NEW YORK (TheStreet) --The S&P 500 inched to another record high Wednesday after the release of the Federal Reserve's Beige Book showed the economy is still gaining strength.
"National economic activity continued to expand in October and November," the Fed said in its survey, which provides anecdotal insight into the 12 regional banks which compose the central body.
Consumer spending was also stronger in most regions with retailers optimistic for the holiday season. "Some contacts viewed lower gasoline prices as a contributing factor to higher consumer spending, and an early cold spell helped spur sales of winter apparel in several Districts," the Fed said.
Overall wage and price growth remains "subdued," the Beige Book said. Earlier in the day, President Barack Obama committed to working with CEOs to address "tricky questions" on wage growth. Addressing a Business Roundtable in Washington, Obama said while he was confident in the overall economy he was concerned wealth was not trickling down to every American.
Hourly compensation growth was given a 1% haircut in November, while unit labor costs slipped 1% rather than increasing an estimated 0.3%, according to the Labor Department Wednesday. Monthly jobs figures will be released Friday with economists expecting 230,000 jobs to have been added over November. The unemployment rate is forecast to remain at 5.8%.
The S&P 500 rallied to a new record close of 2,074.2, up 0.37%. The Dow Jones Industrial Average gained 0.17% to notch another record high, its second in as many days. The Nasdaq added 0.39%.