03:09 PM EDT, 10/23/2024 (MT Newswires) -- Economic activity in almost all Federal Reserve districts was "little changed" since early September, though the long-term outlook reflected slightly better optimism, the central bank said in its latest Beige Book released Wednesday.

Only two Fed districts saw "modest" growth in economic activity during the period, with manufacturing activity falling in most districts, according to the latest Beige Book, which was prepared by the New York Fed based on information collected by Oct. 11.

The previous report, which was released Sept. 4, showed that economic activity either remained flat or fell in a majority of districts, while conditions were expected to largely remain stable or "improve somewhat" in the coming months.

More than 50% of districts saw slight or modest growth in employment, with the rest reporting little or no change, the latest Beige Book showed Wednesday. Wages generally continued to grow at a modest to moderate rate.

"Many districts reported low worker turnover, and layoffs reportedly remained limited," according to the document. "Demand for workers eased somewhat, with hiring focused primarily on replacement rather than growth."

Many districts saw home prices edge up, while rents were steady or down slightly. Overall housing inventory continued to expand in much of the US, while home values largely remained steady or increased slightly. "Still, uncertainty about the path of mortgage rates kept some buyers on the sidelines, and the lack of affordable housing remained a persistent problem in many communities," the Beige Book showed.

There were only "minor temporary disruptions" from the recent dockworkers strike, according to the report. Hurricane damage affected crops and triggered pauses in business activity and tourism in the Southeast.

"Activity in the banking sector was generally steady to up slightly, and loan demand was mixed, with some districts noting an improvement in the outlook due to the decline in interest rates," the document showed. Overall consumer spending was mixed, while inflation continued to moderate.

Contacts were "somewhat more optimistic" regarding the long-term economic outlook even as uncertainty remained high, according to the Beige Book.