Fed Beige Book Shows Slight-to-Moderate Growth

The U.S. Federal Reserves Beige Book, released Wednesday afternoon, showed that labor markets remained tight across the nation but businesses struggled to find skilled workers while wages only grew modestly.

美国联邦储备委员会周三下午发布的褐皮书显示，全国劳动力市场依然紧张，但企业难以找到技术工人，而工资仅小幅增长。

The Beige Book data will provide Fed members with some information about the strength of the economy ahead of next weeks two day Federal Open Market Committee meeting. Nonetheless, policymakers are still expected to vote to keep interest rates unchanged.

General Overview

概述

The monthly report, which attempts to catch a glimpse of the economy based on conversations with business contacts across all of the Feds 12 districts, revealed that economic activity grew at a slight-to-moderate pace in March and early April. A few areas even showed some strengthening in economic growth.

月度报告，试图抓住根据与美联储12个地区的商业联系人进行对话，对经济的一瞥显示，经济活动在3月和4月初以微弱的速度增长。一些地区的经济增长甚至有所增强。

The details revealed that prices have risen modestly since the last Beige Book reporting. The Fed cited tariffs, freight costs and rising wages as a few of the key reasons. The central bank also said that consumer spending was mixed but suggested sluggish sales for both general retailers and auto dealers.

细节显示，自上次褐皮书报道以来价格小幅上涨。美联储将关税，运费和工资上涨列为主要原因之一。央行还表示，消费者支出参差不齐，但一般零售商和汽车经销商的销售情况低迷。

Wages and Jobs

工资和工作

The Beige Book also showed that wages grew modestly in most districts for both skilled and unskilled workers, with only three reporting slight growth in workers pay, the Fed said.

Businesses in most Fed districts reported shortages of skilled workers, mainly in manufacturing and construction, but also in technical and professional roles. Companies have responded to the tight labor market by boosting bonuses and benefits packages, along with raising wages moderately, according to the report.

大多数美联储地区报告技术工人短缺，主要是制造业和建筑业，但也有技术和专业角色。报告称，公司通过提高奖金和福利待遇以及适度提高工资来应对紧张的劳动力市场。

The Fed also noted that employment increases were most highly concentrated in highly-skilled jobs.

美联储还指出就业增长最为集中在高技能工作中。

Manufacturing Uncertainty

制造业不确定性

The Beige Book said as far as the manufacturing sector is concerned, contacts in many districts reported that trade-related uncertainty was weighing on activity.

褐皮书说，就制造业而言，许多人都有联系地区报告说与贸易有关的不确定性正在影响活动。

Farming Sector Could Face Problems

农业部门或者可能面临问题

The Beige Book showed several Fed districts said flooding and severe weather in the Midwest was affecting agricultural production. The Kansas City Fed reported that recent blizzards and flooding could weigh on the farming sector in the coming months, as it had resulted in damaged infrastructure and losses of cattle and crops.

褐皮书显示美联储几个地区表示，中西部地区的洪水和恶劣天气影响了农业生产。堪萨斯城联邦储备银行报告说，最近的暴风雪和洪水可能在未来几个月对农业部门产生影响，因为它导致基础设施受损以及牲畜和农作物的损失。

Little Impact from Federal Government Shutdown

影响不大来自联邦政府关闭

The Fed said the impact of the 35-day U.S. government shutdown that began in late December appeared muted. The Richmond Fed reported a few federal contractors saw business starting to return to normal and the San Francisco Fed saw higher-than-expected retail sales once the government reopened.

美联储表示，12月底开始的35天美国政府关闭的影响似乎很小。里奇蒙德联储报告称，一些联邦承包商看到业务开始恢复正常，一旦政府重新开业，旧金山联邦储备银行的零售销售额高于预期。