Fed survey finds tight labor markets, rising wages

(Photo: WKRN)

WASHINGTON (AP) – The Federal Reserve says the economy kept growing in April through late May, with more regions citing worker shortages across a widening range of occupations.

In its latest survey of economic conditions nationwide, the Fed found that most of its 12 regions viewed economic growth as moderate to modest rates.

Two districts – Boston and Chicago – said growth had slowed, while New York said business activity had “flattened out.”

Businesses reported that labor markets continued to tighten. Many firms were offering higher wages where shortages were most severe.

The information in the Fed’s survey, known as the Beige Book, will be used when Fed officials meet June 13-14.

The Fed is expected to raise a key interest rate at the meeting.

(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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