Fed's Beige Book: Wage growth was mostly characterized as modest to moderate

Below are key takeaways from the Federal Reserve's Beige Book report on the economy.

• U.S. manufacturers reported raising prices as tariffs pushed up the costs of raw materials.
• U.S. consumer spending increased at modest pace; inflation ranged from modest to moderate.
• Several Fed districts said firms faced rising materials and shipping costs as well as uncertainties over trade and/or difficulties finding qualified workers.
• U.S. economy expanded, with the majority of Fed districts reporting modest-to-moderate growth.
• Employment expanded modestly or moderately across most of the United States.
• Employers across the nation cited shortages of workers including highly skilled engineers, finance and sales professionals and construction and manufacturing workers.
• Wage growth was mostly characterized as modest to moderate.