Fed's beige book for October 2018
- Economic activity expanded with growth modest to moderate
- Manufacturing cited rising costs, trade uncertainty
- labor shortages broadly noted and linked to wage increases
- retailers/wholesalers worried by higher costs due to tariffs
- consumer prices rose at modest to moderate pace
- real estate mixed, consumer spending rose at modest pace
- wage growth mostly viewed as modest to moderate
- manufacturers raised prices due to raw materials tariffs
- tourism up except Carolinas, due to hurricane Florence
- firms say modest to moderate wage growth over next 6 months
- several Fed districts said firms faced rising materials and shipping costs as well as uncertainties over trade and/or difficulties finding qualified workers
- employers across the nation cited shortages of highly skilled engineers, finance and sales professionals and construction and manufacturing workers
The Fed's beige book was prepared by the Federal Reserve Bank of Richmond with data collected on or before October 15, 2018
