Investing.com – The U.S. economy continued to expand at a slight to moderate pace, as persistent trade tensions and slower global growth weighed on business activity, according to the Fed's Beige Book released Wednesday.
- Business contacts mostly expect the economic expansion to continue. But many lowered their outlooks for growth in the coming 6 to 12 months, the report said.
- Employment rose slightly amid reports of persistent worker shortages, but that did little to boost wage growth, which remain modest in most districts as employers continued to use nonwage approaches such as bonuses and benefits to attract and retain talent.
- The pace of inflation was modest, with retailers and manufacturers highlighting a rise in input costs, largely driven by new tariffs. Retailers had relatively more success passing through these cost increases to their customers.