WASHINGTON — Retailers in cities across the U.S. reported the economic clouds of the last few months could be parting, but consumers remained focused on necessary purchases instead of luxuries, according to the Federal Reserve Board’s Beige Book released Wednesday.
Anecdotal accounts in the report point to a leveling out of sales pressures and in some regions slight improvements, as the economic downturn appeared to moderate. Overall, the 12 districts included in the Beige Book said economic conditions were still difficult, but five districts said the downward trend was slowing and several said their outlook had improved.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"