WASHINGTON (dpa-AFX) - Reports from the twelve Federal Reserve Districts suggest national economic activity continued to expand during the reporting period from late August to early October, according to the Fed's Beige Book.
Most Districts indicated a modest or moderate pace of expansion; however, the New York District reported no change in overall activity.
Most Districts characterized input costs and/or output prices as fairly flat, but prices increased slightly on net, another sign of inflation.
Employment expanded at a modest pace over the reporting period, but layoffs in the manufacturing sector were noted in the New York, Philadelphia, Cleveland, and Richmond Districts.
Signs of stabilization in the oil and gas sector continued, with U.S. oil rig counts having risen sharply in recent months.
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