Beige Book: Growth Slows in 9 of 12 Fed Districts, Costs Climb
The district-level breakdown showed little momentum. Two districts reported moderate growth, three reported modest growth and four described slight growth. The remaining three saw no significant change.
Hiring stalled. Overall employment levels showed little to no net change across the districts.
Wage gains held steady. Five districts reported moderate growth in overall wages, while four reported modest increases.
Price pressures, however, are building behind the scenes. Most districts characterized overall price growth as moderate, but input costs rose at a faster pace. Firms cited elevated diesel prices and said fuel surcharges are driving up costs at every stage of the supply chain.
Despite the strain, sentiment remained upbeat. Most districts kept a positive outlook for the months ahead.
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