The U.S. economy continued to expand across most regions and sectors from early January through mid-February, the Federal Reserve said on Wednesday, with auto sales and consumer spending rising in most Fed districts.
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In its Beige Book report of anecdotal information on business activity collected from contacts across the nation, the central bank said wage pressures were moderate across most districts.
But the report said that some contacts reported increased wages to attract skilled workers for difficult-to-fill positions. The Fed is watching wage pressure closely for signs that stubbornly low inflation is beginning to tick higher.
Oil and gas producers in certain districts anticipate cuts in capital expenditures this year, in a sign of low energy prices biting the industry.
(Reporting by Michael Flaherty; Editing by Andrea Ricci)