Fed Says Economic Growth Modest to Moderate, Supply Constrained

Select Regional Bank Comments

“Retailers and manufacturers posted moderate to steep price increases amid ongoing supply disruptions. The outlook was cautiously optimistic.” – Boston

“Employment and wages increased. Businesses reported ongoing widespread escalation in both input costs and selling prices.” – New York

“Fear and uncertainty of the Delta variant continued to constrain growth, but contacts were most worried by ongoing labor shortages and supply chain disruptions.” – Philadelphia

“While demand was still solid, supply chain disruptions tempered the pace of sales and output growth. The expiration of supplemental unemployment insurance benefits and a return to school did little to alleviate worker shortages, and wages continued to rise.” – Cleveland

“Employers across sectors had difficulties finding and keeping workers, which led to offering higher wages and bonuses to recruit and retain staff.” – Richmond

“Ongoing growth in manufacturing alongside renewed growth in the energy sector supported the regional economy.” – Kansas City

“The District economy expanded at a solid rate, with broad-based growth across sectors. Covid-19 and labor and supply-chain constraints remained headwinds.” – Dallas

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