The US Federal Reserve said economic activity continued to expand at a modest to moderate pace across the 12 Federal Reserve Districts in March and early April.
Outlooks remained positive, but contacts in various sectors including manufacturing, agriculture, and transportation expressed concern about the newly imposed and/or proposed tariffs, according to the latest Beige Book released by the US central bank.
Widespread employment growth continued, with most Districts characterizing growth as modest to moderate. Labor markets across the country remained tight, restraining job gains in some regions. Prices increased across all Districts, generally at a moderate pace. There were widespread reports that steel prices rose, sometimes dramatically, due to the new tariff. Manufacturing activity grew moderately, and demand for nonfinancial services was mostly solid.
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