The Business Outlook Survey (BOS) indicator—a summary measure of questions in the BOS—continued to be lower than usual in the third quarter of 2024 because of weaker-than-average demand indicators, slowing price and cost growth, and easing capacity pressures (Chart 1). However, it has become gradually less negative over the last four quarters as demand indicators have improved slightly, the paces of wage and price normalization have slowed, and credit conditions have eased. Firms largely attribute the improvements in demand indicators this quarter to the two interest rate cuts that took place before the time of the ... (full story)