Economic activity expanded at a modest to moderate pace across the 12 Federal Reserve Districts in January and February, according to the newest Beige Book report. Consumer spending was mixed, as non-auto retail sales increased in just over half of the Districts. Increases in production were broad based across manufacturing sectors, with all but one District noting at least modest growth in activity.
Across the country, contacts observed persistent labor market tightness and brisk demand for qualified workers. Several districts reported continued worker shortages across most sectors.