Fed's Beige Book characterized growth as "modest" to "moderate,"
Fed's Beige Book characterized growth as "modest" to "moderate," as reported by most Districts, though NY again reported reported no change. Labor markets remained tight, as analysts expected to read, with "modest employment and wage growth noted." There were ongoing shortages of skilled workers. Input costs ad/or output prices were "fairly flat, but prices increased slightly on net." As for manufacturing, activity was mixed, as data reports have indicated, with some Districts reporting the strong dollar damping exports of manufacturing goods. Reports on auto sales and tourism varied across Districts. Home price appreciation continued at a modest pace, while commercial real estate activity and construction improved. There were signs of stabilization in the oil and natural gas sector. There weren't any surprises in the report.