Economic activity picked up at a “slight to modest pace” in most parts of the US since mid-November, the Federal Reserve said in its Beige Book survey of regional contacts.
“This marks an improvement over the last three report cycles where a majority of districts reported little change,” the report said.
The time period reviewed for the report closely followed the end of the longest government shutdown in US history.
Employment levels were mostly unchanged in eight of the Fed’s 12 regional districts. Wages grew at a “moderate” pace, with “multiple contacts reporting that wage growth had returned to ‘normal’ ...