September Beige Book released

The Federal Reserve Board has posted the September 2, 2020, Beige Book, which reports:

• Overall Economic Activity - Economic activity increased among most Districts, but gains were generally modest and activity remained well below levels prior to the COVID-19 pandemic
• Employment and Wages - Employment increased overall among Districts, with gains in manufacturing cited most often. However, some Districts also reported slowing job growth and increased hiring volatility, particularly in service industries, with rising instances of furloughed workers being laid off permanently as demand remained soft
• Prices - Price pressures increased since the last report but remained modest. While input prices generally rose faster than selling prices, they were moderate overall. Notable exceptions included inputs experiencing demand surges or supply-chain disruptions, such as structural lumber, for which prices spiked.