But the proportion making changes is slowing—a net 14.5% tightened standards on C&I loans for midsize and large businesses.

In recent weeks, sales of discretionary items and durable goods, like furniture and appliances, have declined.

Upward revisions to third-quarter numbers for business investment and government spending show that the U.S. economy grew even faster than originally estimated. Gross domestic product (GDP) rose at an upwardly revised 5.2 percent annualized pace in the third quarter, the fastest in nearly two years. Consumer spending advanced at a less-robust 3.6 percent rate, according to the government's second estimate of the figures issued today.

The value of imports rose to the highest since February, while exports increased to their highest point in more than a year.

Some cracks are beginning to form in a jobs market that has been gradually normalizing, thanks to an improvement in labor supply over the past year and a tempering in the pace of hiring.

Resilient household demand, paired with a pickup in inflation, created momentum heading into the fourth quarter.

At 4.9%, Q3's annualized GDP growth was more than double the second-quarter pace.

Recent inflation data underscores how a strong labor market is underpinning consumer demand, which risks keeping prices above the Fed's target.