03:08 PM EST, 12/04/2024 (MT Newswires) -- Most Federal Reserve districts saw a slight increase in economic activity, while the growth outlook rose "moderately" across majority of geographies and sectors, the central bank said in its latest Beige Book released Wednesday.

"Three regions exhibited modest or moderate growth that offset flat or slightly declining activity in two others," according to the report, which was prepared by the Kansas City Fed based on information collected by Nov. 22. Consumer spending was "generally stable" during the period.

The previous report, which was released Oct. 23, showed that economic activity in almost all districts was "little changed" since early September, though the long-term outlook reflected slightly better optimism.

Prices increased at a "modest" rate across districts, the latest Beige Book showed Wednesday. Input prices rose faster than selling prices for most businesses, leading to falling profit margins. Although contacts expect the current price growth rate to persist, businesses in several districts indicated that tariffs pose "a significant upside risk" to inflation, according to the document.

Districts saw flat or slightly higher employment levels, while hiring activity was "subdued" and layoffs were low. Over the next year, contacts expect employment to remain steady or increase slightly, though many were "cautious" about any pickup in hiring activity, the report showed. "Wage growth softened to a modest pace across most districts, as did expectations for wage growth in coming months."

Electricity generation demand continued to increase at a "robust" pace, driven by fast expansions in data centers, the Beige Book showed.

Mortgage demand was low overall, while commercial real estate lending was "subdued," the report showed.

"Though growth in economic activity was generally small, expectations for growth rose moderately across most geographies and sectors," according to the Beige Book. "Business contacts expressed optimism that demand will rise in coming months."