U.S. Economy Further Strengthened at Start of Summer, Fed Beige Book Says

The U.S. economy’s recovery further strengthened going into the summer as consumers spent more on tourism, travel and other services that were restricted earlier in the pandemic, the Federal Reserve said Wednesday.

The Fed, in its latest Beige Book report that collects business anecdotes from around the country, said businesses also reported prices for services and goods increased at an above-average pace. It said supply-chain disruptions became more widespread for both labor and materials, and that businesses reported low inventories and delivery delays.

“While some contacts felt that pricing pressures were transitory, the majority expected further increases in input costs and selling prices in the coming months,” the Fed report said, citing inflation concerns at businesses. Employers throughout the country also saw varying job gains, with many noting difficulties in finding workers. Wages increased at a moderate pace and demand for low-skilled workers rose, suggestingStill, businesses told the Fed they still experienced a persistent worker shortage that became more widespread, coupled with workers quitting or leaving jobs at an above-average pace.

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