Fed Beige Book report noted that national economic activity “accelerated to a moderate pace from late February to early April. Consumer spending “strengthened” and reports on tourism were “more upbeat”. Auto sales also “grew”. The picture in non-financial services “generally improved”. Manufacturing activity “expanded further” despite widespread supply chain disruptions. Outlooks were “more optimistic” thanks to acceleration in vaccinations.
Employment growth “picked up” with most Districts noting “modest to moderate” increase in headcounts. But pace of job growth “varied by industry”. Employment expectations were “generally bullish” and wage growth “accelerated slightly over all”. Prices “accelerated slightly” with many Districts reporting “moderate price increase”. There were “widespread reports” of increased selling prices too.
