Fed's Beige Book: Majority of Fed districts described labor markets as tight

According to the Federal Reserve’s Beige Book about the state of the economy, based on information collected before January 9th (2017), the U.S. economy continued to expand at a modest pace across most regions from late November through the end of 2016.

Key headlines (via Reuters):

• Firms across the country and industries were "optimistic about growth in 2017"
• Manufacturers in most districts reported increased sales, several cited a turnaround versus earlier in 2016
• Most Fed districts indicated wages increased modestly and wage pressures had increased
• Many districts said contacts expected labor markets to continue to tighten in 2017, with wage pressures likely to rise and hiring pace to hold steady or increase
• Pricing pressures "intensified somewhat" since last report; increases in input costs were more widespread than increases in final goods prices
• Most districts said non-auto retail sales had expanded but retailer selling prices were flat or down amidst competitive discounting
• Beige Book prepared by Federal Reserve Bank of Boston with data collected on or before Jan. 9