Beige Book Shows Growth Moderate

Several districts said labor markets were tight since the last report. The Boston, Kansas City and Richmond reports said there was strong demand for skilled workers. The Dallas report said that labor shortages were constraining the capacity for some firms. Wage pressures were in check in some districts, but Boston, New York and San Francisco reported faster wage growth for some specialized professions.

The majority of Fed districts characterized price pressures as contained. Some districts said that declining energy prices led to a drop in fuel surcharges. Philadelphia said that price increases weren't as widespread as reported earlier. Richmond, however, said that prices for inputs and finished goods rose since the last report.

The latest beige book was prepared at the Federal Reserve Bank of Richmond and was based on information collected before Nov. 20. The beige book summarizes comments from Fed contacts like businesses, economists and market experts, and it isn't meant to serve as a commentary on the views of policymakers.

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