“Most of the twelve Federal Reserve Districts reported that their economies expanded at a modest or moderate pace from mid-October through late November, though both Dallas and Philadelphia noted slower growth compared with the prior Beige Book period,” the Board of Governors of the Federal Reserve said in its latest Beige Book.
Key takeaways from the press release (via Reuters)
- Labor markets tightened further across a broad range of occupations.
- Most districts reported that wage growth tended to the high side of a modest-to-moderate pace.
- In addition to raising wages, most districts saw firms enhancing non-wage benefits.
- Tariffs remained a concern for manufacturers, but a majority of districts continued to report moderate growth in the sector.
- On balance, prices rose at a modest pace in most districts.
- Nearly all districts reported input costs rising faster than final goods prices.
- Tariff-related cost increases have spread more broadly from manufacturers and contractors to retailers and restaurants.
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