The economy continued to grow across the U.S. at a modest pace in recent weeks as a tight labor market helped broaden wage gains, though consumer spending was mixed, according to the latest beige book from the Federal Reserve. The report said that household purchases outside of automobiles were softer even as Americans were gaining more ability for future spending.
The report paints a picture of an economy maintaining its steady expansion, though without any rapid bursts of growth. Even so, wages showed progress in responding to a tightening jobs market, with most districts reporting "difficulty filling low-skilled positions" and stronger demand for higher-skilled workers.
The report made surprisingly little mention of the harsh weather that had the potential to interrupt activity, especially in the Northeast. The New York region reported "little adverse effect from the mid-March snowstorm" and "tourism and travel activity generally picked up" across regions, the book said.
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