Fed Survey Finds Tight Labor Markets, Rising Wages

The economy kept growing in April through late May, with more regions citing worker shortages across a widening range of occupations, the Federal Reserve reported Wednesday.

In its latest survey of economic conditions nationwide, the Fed found that most of its 12 regions viewed economic growth as moderate to modest rates. Two districts — Boston and Chicago — said growth had slowed, while New York said business activity had “flattened out.”

Businesses reported that labor markets continued to tighten, and many firms were offering higher wages where shortages were most severe. One firm in the district of the Fed’s Chicago regional bank said that it had been able to attract better applicants and improve the retention of unskilled workers by raising wages 10 percent.

The information in the Fed’s survey, known as the Beige Book, will be used when Fed officials meet June 13-14. The Fed is expected to raise

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