Federal Reserve Beige Book: U.S. wage pressures ease, people are cautiously optimistic about the economy

The Fed's Beige Book maintained the growth characterization of the U.S. economy from February as a "mild" expansion, while continuing a series of generally pessimistic descriptions of economic activity. However, this description actually improved - 10 districts reported growth and 2 stagnated, while the February report showed 8 districts growing, 3 were flat, and 1 contracted. However, people were clearly more price sensitive and more willing to cut back on discretionary spending, and overall, participants were "cautiously optimistic" about economic growth. Employment was seen as growing at a "mild" pace, with labor supply improving but shortages remaining in some industries. Wage pressures continued to ease, and labor cost growth in some districts has returned to its long-term average.