Feds Beige book. Many districts see job mkt tightening. Wages gain.

• wages gained modestly in most areas amid tight job market
• pricing pressures intensified somewhat
• firms face widespread difficulties of finding skilled labor
• most areas of US economy continued to see modest growth
• eight of 12 districts reported modest price increases
• most manufacturers saw sales rise
• hiring problems for less skilled jobs
• labor market type or tightening
• input price gains wider than rises in final goods prices
• economy continued to expand and modest pace
• The auto  retail sales had expanded but retailer selling prices were flat or down amidst competitive discounting
• residential construction and sales were generally mixed
• financial conditions were stable
• firms across the country and industries were said to be optimistic about growth in 2017
• Wages in some districts were pushed up  a bit by increases in state's minimum wages

The Fed's Beige Book is characterizing a US economy where labor conditions are tight and that is leading to some wage gains.  ALthough the input prices are increasing, they are not yet being fully reflective of in the prices to consumers.  Overall, it sounds positive and consistent with more tightenings by the Fed in 2017 (the Fed is projecting 3 additional moves). 

The full report -as prepared by the Boston Fed - can be found by CLICKING HERE.