressures persisted during the reporting period, but several districts reported some degree of moderation in inflation."

Employment increased at a slight to modest rate in most districts, though tightness in the labor market eased further overall, and wages "grew further" across districts, according to the document.

Manufacturing activity was little changed, and supply bottlenecks continued to normalize, the Beige Book said. "Ongoing shipping disruptions in the Red Sea and Panama Canal did not generally have a notable impact on businesses during the reporting period, although some contacts reported rising pressures on international shipping costs."

Air travel was "robust" overall, though higher prices and unusual weather conditions in certain regions weighed on demand for restaurants, hotels, and other establishments, according to the report. Activity in the commercial real estate business was weak, especially for office space.

Looking ahead, the outlook for economic growth continued to be generally positive amid expectations for "stronger demand and less restrictive" financial conditions over the next six to 12 months, the Beige Book said.