Fed survey finds economy growing at moderate pace
WASHINGTON — The Federal Reserve said Wednesday that the U.S. economy has been growing at a moderate pace, helped by sustained gains in consumer spending.
In its latest survey of economic conditions around the country, the Fed found that the Fed’s 12 regional banks all depicted growth as either “modest or moderate” from January through mid-February.
Labour markets continued to be tight with some districts reporting widening labour shortages, especially for skilled jobs such as engineering and information technology. Some districts reported a pickup in the pace of wage growth, which has been subdued through most of this economic expansion.
The Fed’s survey, known as the Beige Book, will be used when Fed officials next meet on March 14-15. The possibility of a rate hike at the meeting has risen recently.