Economic activities have moderately increased in all 12 districts according to the Fed’s Beige Book report. This is surprising, given the US political and geopolitical challenges facing this country. Some wonder whether the number are backwards leaning or simply a reflection of past economic activity and that the Trump-effect has not been placed into these numbers.
Elsewhere in the report, most Fed districts said businesses had experienced more difficulty filling low-skilled positions and a larger number of firms said they faced more problems retaining workers. Employers surveyed by the Fed in recent months have often reported rising wage pressures for specific sectors such as construction and highly-skilled jobs. Modest wage pressures broadened during the most recent survey period, the Fed said, and a larger number of firms mentioned higher turnover rates.