The Fed said consumer spending generally held steady, although a few districts reported moderate to strong growth in retail sales during what is typically a slow period. Several districts indicated that high inflation and higher interest rates continued to reduce consumers' discretionary income and purchasing power, the Beige Book added. With regard to the labor market, the Beige Book said conditions remained solid, with employment continuing to increase at a modest to moderate pace in most districts despite hiring freezes by some firms and scattered reports of layoffs.