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

The Fed's Beige Book maintained the growth profile of a "slight" expansion in the US economy since February, while continuing a series of generally pessimistic descriptions of economic activity. However, the description has actually improved - 10 regions reported growth and two stagnated, compared with the February report showing growth in eight regions, three flat and one shrinking. However, people are clearly more price-sensitive and more willing to cut discretionary spending, and overall participants are "cautiously optimistic" about economic growth. Employment is seen as growing at a "slight" pace, with labour supply improving but shortages remaining in some industries. Wage pressures continue to ease and labour cost growth has returned to its long-term average in some regions.