Fed's Beige Book: A few districts reported some pickup in the pace of wage growth

According to the Federal Reserve’s Beige Book about the state of the economy, based on information collected before February 17th (2017), U.S. economy expanded at a modest-to-moderate pace from early January through mid-February.

Key headlines (via Reuters):

• Businesses were generally optimistic about near-term economic outlook though at a lower level than during last survey
• Consumer spending expanded modestly and retail sales increased at a subdued pace
• Most Fed districts saw moderate growth in manufacturing
• Labor markets remained tight in early 2017, with some districts noting widening labor shortages
• A few districts reported some pickup in the pace of wage growth
• A number of districts noted that shortages of skilled workers were driving up wages
• Pricing pressures were little changed from the prior period