Fed survey finds modest growth across most of U.S.
WASHINGTON - The Federal Reserve says the economy and hiring continued to expand modestly across most of the United States from mid-May through June, leaving some firms struggling to find skilled workers.
The Fed's latest survey of business conditions found modest growth in 11 of 12 regions. Cleveland reported "little change" in growth. In its previous survey, the Fed reported modest growth in half the regions.
The report, known as the Beige Book, will be discussed at the Fed's upcoming meeting on July 26-27 as policymakers weigh whether and when to raise short-term U.S. interest rates.
Some regions reported a shortage of skilled workers, especially in information technology, biotechnology and health care. Still, overall wages weren't rising much. Consumer spending was healthy but appeared to be weakening.