Most Fed districts report wages rising in U.S.
Even though pay increases in the United States were again seen as "modest, on balance" in the Federal Reserve's Beige Book, published on Wednesday, results of the regular survey revealed the majority of 12 subsidiaries of the central bank registered wages were rising or that firms were under pressure to lift them to fill positions. The labor market mostly tightened, the document notes.
The overall assessment was that growth in prices was slight, but that the domestic economy maintained the expansion momentum in most of the regions from early October to the middle of the current month. Expectations of moderate growth were registered in half of the districts, while most had positive outlooks. A majority within the group of banks reported higher retail sales, led by apparel and furniture, alongside "some improvement seen in loan demand." On the flipside, new cars had a decline in sales in most of the regions. The U.S. economy experienced overall progress in the segment of residential real estate, the Fed stated.