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Bars and restaurants logged a World Cup spending lift, the Federal Reserve's Beige Book indicated, while broader consumer data showed warning signals.
The soccer tournament drove traffic and orders into food and beverage venues. The report was direct on the gap: that lift did not translate into wider economic growth.
The Beige Book's read on hospitality The Fed's Beige Book, which compiles anecdotal business conditions from contacts across the central bank's regional districts, identified the soccer World Cup as a catalyst for bar and restaurant spending.
Operators in those categories saw the tournament deliver. The Beige Book's scope, however, is the full economy, and across that wider frame the picture the report described was more cautious.
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