Fed’s Beige Book Shows K-Shaped Split Deepens Among Consumers

US economic activity was little changed in recent weeks, though overall consumer spending declined further except among higher-end shoppers, the Federal Reserve said.

Employment declined slightly and prices rose moderately, according to the US central bank’s Beige Book survey of regional business contacts released Wednesday.

“Outlooks were largely unchanged overall,” the Fed said. “Some contacts noted an increased risk of slower activity in coming months, while some optimism was noted among manufacturers.”

The report was based on information collected by the Fed’s 12 regional banks through Nov. 17 and compiled by the Federal Reserve Bank of ...