According to the Federal Reserve’s Beige Book about the state of the economy, based on information collected before June 30th (2017), most economic activity expanded across all 12 districts in June with pace ranging from slight to moderate.
Key headlines (via Reuters):
- Most districts expected ‘modest to moderate’ economic gains in the months ahead
- Employment across most regions maintained a ‘modest to moderate pace of expansion’
- Wage pressures were noted among both low- and high-skilled workers, with ‘modest to moderate’ wage increases in most districts
- Inflation described as modest in most districts while ‘a few’ said price pressures eased slightly
- Consumer spending ‘appears to be rising’ in majority of districts but half reported a decline in auto sales