- Full report
- Several Districts reported moderate employment gains despite hiring and retention challenges
- Manufacturing activity was solid overall across most Districts
- Vehicle sales remained largely constrained by low inventories
- Outlooks for future growth were clouded by the uncertainty created by recent geopolitical developments and rising prices
- Inflationary pressures remained strong since the last report
- Firms continuing to pass swiftly rising input costs through to customers
- Contacts across Districts, particularly those in manufacturing, noted steep increases in raw materials, transportation, and labor costs
- Strong demand generally allowed firms to pass through input cost increases to customers
- Contacts in a few Districts noted negative sales impacts from rising prices
- Firms in most Districts expected inflationary pressures to continue over the coming months
- Several Districts reported signs of modest improvement in worker availability
- Many firms reported significant turnover as workers left for higher wages and more flexible job schedules
- Some contacts reported early signs that the strong pace of wage growth had begun to slow
The commentary on inflation isn't as aggressive as it could have been. There's widespread commentary about rising prices but few indications of falling demand and companies continue to hire. There's some indication of a slightly-looser labor market.