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Below are key quotes, via Reuters, from the Federal Reserve’s recently published Beige Book.

  • U.S. Economy expanded at moderate pace in recent weeks.
  • Most of the districts noted concerns about trade tensions, particularly but not only among manufacturers.
  • Businesses in a number of districts scaled back or postponed capital investments due to trade tension concerns.
  • Tariffs were reported to be contributing to rising input costs, mainly for manufacturers.
  • Labor markets were tight throughout the country, with most districts reporting widespread labor shortages.
  • Final goods and services prices were rising at a modest-to-moderate pace in most districts, but with some signs of deceleration.
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