Fed's Beige Book reports 'slight to moderate growth' across the U.S.
The description: Most of the Federal Reserve’s 12 district banks reported economic activity expanded at a “slight-to-moderate” pace in March and early April, according to the Federal Reserve’s Beige Book report, released Wednesday. A “few” districts reported some strengthening in activity.
The labor market remained tight, leading to upward wage pressures. The ability of firms to pass increased input costs to consumers was “mixed.” On balance, prices rose modestly, the Fed said. Interesting anecdotes: There was some concern in the San Francisco district that the balance sheets of some agricultural producers “weakened notably” due to low market prices and weak export demand. There was optimism about the housing market in Dallas due to lower mortgage rates, after concerns last year. The Chicago Fed reported auto production remained at a solid level.
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