Economic growth remained modest to moderate, according to the Beige Book, released by the Federal Reserve Wednesday.
"Reports from the twelve Federal Reserve Districts generally described modest to moderate economic growth at a pace similar to that noted in the previous Beige Book," the report noted.
Cleveland, Chicago, St. Louis, Minneapolis, Dallas, and San Francisco reported "moderate" growth, while New York, Philadelphia, Richmond, Atlanta, and Kansas City saw "modest" growth.
Boston said "business contacts painted a mixed picture of economic conditions."
Optimism was reported in "several districts."
Consumer spending was up slightly to moderately, "similar to that reported in the previous Beige Book," although New York retailers saw weaker sales.
"Employment continued to expand at about the same pace as that reported in the previous Beige Book," according to the Fed. "Most Districts reported that some employers had difficulty finding qualified workers for certain positions. A number of Districts characterized overall wage growth as modest, but reported upward wage pressures for particular industries and occupations, such as skilled labor in construction and manufacturing."
Price pressures were termed "subdued," much like in the previous report. Prices were flat or modestly higher, while "input prices were unchanged or up slightly."
