Fed's Beige Book: U.S. economy continued to expand at a modest-to-moderate pace

According to the Federal Reserve's Beige Book, which provides a detailed economic assessment in all of the twelve Fed districts and based on information collected before April 9th, most districts reported wage growth as only modest, with businesses also using automation and enhanced training to cope with labor supply shortfalls.

Key headlines (via Reuters):

• U.S. economy continued to expand at a modest-to-moderate pace across all of central bank's districts in March and early April
• Businesses in manufacturing, agriculture, transportation and other sectors "Expressed concern" about newly imposed and proposed U.S. tariffs
• Strong business loan demand reported across several districts
• Prices increased across all districts, generally at a moderate pace, with widespread reports of rising steel prices due to new tariffs
• Employment growth continued, with labor markets described as tight across the country and shortages in high-skill positions, construction and transportation