Economic activity expanded in all 12 districts during April and May, according to the Federal Reserve Board’s latest report on regional economies (known as the “beige book”). Consumer spending expanded across all districts, to varying degrees. Manufacturing activity also expanded, and at an increasingly strong pace in a number of districts. Labor market conditions generally strengthened, with hiring activity steady to stronger across most of the country. Several districts again reported shortages of skilled workers.
Some staffing firms reported that hiring activity continued to pick up, with one saying hiring is stronger than it has been in six years. One staffing firm representative noted that many candidates are getting multiple offers, which may start to put some upward pressure on salaries.
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