Growth affected by supply issues, labor shortages – Fed
Economic growth in several United States Federal Reserve districts “was constrained by supply chain disruptions and labor shortages,” the Fed revealed on Wednesday in its November Beige Book.
The Fed described the pace of growth during October and early November as “modest to moderate.” The increase in the labor force “ranged from modest to strong,” while “nearly all Districts reported robust wage growth,” according to the central bank. “Prices rose at a moderate to robust pace” and “strong demand generally allowed firms to raise prices with little pushback,” the Fed noted.
“The outlook for overall activity remained positive in most Districts, but some noted uncertainty about when supply chain and labor supply challenges would ease,” the central bank pointed out.
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