02:21 PM EDT, 10/23/2024 (MT Newswires) -- The US economy was little changed in most of the country outside of modest growth in two Federal Reserve districts, compared with an assessment of a "flat or declining" pace in most regions in the previous release, the Fed's Beige Book report, a summary of economic conditions released Wednesday, showed.

Most districts noted a decline in manufacturing activity in period since the last report, while consumer spending was mixed with most gains seen in cheaper items.

Housing activity was supported by increased inventory of homes for sale, but uncertainty on mortgage rates kept some buyers on the sidelines.

The short dockworkers strike caused only minor disturbances, while hurricane damage was reported in parts of the Southeast.

Employment increases slightly with more than half of the Fed districts reporting slight or modest growth and the rest reporting little or no change. Demand for workers slowed, but layoffs remained limited and finding workers was easier except in certain skill-intensive industries.

As a result, a slowdown in the pace of wage increases was seen except in those skilled trades.

Inflation moderated further with only slight or modest gains in most districts, though there were larger gains for some food products. Home prices moved higher, but rents were seen steady or down slightly.

The Beige Book summary was prepared at the Federal Reserve Bank of New York based on information collected on or before Oct. 11.