Beige Book: Economic Expansion Continues to Pick Up

Economic activity continued to expand at a modest to moderate pace across the twelve Federal Reserve Districts over the period from mid-February to the end of March, according to the just-released Federal Reserve Beige Book.

Consumer spending varied this period as reports of stronger light vehicle sales were accompanied by somewhat softer readings in non-auto retail spending. Manufacturing continued to expand at a modest to moderate pace across the Districts. Non-financial services continued to expand steadily while energy-related businesses noted improved conditions.

Employment expanded across all Districts at a modest to moderate pace. Labor markets once again remained tight and employers in most Districts reported having more difficulty filling low-skilled positions, although labor demand was stronger for higher skilled workers. Modest wage growth was seen in most Districts, while prices rose modestly since the previous report.

Read the full Federal Reserve report.

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